Borrower Assistant Representative I

First Commonwealth Bank; Canton (OH); On-site; USD 32,000 - 45,000; Full time

Benefits offered by this job

Telecommuting possible

Job summary

First Commonwealth Bank in the Special Assets Department seeks a Borrower Assistant Representative to engage with borrowers and explore repayment options within loan contracts.

You will contact clients by phone and letter, document all actions in the Collection System, assess financial ability to repay, and help develop plans to minimize loan loss.

Qualifications

• High School diploma or equivalent required.
• At least 1 year related experience.
• Strong communication and interpersonal abilities.
• Proficiency with computers and data entry.
• Knowledge of Fair Debt Collection Practices Act.

Responsibilities

• Supports collection and recovery efforts on past-due accounts.
• Contacts delinquent borrowers to secure payments.
• Documents detailed notes and actions in the Collection System.
• Evaluates clients' financial ability to repay.
• Offers alternate repayment plans within loan terms.
• Assists in planning to minimize loan loss before charge-off.
• Maintains records of delinquent accounts and payments.
• Communicates amount due and any further obligations.
• Works with the Department Manager on recovery strategies.
• Keeps up-to-date on applicable laws and regulations.

Skills

Communication skills

Interpersonal skills

Computer skills

Analytical skills

Mathematical skills

Education

High School diploma or equivalent

Tools

Collection System

Job description

The Special Assets Department is a vital part of the Bank's daily operations. As a Borrower Assistant Representative, 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. Must take detail notes and enter system codes in the Collection System of all actions taken.

Essential Job Responsibilities

• Performs 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.
• Uses Collection System to determine priority of assigned delinquent loans and works to maintain a satisfactory percentage of past-due accounts.
• Locates and contacts delinquent borrowers in order to secure payments and bring accounts to current status; tactfully probes for information leading to the location of the client and collateral, if appropriate.
• Initiates contact with clients via telephone, letter, and other forms of communication as needed and enters detailed notes and system codes in the Collection System of all actions taken.
• Establishes and maintains records relating to delinquent loan accounts and updates files to indicate the date(s) payment(s) received.
• Evaluates clients' financial strength and capacity to repay outstanding debt.
• Works with borrowers toward resolution, offers alternate courses of action and/or uses methods of recovery acceptable under terms of loan contracts.
• Reviews bank records and transactions to resolve misapplied payments, researches to ensure payments are properly credited, evaluates regular and irregular payments to determine how to apply, i.e., principal, interest, escrow, and/or late fees.
• Contributes to the bank's growth and client satisfaction by helping clients resolve problems with their banking transactions.
• Informs clients of amount due, disposition of assets, and any further obligation.
• Works 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.
• Acquires and maintains knowledge of regulations affecting the recovery function, such as Fair Debt Collection Practices Act, as well as bank products and their benefits.

Bona Fide Occupational Qualifications

• High School diploma or equivalent required.
• A minimum of one (1) year related experience required.
• Strong communication, interpersonal, computer, analytical, and mathematical skills required.
• Must acquire and maintain knowledge of current resource recovery laws and regulations, such as Fair Debt Collection Practices Act.
• Ability to wear hands-free telephone headset.
• May be eligible for Telecommuting.