Primary responsibilities are collections, customer service, and other loss mitigation and recovery activities in accordance with department objectives and policies and Federal and State Laws. The Senior Collector will need to contacts delinquent, charged-off, or high-risk customers in order to secure payment and determine reason for delinquency on active loan/credit card accounts. In the recovery area, s(he) will work with customer to establish full balance repayment plans or settlements. In addition, s(he) must have working knowledge of Fannie Mae and Freddie Mac collection requirements.
Key Result Areas:
- Communicate with delinquent borrowers to obtain late payments, using various means of contact such as letters and telephone calls.
- Prepare and send correspondence for delinquent Mortgages, Consumer Loans, Small Business Loans and Overdrawn DDA Accounts.
- Assist the Collection Manager, with mortgage and equity loans that are to receive the State Regulated Right to Cure (35A) and Right to Request a Modified Mortgage Loan (35B) letters as required under Massachusetts Law #206, sending the required letters to all parties listed on the Mortgage Deed and monitoring the loans progress ensure the Bank is in compliance under the law.
- Assist the Collection Manager with identifying borrowers that may be experiencing financial hardship and request the appropriate financial information. Pre-underwrite, using underwriting procedures, the loan to qualify borrower for a loan workout, modification or Deed in Lieu.
- Assist the Collection Manager with ordering of property re-evaluations.
- Assist the Collection Manager with the preparation of loan documentation, which will be sent to an attorney to attorney to commence foreclosure proceedings against the property for non-payment.
- Under direction of the Collection Manager, responsible for entering the required information regarding the Bank's foreclosure action, under Massachusetts Law #206, in the Division of Banks "Foreclosure Prevention" Website.
- Assist the Collection Manager, with the monitoring of loans in Bankruptcy (Chapter 7 and Chapter 13 Bankruptcies).
- Assist the Collection Manager, by monitoring delinquent Mortgages and Equity Loans insured by PMI Companies. Report the status of these loans monthly to each of these agencies under the Insurer Guidelines. Update the PMI Companies as changes occur with the loans.
- Monitor delinquent Investor Loans (Fannie Mae, Freddie Mac etc.). Monthly, report the loans status by updating Fannie Mae's Asset Management site through EFannieMae.com. Monthly, update the Investor Account with information Freddie Mac or FHLB loans.
- Assist the Collection Manager with contacting Investor (Fannie Mae, Freddie Mac etc.) regarding loans that are being recommended for loan workouts, modification, Deed in Lieu, possession or foreclosure.
- Responsible for monitoring delinquent Mortgage, Equity and Consumer Loans, working with borrowers to create valid repayment plans in order to bring the loan to a current status.
- Prepare a variety of monthly reports for Accounting, Credit Administration and the SVP of Residential, Consumer and Small Business.
- Monitor and respond to Credit Disputes received either in writing from the borrower or through E-Oscar (a credit reporting website). Insure at all disputes are documented, researched and responded to properly under the requirements of the Fair Credit Reporting Act.
- Perform additional duties as required.
- College degree or equivalent work experience.
- 5 years' banking experience, preferably in loan servicing and working with Fannie Mae and Freddie Mac Loans.
- 5 years collection experience and knowledge of Fannie Mae and Freddie Mac requirements.
- Strong communication (oral and written) and interpersonal skills.
- Strong computer skills, preferably with MS Office.
- Accuracy and attention to detail are essential.
- Knowledge of lending procedures and regulations.
- Ability to deal with customers effectively and work independently to meet deadlines.
The above description covers the most significant day-to-day responsibilities associated with this position, but it is expected that other occasional responsibilities and accountabilities the inclusion of which would be in conformity with the essential purpose of this position will arise from time to time in the ordinary course.
Arlington Center – Arlington, Massachusetts
About Cambridge Savings Bank:
Cambridge Savings Bank is a full-service financial institution with approximately $3.4 billion in assets that is committed to improving the quality of life in the communities it serves. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Cambridge, Acton, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton, and Watertown.