[Hiring] Retail Loss Mitigation Specialist @First Commonwealth Bank

Role Description

The Special Assets Department is a vital part of the Bank’s daily operations. As a Retail Loss Mitigation Specialist, you will engage with borrowers to work towards a resolution of debt repayment. Use a consultative approach to offer alternate courses of action and/or methods of recovery acceptable under terms of loan contracts. Perform assignments and special projects necessary to support the collection and recovery efforts on past-due accounts.

• Initiate contact with clients via telephone, letter, and other forms of communication as needed.
• Take detailed notes and enter system codes in the Collection System of all actions taken.
• Mentor and coach other Borrower Assistant Representatives on best practices and techniques.

Essential Job Responsibilities

• Perform tasks necessary to support the collection and recovery efforts on past-due consumer loans, Direct Installment Loans, Indirect Installment, Charge Cards, Mortgages, HEL, and Personal Credit Lines accounts.
• Use Collection System to determine priority of assigned delinquent loans and work to maintain a satisfactory percentage of past-due accounts.
• Locate and contact delinquent borrowers to secure payments and bring accounts to current status; tactfully probe for information leading to the location of the client and collateral, if appropriate.
• Initiate contact with clients via telephone, letter, and other forms of communication as needed and enter detailed notes and system codes in the Collection System of all actions taken.
• Establish and maintain records relating to delinquent loan accounts and update files to indicate the date(s) payment(s) received.
• Evaluate clients’ financial strength and capacity to repay outstanding debt.
• Work with borrowers toward resolution, offer alternate courses of action and/or use methods of recovery acceptable under terms of loan contracts.
• Review bank records and transactions to resolve misapplied payments, research to ensure payments are properly credited, evaluate regular and irregular payments to determine how to apply, i.e., principal, interest, escrow, and/or late fees.
• Contribute to the bank’s growth and customer satisfaction by helping customers resolve problems with their banking transactions.
• Inform clients of amount due, disposition of assets, and any further obligation.
• Work with Department Manager prior to charge-off, making specific recommendations, in order to develop a plan to minimize loan loss, which could include reduced future payments.
• Maintain a current knowledge of regulations affecting the recovery function, such as Fair Debt Collection Practices Act, as well as bank products and their benefits.
• Mentor and coach other Borrower Assistant Representatives on best practices and techniques.
• Provide guidance and act as a resource to other Collections team members.

Qualifications

• High School diploma or equivalent required.
• A minimum of five (5) years of collections experience is required.
• Strong communication, interpersonal, computer, analytical, and mathematical skills required.
• Must possess and maintain a current knowledge of resource recovery laws and regulations, such as Fair Debt Collection Practices Act.
• Ability to wear hands-free telephone headset.
• May be eligible for Telecommuting.