Consumer Loan Workout Specialist

Purpose: 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.

Essential Functions:

• 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 the maximum recovery through: referral to attorneys, credit collection agencies, and other 3^rd parties
• Facilitate and direct the final disposition efforts with attorneys, collection agencies, credit bureaus, outside legal counsel and other 3^rd 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 guaranty the timely processing of Demands, Summons & Complaints, Judgments, and other enforcement options.
• Perform as liaison to attorneys, trustees, courts, and collection agencies to provide on-going instruction, follow-up and record updating and all communication. Convey expectations for performance. Collaborate with internal and external clients as well as outside counsel and advisors on a daily basis.
• On a quarterly basis request, review and analyze attorney and agency performance through: on-line access when available; activity reports; and actual account review. Perform on-going instruction with instructions for additional work; follow-up and record updating, document all communication – verbal and written. On an annual basis, assist in the physical audit of attorney firms and collection agencies.
• File claims with courts: Bankruptcy, and Estate. Prepare and submit. 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 as well as other pertinent data to identify attachable assets.
• In structuring workout options, effectively negotiate repayment strategies, educate and counsel debtors on options and the implementation process for each option along with repercussions when further defaults occur.
• 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 payments and fees are accurately presented. Closely 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 with internal and external customers, associates, and stakeholders. Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.
• This job description is not exhaustive. The Consumer Loan Workout Specialist may be required to perform other duties as assigned.

Job Related Qualifications – Education and Prior Experience:

Required:

• Education: High School Diploma. Associates Degree preferred.
• Prior Experience: 3+ Type: Banking, Credit Union, Collection Experience, Underwriting

Competencies:

• Knowledge of all Consumer loan products: 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 as governing tools to be applied to 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, Excel, Applications, with the 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. Must be able to conduct meaningful and productive client interactions.
• Must be well acquainted with the various Loan Notes and Contracts, Guaranty Agreements, UCC filings, Personal Guaranty’s, and Collateral Documents, for further attachment enforcement.
• High degree of analytical skills to address complex problem solving.

Physical Requirements:

• Able to regularly sit for prolonged periods of time.
• Able to regularly stand for prolonged periods of time.
• Able to travel:
  • occasionally
• Extensive computer usage is required.
• Ability to work:
  • Evenings: Occasionally
  • Weekends: Occasionally

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

This job description is not exhaustive. The Consumer Loan Workout Specialist may be required to perform other duties as assigned.The expected rate of pay for this position is shown above. Compensation offers are based on a wide range of factors including relevant skills, training, experience, education and, where applicable, licenses or certifications obtained. Market and organizational factors are also considered. In addition to your base rate of pay and a competitive benefits package, successful candidates may be eligible to receive cash or equity-based incentives based on the role and performance.