Collections Specialist
BANK FIRST, Manitowoc, WI, United States
Collections Specialist
The Collections Specialist is responsible for managing delinquent retail accounts, ensuring timely recovery of outstanding balances while maintaining compliance with regulatory requirements and delivering exceptional guest experience. This role involves proactive communication with customers, negotiation of repayment arrangements, and collaboration with internal teams to minimize credit risk. Responsibilities: Monitor and manage delinquent accounts, including mortgage loans, consumer loans, credit cards, and deposit overdrafts. From time to time, may also be asked to assist on commercial accounts. Contact customers via phone, email, and written correspondence to resolve past-due accounts and negotiate repayment plans. Assess customer financial situations and recommend appropriate solutions, including payment extensions, restructuring, or hardship programs. Document all collection activities accurately in the bank's systems and maintain compliance with internal policies and applicable regulations (FDCPA, UDAAP, etc.). Escalate accounts for legal action or repossession when necessary, following established guidelines. Collaborate with branch staff and other departments to resolve customer issues and prevent future delinquencies. Prepare reports on collection activities, delinquency trends, and recovery performance for management review. Stay informed on industry best practices, regulatory changes, and collection strategies. Develop and maintain process documentation around collection activity and the duties of the subject role. Assist with Secondary Market Delinquency Reporting and Workout Solutions. Competencies: Integrity & Ethics
Act fairly and ethically, free from deception. Accountability
Accept responsibility and take ownership of outcomes. Adaptability
Adjust quickly to changing work environments. Time Management
Prioritize tasks and meet deadlines effectively. Analytical Skills
Gather and interpret data to reach meaningful conclusions. Communication
Communicate clearly and professionally, both orally and in writing, across all levels of the organization and with external contacts. Accuracy & Attention to Detail
Ensure precision, detect errors, and follow through on corrections. Organization
Work in a structured, methodical manner. Relationship Building
Establish and maintain cooperative relationships with customers and co-workers. Composure Under Pressure
Maintain effectiveness during high-stress situations. Results Orientation
Drive for achievement, take initiative, and pursue opportunities. Problem Solving
Identify and implement effective courses of action and contingency plans. Skills/Knowledge/Abilities: High school diploma or equivalent required; Associate's or Bachelor's degree in Business, Finance, or related field preferred. 2+ years of experience in collections, banking, or customer service. Strong negotiation, communication, and problem-solving skills. Knowledge of banking products, credit policies, and regulatory requirements. Knowledge of secondary market regulations and requirements around delinquency and workout. Ability to work independently and manage multiple priorities in a fast-paced environment.
The Collections Specialist is responsible for managing delinquent retail accounts, ensuring timely recovery of outstanding balances while maintaining compliance with regulatory requirements and delivering exceptional guest experience. This role involves proactive communication with customers, negotiation of repayment arrangements, and collaboration with internal teams to minimize credit risk. Responsibilities: Monitor and manage delinquent accounts, including mortgage loans, consumer loans, credit cards, and deposit overdrafts. From time to time, may also be asked to assist on commercial accounts. Contact customers via phone, email, and written correspondence to resolve past-due accounts and negotiate repayment plans. Assess customer financial situations and recommend appropriate solutions, including payment extensions, restructuring, or hardship programs. Document all collection activities accurately in the bank's systems and maintain compliance with internal policies and applicable regulations (FDCPA, UDAAP, etc.). Escalate accounts for legal action or repossession when necessary, following established guidelines. Collaborate with branch staff and other departments to resolve customer issues and prevent future delinquencies. Prepare reports on collection activities, delinquency trends, and recovery performance for management review. Stay informed on industry best practices, regulatory changes, and collection strategies. Develop and maintain process documentation around collection activity and the duties of the subject role. Assist with Secondary Market Delinquency Reporting and Workout Solutions. Competencies: Integrity & Ethics
Act fairly and ethically, free from deception. Accountability
Accept responsibility and take ownership of outcomes. Adaptability
Adjust quickly to changing work environments. Time Management
Prioritize tasks and meet deadlines effectively. Analytical Skills
Gather and interpret data to reach meaningful conclusions. Communication
Communicate clearly and professionally, both orally and in writing, across all levels of the organization and with external contacts. Accuracy & Attention to Detail
Ensure precision, detect errors, and follow through on corrections. Organization
Work in a structured, methodical manner. Relationship Building
Establish and maintain cooperative relationships with customers and co-workers. Composure Under Pressure
Maintain effectiveness during high-stress situations. Results Orientation
Drive for achievement, take initiative, and pursue opportunities. Problem Solving
Identify and implement effective courses of action and contingency plans. Skills/Knowledge/Abilities: High school diploma or equivalent required; Associate's or Bachelor's degree in Business, Finance, or related field preferred. 2+ years of experience in collections, banking, or customer service. Strong negotiation, communication, and problem-solving skills. Knowledge of banking products, credit policies, and regulatory requirements. Knowledge of secondary market regulations and requirements around delinquency and workout. Ability to work independently and manage multiple priorities in a fast-paced environment.