Collections Specialist

The Collections Specialist is responsible for managing and executing collection activities to minimize financial losses for the bank. This role involves processing transactions, sending notices, initiating legal actions, and maintaining communication with borrowers. The Collections Specialist will work closely with the Collections Officer and other departments to ensure compliance with regulations and effective recovery of outstanding debts.

Duties and Responsibilities:

Process daily collection activities, including placing holds on accounts, changing account statuses, posting recoveries, and adding fees to payoffs. Handle credit reporting codes and process charge-offs. Send appropriate notices for collection-related actions such as foreclosures, repossessions, and other legal proceedings. Perform "soft collection calls" for Secondary Market customers to discuss delinquency issues and payment options. Assist in initiating foreclosure, repossession, and small claims filings, including preparing necessary documentation and monitoring ongoing status. Follow up with charged-off borrowers to set up voluntary payment plans. Electronically process account turnover to third-party collection agencies. Track collection-related expenses and ensure accurate reporting. Organize and prepare various reports for the Board of Directors, including summaries of collection activities and financial impacts. Receive and process bankruptcy notices, including filling out and reviewing claim forms, electronically filing claims, and monitoring case status with courts and attorneys. Oversee compliance with FHLB Guide regulations related to servicing delinquencies, ensuring all actions are in line with regulatory requirements. Monitor all real estate-related force-placed insurance to ensure proper coverage and compliance. Process credit disputes, investigate claims, and communicate resolutions to relevant parties. Pull delinquent property tax reports and assist lenders in sending out appropriate letters and notices and follow up on payment status. All other duties as assigned. High school diploma or equivalent. Associate's or Bachelor's degree in finance or business-related field is an asset. Previous experience in banking or financial services, with a focus on collections, is preferred. Knowledge of banking regulations and compliance standards, particularly those related to collections and debt recovery. Familiarity with collection software and banking systems.

Required Skills:

Ability to handle sensitive and confidential information with discretion. Strong analytical skills to assess financial situations and determine appropriate collection strategies. Customer service experience, with the ability to handle difficult conversations and negotiate payment plans effectively. Ability to work independently and as part of a team, demonstrating flexibility and adaptability. Strong attention to detail and accuracy in processing transactions and maintaining records. Ability to manage multiple tasks and prioritize effectively to meet deadlines. Basic understanding of legal processes related to collections, such as foreclosures, repossessions, and small claims court procedures. Blackhawk Bank & Trust is a locally owned financial institution with 17 Quad City area locations. If you are looking to join a bank with deep roots in the Quad Cities, this is the opportunity for you! With assets over 1.5 billion, we are confident we can provide you an environment of great opportunities to succeed. We offer a competitive wage & benefit package that includes, paid vacation, paid holidays, life insurance, medical insurance, and a generous profit-sharing retirement plan. EOE/Minorities/Females/Vet/Disability