Business Default Specialist

Business Default Specialist

Location: Pensacola, FL (HYBRID)

Duration: Initial 6 month contract duration, with potential extensions

Work Requirements: US Citizen, GC Holders or Authorized to Work in the U.S.

To review, control and collect on defaulted small business products to include loans, credit cards, business lines of credit and deposit accounts. Identify, investigate and determine appropriate steps to mitigate losses and protect ***'s assets. Serve as subject matter expert regarding section functions, systems, policies and/or procedures. Work is performed under moderate supervision.

• Analyze accounts for potential abuse and/or fraud to determine if litigation is warranted to protect ***'s interest and reduce financial loss
• Monitor attorneys assigned accounts to determine status of litigation; advise attorneys of any legal issues and their potential impact ***
• Initiate contact with responsible parties to make equitable repayment arrangements and provides financial counseling and recommendations concerning business and personal finances
• Initiate account adjustments within authorized monetary limits, including payment reverts, fee waivers, NSF, mobile deposits, and monthly service fees
• Initiate and assist with the disposal of collateral including commercial and residential property on short sale
• Research and compile member and account information, collection notations, correspondence, archived documents, and other pertinent documents required by the O and/or outside counsel for use in litigation
• Research member assets and accounts to evaluate recoverability for projected litigation efforts to determine if legal action would be cost effective
• Monitor, identify, analyze, investigate and resolve misrepresentation activity on overdrawn savings and checking accounts
• Detect and control potential losses resulting from unauthorized and improper handling of accounts, including loan fraud and returned deposits
• Review loan files and utilize resources to ensure liens, Uniform Commercial Code filings, and Deeds of Trust are properly filed
• Review high balance accounts including Small Business Administration loans to ensure appropriate transactions and steps are taken in the event of default to ensure optimum return on guarantee
• Obtain and review financial information to determine modification, forbearance, reduced interest or settlement eligibility
• Review collateralized loan accounts to assess repossession possibilities, recommend and initiate repossessions; monitor and communicate outcome to legal counsel if warranted, for judgement on deficiency balance and pursuit of additional assets
• Identify and review bankruptcy filings in PACER to determine status of the business and its products; serve as liaison to the Bankruptcy Section regarding appropriate course of action against guarantor
• Respond to complex, technical, and/or urgent inquiries from Branch Offices, Business Services, Security, Contact Center and Consumer Collections concerning eligibility, compliance, collection related issues, and policies and procedures
• Respond to inquiries concerning suspicious account activities and opening of business accounts; determine if a Suspicious Activity Report should be filed
• Maintain knowledge of and ensure compliance with applicable federal and state laws, rules, regulations and *** policies and procedures
• Collaborate with Survivorship and Business Services on Decedent Account cases determining the disposition of the collateral and facilitating the payment or recovery of assets
• Identify fraudulent and abusive activity unique to businesses; provide documentation and guidance to Security and Business Services related to the business and corresponding personal accounts; suspend accounts as necessary
• Utilize State resources (e.g. Secretary of State, State Corporation Commission, State Licensing Systems, etc.) to ensure business entities and its principles are compliant and in good standing
• Review, develop and/or update policies and procedures related to the collection of Small Business products
• Perform other duties as assigned

• Working knowledge of applicable federal and state laws, rules and…