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About the Role
The Consumer Loan Workout Specialist is responsible for the final disposition of charged off consumer and BBU debt to ensure maximum recovery of loan losses.
Responsibilities
- Conduct systematic review of charged off Consumer, Residential and BBU loans.
- Develop and implement workout strategies and plans for in-house recovery of losses.
- Analyze best practice and best courses of action for maximum recovery through referral to attorneys, credit collection agencies, and other 3rd parties.
- Facilitate and direct final disposition efforts with attorneys, collection agencies, credit bureaus, outside legal counsel and other 3rd parties.
- Prepare and forward referrals and supporting documentation.
- Recommend summary judgments, Confessions of Judgment, and Stipulations.
- Follow up to ensure prompt placement and perform due diligence to guarantee timely processing of Demands, Summons & Complaints, Judgments, and other enforcement options.
- Act as liaison to attorneys, trustees, courts, and collection agencies to provide ongoing instruction, follow-up, record updating, and communication.
- Convey expectations for performance.
- Collaborate with internal and external clients, outside counsel, and advisors daily.
- Request, review, and analyze attorney and agency performance quarterly through online access, activity reports, and account review.
- Provide ongoing instruction with instructions for additional work, follow-up, and record updating.
- Document all communication, verbal and written.
- Assist in the physical audit of attorney firms and collection agencies annually.
- File claims with courts for Bankruptcy and Estates.
- Prepare and submit claims.
- Follow up to ensure timely receipt and filing.
- Contact Attorneys and Trustees to resolve questions and disparities in proposed plans.
- Analyze and interpret Credit Bureau reports, Business Bureau reports, and financial statements to identify attachable assets.
- Negotiate repayment strategies, educate and counsel debtors on options and implementation processes, and repercussions for defaults.
- Research, analyze, and resolve Credit Bureau disputes and Consumer complaints.
- Maintain all documentation and activity logs.
- Review and approve all attorney and agency remittances to ensure accurate payments and fees.
- Monitor third-party payments and fees to ensure maximum monetary return.
- Demonstrate the standards and principles of the Five Star Bank experience in every interaction.
- Incorporate high-performance behaviors of teamwork, leading by example, and service in every facet of work.
- Perform other duties as assigned.
Requirements
- High School Diploma required; Associates Degree preferred.
- 3+ years of experience in Banking, Credit Union, Collection, or Underwriting.
Skills
- Knowledge of all Consumer loan products including Installment, Lines of Credit, Residential Loans, Home Equity Lines and Loans, Second Mortgage Loans, Government Guaranteed Loans, and BBU and SBA Guaranteed loans.
- Knowledge of Bankruptcy laws, courts, and document filing.
- Knowledge of State and Federal compliance mandates and due diligence requirements for Collection Practices, Fair Lending, Privacy, SCRA, UDAAP, CFPB, Servicer Requirements, and Bank Policy and Procedures.
- High degree of accuracy and organizational skills.
- Thorough knowledge of JH Xperiance and Loan System.
- Proficient in Microsoft Office and Excel.
- Ability to learn new and existing software.
- High level of verbal and written communication skills.
- Ability to effectively work with peers, management, and all external contacts.
- Ability to conduct meaningful and productive client interactions.
- Well-acquainted with various Loan Notes and Contracts, Guaranty Agreements, UCC filings, Personal Guaranty’s, and Collateral Documents for attachment enforcement.
- High degree of analytical skills to address complex problem solving.
- Able to regularly sit for prolonged periods.
- Able to regularly stand for prolonged periods.
- Extensive computer usage required.
- Ability to work evenings occasionally.
- Ability to work weekends occasionally.
Location
- Hybrid
Work Type
- Full-time
Experience Level
- 3+ years
Education Level
- High School Diploma
- Associates Degree preferred
Benefits
- Medical, Dental, and Vision Insurance
- Health Savings Account
- Flexible Spending Account(s)
- Company Paid Life Insurance, Long-Term Disability, and Short-Term Disability
- Voluntary Offerings: Life, Critical Illness/Specified Disease, Accident, Hospital Indemnity & Personal Accident
- Tuition Reimbursement
- Employee Referral Program
- Wellness Reimbursement Program
- Star Volunteer Program
- Employee Banking and Financial Perks
- Flexible Hybrid Work Schedule
- Paid Time Off (PTO)
- Company Paid Holidays
About the Company
- Five Star Bank