Collections Specialist

Medallion Bank; Salt Lake City (UT); On-site; USD 38,000 - 52,000; Full time

Benefits offered by this job

Medical, dental, vision

401K with company match

PTO and holidays

Disability & life insurance

Volunteer opportunities

Company culture

Work-life balance

Open door policy

Job summary

Medallion Bank is seeking a Collections Specialist to manage delinquent subprime loans and minimize losses through effective strategies. You will contact borrowers, negotiate repayment terms, and document all activities in the loan servicing system.

The role requires collaboration with underwriting, customer service, and legal teams while adhering to FDCPA guidelines. The position is Utah-based with hybrid in-office days and the possibility to work from home part of the week.

Qualifications

• High school diploma or equivalent required.
• 1–2 years of collections, subprime lending, or consumer finance experience preferred.
• Strong communication and organizational skills are essential.
• Ability to handle difficult conversations professionally and ethically.

Responsibilities

• Contact delinquent customers by phone, email, and written correspondence to secure payments and bring accounts current.
• Negotiate payment arrangements while complying with policies and regulations.
• Perform skip tracing to locate borrowers and collateral to enable recovery.
• Document all collection efforts and payment commitments in the servicing system.
• Collaborate with underwriting, customer service, and legal teams on recovery strategies.
• Ensure activities comply with FDCPA and federal/state regulations.
• Provide professional customer service while balancing collections needs.

Skills

Communication skills

Detail-oriented

Microsoft Office

Team collaboration

Bilingual Spanish

Customer service

Phone handling

Education

High school diploma

Job description

Please Note: This is a Utah-based hybrid position, which will require some regular in-office days each week. Additionally, employment with Medallion Bank is contingent on passing both a background check and maintaining a clean background.

Who we are:

At Medallion Bank we finance fun! We are an industrial loan bank that specializes in providing consumer loans for the purchase of recreational vehicles, boats, home improvement, and offering loan origination services to fintech partners. We work directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a small company with a big impact. We recognize our employees as our greatest asset and have a culture to prove it!

How You Will Support the Team:

Responsible for working delinquent subprime consumer loans, with the primary objective of minimizing losses through effective collections strategies. Possesses strong negotiation skills, a customer-focused approach, and the ability to work in a fast-paced environment while adhering to company policies and regulatory guidelines.

What We Are Looking For:

• Loan Recovery & Delinquency Management: Proactively contact delinquent customers via phone, email, and written correspondence to secure payments and bring accounts current. Establish contact with borrowers and set up repayment terms that are manageable for the customer and acceptable to the bank.
• Negotiation & Payment Arrangements: Work with customers to understand their financial situations and negotiate appropriate payment arrangements while maintaining compliance with company policies and regulations. Engage in skip tracing efforts to locate borrowers as well as collateral, to enable productive collection efforts.
• Skip Tracing & Investigations: Utilize various tools and techniques to locate borrowers and encourage repayment of past-due accounts.
• Documentation & Recordkeeping: Accurately document all collection efforts, customer interactions, and payment commitments in the loan servicing system.
• Customer Service & Retention: Provide professional and empathetic customer service while balancing the need for collections and recovery. Build relationships with borrowers and promote a successful loan experience despite difficult circumstances.
• Collaboration: Work closely with internal departments, including underwriting, customer service, and legal teams, to develop and execute effective recovery strategies. Determine appropriate next steps which may include the assignment of repossession, litigation, or involvement with other third-party vendors.
• Properly and accurately document account activities.
• Make recommendations to management regarding accounts needing additional attention.
• Contribute to a positive and mutually beneficial cohesion with team members. Assist in other areas of the department as required by business needs.
• Compliance & Regulatory Adherence: Ensure all collection activities comply with federal, state, and local regulations, including the Fair Debt Collection Practices Act (FDCPA) and company policies

You would be a GREAT fit with these skills:

• Responsible, honest, and strong work ethic.
• Behave in a professional manner, maintaining appropriate relationships with coworkers and colleagues.
• Ability to handle difficult conversations professionally
• Detail-oriented with strong organizational skills
• Professionally answer incoming calls and assist the caller effectively.
• Ability to nurture and manage business relationships with third party loan servicer and othervendors.
• Excellent verbal and written communication skills
• Proficiency in Microsoft Office Suite
• Ability to successfully work in a team environment.
• Bilingual (Spanish) is a plus

Preferred Level of Experience:

• Education: High school diploma or equivalent required
• Experience: Minimum of 1-2 years of experience in collections, subprime lending, or consumer finance; experience with delinquent loan recovery preferred.

Physical Demands and Requirements:

• Cubicle or home office with minimal exposure to distractions or environmental hazards.
• Hours: Full time, 40 hours per week
• Shift: May require evening and weekend availability based on business needs
• Environment: Office-based, with the ability to work from home 2 days a week afterintroductory period.

What's in it for YOU?

• Comprehensive benefits including medical, dental, vision, disability, and life insurance
• 401K with a company match
• PTO including 11 paid holidays, vacation time and sick time
• Financial Wellness Program
• Volunteer Opportunities
• Awesome company culture and co-workers who love to work here!
• Work Life Balance – We don't use that term lightly!
• Company Wide Open Door Policy