Consumer and Retail Banking Collector - Up to $48K +Bonus

Cambridge, MA 02141

Posted: 09/27/2019 Employment Type: Direct Hire Specialty: Accounting & Finance Job Number: 84759

A top bank in Cambridge, MA is seeking a Consumer and Retail Banking Collector to join their team. In this role, you will review loan files at first delinquency for insight to reason for delinquencies, prepare collection correspondence, arrange payment schedules with borrowers, and more. If you have experience working within a retail banking environment, apply today!

Compensation: Up to $48K + Bonus

Responsibilities for the Consumer and Retail Banking Collector:
  • Review loan files at first delinquency for insight to reason for delinquencies
  • Maintain delinquency files, documentation of all contacts, and attempted contacts made to the customer
  • Request and compile updated credit reports, financial statements, etc.
  • Contact delinquent customers by telephone and/or letter as instructed by Assistant Vice President – Loan Servicing & Post Closing Manager in accordance with Credit/Collections policies and practices
  • Respond to customers’ questions and inquiries
  • Bring delinquent accounts to resolution while providing excellent customer service and maintaining customer confidentiality
  • Prepare collection correspondence; arrange payment schedules with borrowers, subject to approval by Assistant Vice President – Loan Servicing & Post Closing Manager
  • Track calls and letters for customer response and/or next required action
  • Ensure payments are properly credited or applied to customer accounts
  • Monitor and review seriously delinquent accounts and if warranted recommend to Management foreclosure action, repossession, charge off or legal action
  • Determine sale of collateral by repossessor within scope of authority
  • Report loans to credit bureaus and complete verification of loan requests for other lending institutions
  • Prepare monthly and quarterly delinquency, recommended charge off and recovery reports for Executive Committee, management and regulatory agencies
  • Package files for attorney to begin legal action and compile figures for attorney to begin deficiency suits
  • Apply credit, monitor and track recovery payments through attorneys' offices
  • Maintain a good understanding of Federal and State regulations as they pertain to the collection of past due payments including laws pertaining to bankruptcy
  • Review COCC system on a regular basis to determine any potential posting errors and ensure corrections are made
  • Assist with loan payoff and discharge of mortgage functions

Requirements for the Consumer and Retail Banking Collector:             
  • 1-3 years collections experience, preferably within a Retail Banking environment
  • Bachelor’ s Degree or related knowledge/skills gained through experience
  • Ability to work productively with minimal supervision
  • Working knowledge of rules and regulations governing collection activities
  • Excellent analytical skills
  • Ability to use tact and discretion when dealing with Bank customers
  • Working knowledge of MS Word and Excel, experience with COCC a plus
  • Strong organizational skills with great attention to detail
  • Strong multi-tasking and prioritizing skills with the ability to meet deadlines
  • Excellent written and verbal communication skills
  • Strong interpersonal skills with a customer service focus
  • Ability to work independently and as part of a team
  • Must be eligible to work in the U.S. without sponsorship    
Employee Benefits:
  • Medical and dental insurance
  • Paid-time off that includes an employer funded pension plan, tuition assistance program, and employer matching 401(k) Plan

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