Retail Loss Mitigation Specialist-PT

First Commonwealth Bank; Canton (OH); Remote; USD 52,000 - 72,000; Full time

Job summary

First Commonwealth Bank in Canton, OH seeks a Retail Loss Mitigation Specialist within the Special Assets Department. You will engage with borrowers to resolve debt repayment, offering alternative recovery methods while ensuring compliance with loan contracts.

Responsibilities include documenting actions in the Collection System, prioritizing delinquent loans, contacting borrowers by phone and mail, and mentoring other team members on best practices.

Qualifications

• 5+ years of collections experience.
• Strong communication and interpersonal skills.
• Analytical mindset with problem-solving ability.
• Knowledge of relevant collection laws and regulations (e.g., FDCPA).
• Proficient in telephone communication and CRM systems.

Responsibilities

• Support collection and recovery efforts on past-due accounts.
• Contact borrowers by phone, letter, and other channels to secure payments.
• Enter detailed notes and system codes in the Collection System for every action.
• Mentor and coach other Borrower Assistant Representatives on best practices.
• Maintain knowledge of regulations affecting recovery activities.

Skills

Collections experience

Communication skills

Analytical skills

Regulatory knowledge FDCPA

Telephone/CRM proficiency

Education

High School diploma or equivalent

Job description

Canton Business Center
4650 Hills and Dales Rd NW
Canton, OH 44708, USA

Canton Business Center
4650 Hills and Dales Rd NW
Canton, OH 44708, USA

The Special Assets Department is a vital part of the Bank’s daily operations. As a Retail Loss Mitigation Specialist, 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. You must take detail notes and enter system codes in the Collection System of all actions taken. Mentors and coaches other Borrower Assistant Representatives on best practices and techniques.

1. 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.

2. Uses Collection System to determine priority of assigned delinquent loans and works to maintain a satisfactory percentage of past-due accounts.

3. Locates and contacts delinquent borrowers to secure payments and bring accounts to current status; tactfully probes for information leading to the location of the client and collateral, if appropriate.

4. 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.

5. Establishes and maintains records relating to delinquent loan accounts and updates files to indicate the date(s) payment(s) received.

6. Evaluates clients’ financial strength and capacity to repay outstanding debt.

7. Works with borrowers toward resolution, offers alternate courses of action and/or uses methods of recovery acceptable under terms of loan contracts.

8. 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.

9. Contributes to the bank’s growth and customer satisfaction by helping customers resolve problems with their banking transactions.

10. Inform clients of amount due, disposition of assets, and any further obligation.

11. 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.

12. Maintains a current knowledge of regulations affecting the recovery function, such as Fair Debt Collection Practices Act, as well as bank products and their benefits.

13. Mentors and coaches other Borrower Assistant Representatives on best practices and techniques.

14. Provides guidance and acts as a resource to other Collections team members.

Bona Fide Occupational Qualifications___________________________

1. High School diploma or equivalent required.

2. A minimum of five (5) years of collections experience is required.

3. Strong communication, interpersonal, computer, analytical, and mathematical skills required.

4. Must possess and maintain a current knowledge of resource recovery laws and regulations, such as Fair Debt Collection Practices Act.

5. Ability to wear hands-free telephone headset.

6. May be eligible for Telecommuting.

Qualifications

Skills

Behaviors

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Motivations

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Education

Experience

Licenses & Certifications

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
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