Student loan collector job description

**If you are a current FIB employee, please apply through the Career Worklet in the Employee Portal.
This position will be located in Billings, MT.

SUMMARY
The Loan Collector is responsible for the daily collection of payment on assigned delinquent accounts by reviewing documentation, system information, contacting the customer by telephone and/or written correspondence and arranging repayment schedules in order to minimize loss to the bank.

ESSENTIAL DUTIES & RESPONSIBILITIES include the following; other duties may be assigned.
Works assigned queues to collect delinquent accounts by phone or mail Negotiates arrangements with customer to bring accounts current Documents Collector activity and maintains records/notes/comments within the Collection system Produces appropriate delinquent/collection letters per established guidelines Works closely with customer on repayment programs Responds to customer inquiries, requests and problems Payment processing Skip Tracing as required to locate customer contact information Prepares and submits loan accounting system maintenance requests Prepares and submits Change in TermsInsurance processing (understand and discuss forced place insurance policies, payment changes and refunded As applicable, works closely with Investors and/or Insurers to resolve delinquencies As applicable, keeps up to date on Investor and/or Insurer policy changes Maintains delinquency ratios per established goals Exhibits an understanding of applicable federal regulations, policies and procedures necessary to correctly collect debt as well as regulatory and/or Investor requirements

QUALIFICATIONS
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE
High School diploma or equivalent required. Prefer one or more (1+) years' experience in a financial institution with a focus on lending, collections and/or customer service activities.

OTHER SKILLS & ABILITIES
Computer skills essential, including Word, Excel and Outlook. Requires initiative and solid judgement with oral/written communication skills including facilitation. Ability to prioritize work and remain adaptable under pressure. Good time management and organizational skills evidenced in previous assignments. Self-starter and works under Supervisor/Team Lead direction and has strong verbal and written communication skills. Ability to appropriately escalate issues requiring problem solving and decision making

LANGUAGE SKILLS
Ability to read and interpret documents such as safety rules, operating and maintenance Instructions, and procedure manuals. Ability to write routine reports and correspondence. Ability to speak effectively before groups of customers or employees of organizations.

MATHEMATICAL SKILLS
Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference and volume. Ability to apply concepts of basic algebra and geometry.

REASONING ABILITY
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

PHYSICAL DEMANDS
While performing the duties of this job, the employee is regularly required to walk and talk or hear. The employee frequently is required to stand and sit. The employee is occasionally required to use hands to finger, handle, or feel; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must frequently lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision.

WORK ENVIRONMENT
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

The noise level in the work environment is usually moderate.
**If you are a current FIB employee, please apply through the Career Worklet in the Employee Portal.

Summary: This position is responsible for proactively communicating with (soon to be) delinquent customers in an effort to arrange for loan and/or delinquent tax payments. The collector will be managing and facilitating resolution of chronic delinquent or distressed loans as well as negotiating high risk, 90 day+ delinquent loans adhering to stated timelines, regulatory and investor requirements. This position will require working closely with the servicing area for all service related questions and problem resolutions.

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, veteran or disability status.

Required Education and Experience

• Bachelor’s Degree or equivalent experience.
• A minimum of 2 years experience with loan servicing, loss mitigation or collections.

Preferred Education and Experience

• Experience with FNMA mortgages from collecting payments through workout options such as: modifications, deed-in-lieu, short sales, repayment plans, etc.
• Comprehensive knowledge of resolution strategy and the ability to identify cash flow potential in order to reduce risk and control delinquency.
• Experience with skip-tracing and charged-off debt collection.
• Experience in loan servicing in a bank environment.

Position Expectations

• Review daily delinquency reports and contact customers regarding payments
• Follow up on missed payment arrangements and other borrower commitments directly with the customer and document the communication.
• Analyze the extent of the potential loss created by the troubled loan, identify the problems and provide meaningful input into the plan for resolving the problems.
• Create and track standard repayment agreements while maintaining focus on directed calling campaigns and skip tracing events.
• Contact customers to pursue workout or other default resolution options.
• Identify resolutions such as forbearance agreements, loan modifications, short payoffs, deeds in lieu of foreclosure and legal settlement.
• Pursue default resolution options on loans that are in a delinquent, foreclosure, bankruptcy and/or claims status.
• Make recommendations to management for approval or denial of loan resolution strategies as necessary.
• Work directly with customers to set up/resolve issues with on-line or auto withdraw payments
• Monitor and track delinquent loans for all investors and report on regular schedule/when needed.
• Work with CRM support group to create and maintain servicing/collections reporting needed to effectively manage processes and reduce risk
• Monitor that all collection policies/procedures are being created, updated and followed.
• Onboard new servicing and collection vendors as needed
• Track, manage and assist in selling REO