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Collections Jobs

Late Stage Collection Specialist

Wsfs Financial

Philadelphia, Pennsylvania

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JOB DETAILS
SALARY
$48,416–$79,541.75
SKILLS
Accounts Receivable, Analysis Skills, Asset Management, Budgeting, Business Loans, Campaigns, Communication Skills, Credit and Collections, Cross-Functional, Customer Support/Service, Distribution Channel, Documentation, Emerging Technology, Establish Priorities, Exceeded Sales Goal, Finance, Financial Services, Forecasting, Leadership, Legal, Past Due Accounts, Problem Solving Skills, Reconciliation, Sales, Small Company, Status Reports, Team Lead/Manager, Team Player, Time Management, Trend Analysis
LOCATION
Philadelphia, Pennsylvania
POSTED
30+ days ago
Job Description

NewLane Finance Company ("NewLane") is a commercial equipment finance company, serving small and mid-size businesses nationwide. Our mantra is "Business Lending Done Right". Our strategy is to revolutionize small business lending by employing the latest technology and a motivated workforce to deliver fair and transparent financing solutions to businesses with unmatched levels of speed, convenience, and customer service.

Our products and services are offered to businesses primarily through financing programs with equipment manufacturers, distributors, and dealers. NewLane is a subsidiary of WSFS Bank, a $20+ billion financial organization.

NewLane is seeking an experienced Late-Stage Collections Specialist with strong skills in, but not limited to, ability to achieve targeted delinquency goals, effective communication, problem solving, attentiveness, and personal time management. The qualified candidate must possess an energetic, courteous, and professional demeanor. This position will be reporting to NewLane's Collections Manager.

NewLane's Values:
  • Integrity
  • Passion
  • Teamwork
  • Commitment to Excellence
The primary goal of NewLane's Collections Team is to maximize the recovery of outstanding balances with diligence, consistency and integrity while supporting organizational goals and fostering collaboration within our team and company all while keeping delinquency and losses within plan.

This is a hybrid position working in our Philadelphia office 3 days a week (Tuesday-Thursday) with 2 days a week remote.

Responsibilities
Reporting to the Collections Manager, the Late-Stage role is responsible for collecting and managing a portfolio of 31+ delinquent accounts. The qualified candidate will be accountable for achieving their monthly and quarterly individual and team delinquency and loss goals. The qualified candidate will be involved with charge-offs, settlements, early-stage repossession, working with Asset management and our Legal Department. This role requires self-motivated individual with a hands-on and create problem solving skills.
  • Manage assigned portfolio to department delinquency and loss goals which are aligned with NewLane's financial budget.
  • Responsible for actively monitoring their individual assigned queue, prioritizing calls, updating leadership on relevant developments, and ensuring productivity matches goals.
  • Ensure individual delinquency and loss goals are understood, and all activity is aligned to achieve the overall corporate objectives.
  • Assist Collections Manager and Team Leader with the management of the potential late-stage charge-off population to meet or exceed monthly goals.
  • Provide timely and proactive forecasting of delinquent accounts to the Collection Manager.
  • Monitor individual collection activity, identifying trends, and report on the status of outstanding balances.
  • Maintaining accurate, concise records of all communications with customers in NewLane's Servicing platform (Aspire), including detail notes on delinquency reason and follow up activities.
  • Ensure all collection tools are proactively utilized such as: site inspections, legal demand/repossession letters, payment arrangements, and settlements.
  • When needed, analyze corporate and personal financial data, asset values and other relevant information to assess the appropriate course of action to optimize amounts collected.
  • Use innovative strategies and campaigns to reach customers.
  • Collaborate with Credit, Sales, Legal and Operations on implementation of strategy and account treatment. Use cross-functional resources as needed-including Recovery, Asset Management, and Credit.
  • Participate in monthly weekly team meetings and delinquent account reviews with Collections Manager highlighting high balance accounts, monthly progress and forecast outlook.
  • Identifying and escalating complex or unresolved collection issues to appropriate personnel.
  • Serves as key resource and Subject Matter Expert (SME) for all collection items related to late-stage collections.

Qualifications
  • Bachelor's degree in business/finance or equivalent preferred.
  • Minimum of 5+ years of financial services collections experience with (3) or more as a late-stage collection agent. High-volume business to business collection experience is a must.
  • Understanding of equipment leasing terminology and documentation.
  • Strong understanding of accounts receivable, payment application, and account reconciliation

About the Company

W

Wsfs Financial

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