Position Summary: This position is responsible for servicing assigned defaulted loans, resolving problem loans, making overdraft decisions, and recovering value through collateral repossession and institution of legal proceedings. This position handles a wide range of accounts, including small business loans as defined by Alerus and all types of consumer debt.
Job Function 1:Servicing Assigned Defaulted and Problem Accounts – 25%
Initiate outbound contact with customers whose credit accounts are in default.
Negotiate default cure that is mutually acceptable to Alerus and the customer.
Review consumers application for loss mitigation assistance and ensure proper follow up/decision making in accordance with CFPB Regulation X, Part 1024.41.
Initiate corrective action on accounts reported in default due to an error on the part of Alerus.
Obtain and analyze information on assigned customers and use the analysis in proposing and implementing plans for curing defaults.
Prepare and utilize written default cure plans on small business accounts that exceed policy-determined thresholds.
Initiate outbound follow up contact to maximize success from servicing activity.
Accurately document the outcome of all customer contact using the VQueue Web Collect system.
Job Function 2:Determine Impaired Value of Defaulted Loans – 25%
Propose non-accrual and charge off recommendations to management per policy.
Ensure rationale for the proposal is accurately documented.
Ensure non-accrual and loan charge offs are processed in a timely manner.
Document impaired value determinations using the VQueue and Web Collect tracking systems.
Job Function 3:Recover Value Through Appropriate Collection and Initiation of Judicial Processes – 25%
Initiate outbound contact informing customers of potential account acceleration and other collection action.
Engage outside legal assistance with repossession of collateral, foreclosure of real estate, and reduction to judgment on unsecured loans.
Engage services of repossession agents for the purpose of obtaining pledged collateral.
Engage services of liquidation agents such as auctioneers and coordinate the set up of liquidation sales.
Coordinate and propose compromise settlements under the direction of the SCS Retail Loan Collections Manager or SCS Manager.
Obtain necessary small business administration approval for servicing actions.
Assign accounts to appropriate outside attorneys and collection agents.
Maintain record keeping on attorney and outside agent assignment.
Job Function 4:Primary Back Up for the Administration of Overdraft Programs for Accounts that are not Assigned a Business Advisor – 25%
Review overdrawn accounts that have not been assigned by a Business Advisor on a daily basis make pay or return decisions using Alerus established policy and criteria.
Approve or deny fee waiver requests using Alerus established criteria.
Initiate outbound customer contact to obtain payment or convert overdrawn accounts to an overdraft loan.
Initiate closure on overdrawn accounts on under an overdraft loan and on defaulted overdraft loans.
Monitor accounts for suspicious activity such as kiting and initiate action to protect the Bank against avoidable loss on such suspicious accounts.
High school diploma, GED, or equivalence required.
College degree with focus on Finance, Banking, or related field preferred.
Previous direct bank collections experience preferred.
Must have experience working with an email client (Lotus/Outlook), MS Word, MS Excel and internal and external company databases.
Demonstrated knowledge of bankruptcy including chapter types, what each chapter accomplishes, automatic stay, & proof of claim.
Strong customer relationship skills.
Must possess strong written and oral communication skills.
Ability to maintain and present a professional demeanor.
Physical Demands - Must be met with or without a reasonable accommodation:
Extended periods of time sitting at a desk and using office equipment.
Ability to operate a personal computer/laptop for approximately 8 hours per day.
Extended time is spent reviewing physical and electronic documents.
The employee is occasionally required to stand, walk, reach with arms and hands, climb or balance, and to stoop, kneel, crouch or crawl. Vision abilities required by this job include close vision.
Periodically, may also do light lifting of supplies and materials which weighs in at approximately 20 lbs.
Will spend most of time in an indoor environment.
Alerus Financial is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.
Alerus Financial is a customer-driven financial services company.
Re-established in 1933, with roots tracing back to 1879, Alerus Financial is an independent, multibillion-dollar financial services company serving customers across the country and around the world. We offer a broad array of banking and wealth management products and services and knowledgeable staff to help our customers identify and attain their financial goals.
To always act in the best interest of our customers by providing innovative and comprehensive financial solutions that are delivered through a relationship-oriented single point of contact and supported by customer-friendly technology.