Retail Collections Associate

Merchants-Bank; Winona (MN); On-site; USD 42,000 - 54,000; Full time

Benefits offered by this job

Health insurance

Dental insurance

Life insurance

Disability insurance

Vision insurance

Flexible spending accounts

401(k) and ESOP retirement plans

Bonus plan

Paid time off

Tuition reimbursement

Supplemental insurance options

Job summary

Merchants Bank in Winona, MN seeks a Retail Collections Associate to contact customers with delinquent accounts and apply loss mitigation strategies. Underwrite hardship packages and collaborate with attorneys for court procedures.

Maintain compliance and protect customer confidentiality. The role requires a Bachelor's degree or equivalent experience, strong communication skills, and the ability to work independently.

Qualifications

• Prior bank collection practices and procedures experience preferred.
• Bachelor's degree preferred or high school diploma with relevant experience.
• Strong knowledge of mortgage and consumer debt collection guidelines.
• Forbearance, modification, loss mitigation, foreclosure, and repossession experience required.
• Excellent verbal and written communication with customers and co-workers.
• Ability to train others and lead a team.
• High attention to detail and ability to meet deadlines.

Responsibilities

• Contact delinquent consumer, mortgage, and credit card accounts per guidelines.
• Recommend loan modifications or loss mitigation solutions; manage repossessions/foreclosures as needed.
• Underwrite hardship packages per applicable guidelines.
• Coordinate with attorneys for court procedures for collection of loans.
• Manage bankruptcy filings for various loan types.
• Handle mortgages from delinquency through foreclosure and sale.
• Assist with preservation and disposition of foreclosed assets.
• Monitor overdrafts and potential account closures.
• File mortgage insurance claims in a timely manner.
• Report delinquent activity to investors and insurers as required.
• Prepare delinquency and collection area reports for management and board.
• Ensure compliance with bank, investor, and PMI policies and regulations.

Skills

Verbal communication

Written communication

Human relations

Attention to detail

Team leadership

Customer service

Education

Bachelor's degree

High school diploma with relevant experience

Tools

Collection software

Job description

Merchants Bank, Winona, is seeking a Retail Collections Associate. Hours for this position are generally Monday through Friday from 8am – 5pm.

Duties include contacting customers regarding consumer, mortgage, and credit card accounts that are delinquent, charged off, or experiencing other repayment issues. Will recommend possible loan modifications or other loss mitigation solutions. Follows established collection policies, procedures, and legal requirements. Also involves reporting, filing mortgage insurance claims, and working with collections software for updates and efficiency.

Bachelor's degree preferred or high school diploma combined with relevant comparable work experience required. Prior experience in bank collection practices and procedures preferred. Requires a well-organized individual with good communication skills and ability to make sound, independent judgments. Must enjoy dealing with and serving people and have good problem-solving skills. Customer confidentiality is critical.

Merchants Bank offers competitive wages and benefits for our full-time employees including health, dental, life, disability and vision insurance; flexible spending accounts, 401(k) and ESOP retirement plans; bonus plan; paid time off; tuition reimbursement; and a variety of voluntary supplemental insurance options.

Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

Job Summary

This person will be responsible for collecting consumer, mortgage, and credit card accounts that are delinquent, charged off, or experiencing other repayment issues. Responsibility also includes assisting the Retail Collections Manager with planning, directing, and controlling the retail loan collection function to help ensure that established collection policies, procedures, and legal requirements are followed and periodically evaluated and modified as needed. Timely action is expected on routine early delinquencies in an effort to maintain low delinquency ratios. Also responsible for assisting with repossessions, foreclosures, and management of Other Real Estate Owned (OREO).

Requires a well-organized individual with good communication skills and ability to make sound, independent judgments. Must enjoy dealing with and serving people and have good problem-solving skills.

Essential Responsibilities

• Contact customers regarding delinquent consumer, mortgage, and credit card accounts according to bank, investor, and regulatory guidelines
• Recommend possible loan modifications or other loss mitigation solutions, repossession, charge off, or foreclosure
• Underwrite hardship packages in accordance with bank, investor, and mortgage insurance guidelines
• Under manager direction, coordinate with attorneys for handling of court procedures for collection of loans
• Under manager direction, manage bankruptcy filings for consumer, mortgage, and credit card accounts
• Under manager direction, manage the handling of mortgages from delinquency through foreclosure and sale
• Assist with facilitating the preservation and disposition of foreclosed and repossessed property
• Monitor continuous overdrafts on retail accounts for potential account closure
• Timely file mortgage insurance claims
• Assist with management of FNMA/Freddie Mac reimbursements
• Report delinquent mortgage loan activity to investors and mortgage insurance companies as required
• Assist with preparation of all delinquency and collection area reports for management and the board
• Assist with completion of quarterly liquidation reports for all loans on non-accrual
• Assist manager with utilization and management of collection software, including periodic updates, training, and identification of opportunities for efficiency in delinquency monitoring and reporting
• Maintain thorough knowledge and understanding of bank, investor, and PMI policies, procedures, and guidelines and ensure compliance with all applicable federal, state, and local regulations
• Employee will be expected to contribute to a positive working environment through words and actions.
• Employee will be expected to greet internal and external customers in a friendly and outgoing manner.
• Employee will be expected to take responsibility to ensure that internal and external customers receive outstanding service.
• Employee may be asked to perform other duties as required by business needs.
• Employee will be expected to complete compliance and product knowledge assignments in a timely manner.
• Regular and dependable attendance is an essential function for this job.
• Adherence to compliance with laws concerning financial institutions.

Physical Working Conditions

Primarily inside working environment. Low noise. Will have need for limited outside work when performing duties in the collection of collateral.

Physical Demands

Primarily sitting desk work; secondary, will need ability to physically maneuver outside for limited periods of time. Will not require heavy lifting. Ability to use a computer is required.

Mental Demands/Skill Requirements/Competencies/Education

• Prior experience in bank collection practices and procedures preferred
• Bachelor's degree preferred or high school diploma combined with relevant comparable work experience
• Strong knowledge of and experience with Fannie Mae, Freddie Mac, FHA, USDA, and Private Mortgage Insurance collections and reporting guidelines required
• Forbearance, modification, loss mitigation, foreclosure, and repossession experience required
• Strong verbal, written, and human relations skills and ability to deal tactfully with customers
• Servant leadership and team building skills with the ability to train others
• High level of attention to detail and the ability to meet deadlines

Position requires above average aptitude in dealing with people; ability to communicate with clarity; ability or aptitude in the areas of reasoning, intelligence, and numerical perception. Position requires individual to be action-oriented, an excellent team player, ability to manage time and work effectively, manage self-development, possess strong oral and written communication skills, and leadership skills. Customer confidentiality is critical in this position.

Relationships

Will have extensive customer and co-worker contact; must conduct self in a manner that will create a positive impression for the Bank. Responsible to the Retail Collections Manager for fulfillment of functions, responsibilities, and authority for their proper interpretation.

This job description may be modified based on the company needs at any time, may require employee to perform functions beyond those mentioned in this job description, and employee is an at-will employee.