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Small Business Collections Specialist

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Flagstar Bank

2024-09-20 21:37:52

Job location New York City, New York, United States

Job type: fulltime

Job industry: Banking & Financial Services

Job description

Coordinate collection process for small business loans and home equity loans. Correspond with attorneys and Lenders, make recommendations on the recovery of funds and negotiate workouts.

  • Monitor daily delinquent loans, Monitor the over the credit limits, the Overdraft portfolio and coordinate with various PCG on appropriate action.
  • Review and approve signed documentation, such as Forbearance Agreement or settlement agreement, verified complaint, summons, Judgment - update accounts status records - prepare and present reports on Collection activities and progress
  • Confer with Private Client Group Directors on personal overdraft that reach 40 days and above and business overdraft that reach 70 days and above.
  • Prepare, submit and follow up on packages to lawyers on PPP /SBA loan, Commercial and Consumer loans and Overdraft portfolio accounts -
  • Comfortable working with Clients and Negotiate and approve settlement between clients and attorneys.
  • Resolve Clients credit issues and Contact clients to discuss their past due payments also Meet clients at bank location to discuss pay off options.
  • Analyze credit, financial statements and tax documents and recommend a payment plan.
  • Visit law offices to pick up checks, or documents as needed. Participate in quaterly meeting for Watchlist Heloc portfolio -Update monthly past due report and 45 days OD report - Monitor, prepare monthly GL reconciliation reports for the Collection Dept.
  • Prepare delinquent letters for clients prior of referring to legal - Quarterly update the Foreclosure Home Equity 1st position with the New York State website. Performed Monthly property inspection on the Foreclosure Heloc in 1st position
  • Acts as back up to manager when out of the office.

REQUIREMENTS:

  • 4-5 years in collections, servicing, loan processing
  • College Degree or equivalent financial analysis work experience required
  • Knowledge of collection and credit laws, regulations, practices
  • Must be able to collaborate and negotiate with clients
  • Must be proficient in Microsoft Word and Excel
  • Excellent communication (written and verbal) required

Inform a friend!

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