Collections Specialist

Position Summary: Responsible for collection, recovery, and bankruptcy related activities on Panacea Financials’ troubled consumer portfolio. This position is also responsible for monitoring accounts to identify debts owed to Panacea and contacting customers to resolve overdue payments, set up payment plans, loan amendments, and charged off accounts.

 

• Assist in communication efforts for the recovery of principal, interest, fees and expenses on Panacea consumer loans.
• Manage consumer aspect of collections in collaboration with Primary Care Banker’s efforts.
• Advise of charge off accounts monthly.
• Review payment history, maintain files and spreadsheets for past due accounts weekly and quarterly, and accurately prepare paperwork to include:
  • Referral for collections
  • Referral for attorney’s breach letters
  • Referral for Primis default letters
  • Drafting and sending Panacea default letters
• Contact customers on a daily/weekly basis regarding delinquent accounts, work-out repayment plans satisfactory to both the customer and the Bank, document status of the accounts, and collection activities undertaken, customer comments, etc.
• Help determine root cause of delinquency and research alternative solutions.
• Assist in the maintenance of payment history and correct as needed.
• Request and review customer financials; assisting in the preparation and closing of amendments.
• File bankruptcy paperwork received and ensure account is updated appropriately.
• Partner with and monitor the performance of legal counsel and other outsourced vendors and agents in the fulfillment of departmental responsibilities and assisting the Bank in its collection and recovery efforts, making changes when necessary.
• Work closely with Primis and Panacea Credit Administration and other departments to ensure the Bank follows all laws, regulations, policies, and procedures involving activities of the Collections department and to ensure appropriate controls are in place.

• Negotiate directly with customers as needed to leverage legal action if necessary to generate solutions on consumer loans or potential recoveries that are acceptable to the Bank.
• Responsible for submitting recovery payments to the appropriate department and ensure posting of payment is accurate.
• Analyze accounts and communicate with Primary Care Banker’s on a daily basis to determine the proper course of action.
• Monitor the performance of legal firms and other third parties assisting the bank in its collection and recovery efforts, making changes when necessary.
• Maintain compliance with and adhere to all state and federal regulations and bank policies and procedures, including, but not limited to Bank Secrecy Act, FACT ACT, Community Reinvestment Act, and EEO/AA/Fair Employment Practices.
• All other duties as assigned.

• Bachelor’s degree
• Previous collection experience in a banking or financial environment
• Previous experience related to consumer lending, bankruptcy law, recovery and loan or credit administration
• Previous experience managing credit workout action plans

• Advanced knowledge of the Fair Debt Collection Practices Act and related state and federal.
• Knowledge of consumer lending structures.
• Ability to analyze accounts and determine the proper course of action to be taken to cure default, minimize potential losses and maximize recovery.
• Strong analytical skills.
• Effective and professional verbal and written communications.
• Ability to work in a fast paced environment with strict deadlines.
• High level of detail orientation.

In terms of an 8-hour workday, “occasional” equals 1% to 33%, “frequent” equals 34% to 66% and “continuous” equals 67% to 100%.  However, some duties are performed monthly, annually or sporadically throughout the year and are essential functions.  Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions of the position, if the accommodation does not impose an undue hardship that would require significant difficulty or expense.

• Continuous remaining in a stationary position, particularly, but not limited to, at a desktop computer
• Continuous repetitive use of hands/arms; particularly concerning to typing, writing, phone & computer use
• Continuous communication: verbal and written, in-person, phone and electronic