Collections Representative

Welcome to the new Main Street Bank! We are a growing, thriving $1.4B community bank with deep roots in the northeast and north central Ohio and Wheeling, WV markets. For over 125 years, Main Street Bank has been committed to serving our customers in our communities with the highest levels of expertise, professionalism, and experience possible. Due to an upcoming retirement, we are seeking to add a Collections Representative to our Credit Division. This position can be located in the Wooster, OH, Canfield, OH or Wheeling, WV locations.

Essential Duties and Responsibilities:

Portfolio Analysis & Risk Assessment

• Review and analyze delinquent and non-performing loan accounts to assess risk and identify loss mitigation opportunities.
• Collaborate with credit analysts and loan officers to evaluate borrower financial conditions and determine eligibility for loss mitigation options.
  
  
  

Strategy Development & Implementation

• Develop and implement loss mitigation strategies, including loan modifications, refinancing, forbearance, and workout plans.
• Negotiate with borrowers to establish mutually acceptable repayment or modification agreements aimed at minimizing losses.
  
  
  

Delinquent Account Management

• Contact borrowers with past-due loan accounts via phone, email, or mail to discuss outstanding balances.
• Monitor and track collection activities, ensuring timely follow-up on delinquent accounts.
• Develop and implement collection strategies tailored to individual borrower circumstances.
  
  
  

Negotiation & Payment Arrangements

• Negotiate repayment plans, settlements, or modified loan terms in collaboration with the Loss Mitigation Officer.
• Document and update all communications and agreements accurately in the bank’s loan management system.
• Ensure that all arrangements comply with bank policies, regulatory guidelines, and legal requirements.
  
  
  

Process Management & Documentation

• Coordinate with internal departments to process and document loss mitigation agreements and ensure accurate recordkeeping.
• Maintain comprehensive files for each account, ensuring that all actions, communications, and modifications are properly documented.
  
  
  

Regulatory Compliance & Reporting

• Ensure all loss mitigation activities comply with internal policies, industry regulations, and legal requirements.
• Prepare regular reports on loss mitigation performance metrics and progress, presenting findings to senior management and regulatory bodies as required.
  
  
  

Stakeholder Collaboration & Communication

• Work closely with the Credit Administration and Risk Management teams to develop proactive measures and strategies for early identification of potential losses.
• Serve as a key point of contact for borrowers during the loss mitigation process, providing clear communication and guidance throughout negotiations.
  
  
  

Work Experience:

Minimum of 3–5 years of experience in credit risk management, loss mitigation, loan workouts, or a similar role in the banking or financial services industry preferred; Minimum of 1–2 years of experience in collections, customer service, or a related role in the banking or financial services industry required.

Preferred Skills and Qualifications:

• Strong analytical and financial assessment skills with the ability to interpret complex financial data.
• Excellent negotiation, communication, and interpersonal skills.
• Thorough understanding of credit risk management, loss mitigation strategies, and relevant regulatory requirements.
• Proficiency in using financial and loan management software, as well as Microsoft Office Suite (Excel, Word, Outlook).
• Ability to work independently and as part of a collaborative team in a fast-paced environment.
  
  
  

Education Requirements:

Bachelor’s degree in finance, business administration, accounting, or a related field preferred