Collections Specialist - Credit Products

Position Title

Collections Specialist - Credit Products

New York, NY 10018

The Collection Specialist supports the servicing and recovery of non-performing consumer and small business loans. Responsibilities include managing delinquencies, preparing charge-offs and processing recoveries, maintaining collection files, and coordinating with internal teams to resolve overdrafts and other past-due obligations. The role demands strong attention to detail, sound judgment in customer account handling, and adaptability to a fast-paced, evolving regulatory environment.

The anticipated pay rate for this role will be between $26.79 - $33.06 hourly. Pay Range:
Local Minimum Wage - $0.00 - $0.00

• Overdraft Monitoring & Reporting:
  Monitor and report on overdrafts; collaborate with bankers to resolve issues; prepare and distribute daily overdraft summary reports to Senior Management.
• Preparation of Charge-Off and Recovery Processing:
  Maintain and update charge-off, non-accrual, and collection status reports; ensure accurate updates for loan payments, recoveries, and adjustments.
• File & Document Management:
  Maintain physical and digital collection files; track correspondence, payments, and recoveries to ensure compliance and audit readiness and preparing default or demand letters.
• Transaction Processing:
  Process customer deposits, recoveries, and reversals via the Profit Center; verify documentation and scan transaction batches promptly.
• Interdepartmental Coordination:
  Support Lending Operations (C&I) with processing of recoveries, payments, loan maintenance tasks and advising the PCG of the same.
• Overdraft Resolution – Auto Pay:
  Monitor overdrafts due to automatic payments; coordinate with internal departments on payment reversals and account status updates.

Contact customers via phone, email and written notice to follow up on overdue invoices. Negotiate payment arrangements in line with Bank policies. Assist in identifying accounts that require legal action or further escalation.

• Collaborate with the Bank’s lawyer and legal team on accounts entering litigation and when necessary, represent the Bank in Court proceedings alongside the Bank’s attorney, providing documentation, account details, and factual information to support the case.

Performs special projects, and additional duties and responsibilities as required.

Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings. Accountable to maintain compliance with applicable federal, state and local laws and regulations.

Required Qualifications:

• Education level required:
  High School / High School Equivalency (GED, HiSET, TASC) / Foreign Equivalent
• Minimum experience required: 2+ Years of experience in collections, consumer banking, loan servicing, or credit administration.

Preferred Qualifications:

• Education level preferred:
  College, Vocational or Associates Degree (2 years or equivalent)

Job

Competencies:

• Excellent organizational and follow-up skills
• Strong attention to detail and ability to manage multiple priorities
• Effective communication and interpersonal skills
• Proficient in Microsoft Excel, Word, and document management tools
• Understanding of commercial & consumer lending regulations and recovery practices
• Demonstrates a strong ability to build and maintain effective relationships with stakeholders by communicating clearly, engaging in proactive collaboration, and leveraging cross functional insights. Aligns relationship building efforts with enterprise goals to accelerate performance and drive strategic results.
• Builds trusted client relationships, whether internal or external, by identifying needs and delivering tailored solutions to enhance the overall client experience.
• Physical demands (ADA):
  No unusual physical exertion is involved.

Flagstar is an Equal Opportunity Employer

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program.