Senior Debt Recovery Specialist

1 week ago

Toronto, Ontario, Canada Equitable Bank Full time

Company Overview


At Equitable Bank, we strive to be a leader in the financial services industry. Our innovative approach and commitment to excellence have earned us a reputation as one of the top FinTechs in Canada.



Compensation Package


We offer a competitive salary ranging from $65,000 to $85,000 per year, depending on experience, plus a discretionary bonus, market-leading RRSP match program, medical, dental, vision, life, and disability benefits, employee share purchase plan, maternity/parental top-up, generous vacation policy, personal days, and moving day.



Job Description


The Senior Debt Recovery Specialist will play a critical role in ensuring timely and effective debt collection. This position involves reviewing and monitoring assigned accounts, handling all outbound and inbound collection calls within stipulated timelines, responding to electronic correspondence within set deadlines, establishing and recording reason for past due accounts, negotiating payment arrangements, providing timely follow-ups, referring files for legal action when required, maintaining accurate notes, and updating mortgage systems with relevant information.



Key Responsibilities:



  • Review and monitor assigned accounts and all applicable collection reports
  • Handle all outbound and inbound collection calls within stipulated timelines in a professional manner and in accordance with debt collection practices and privacy regulations
  • Respond to all electronic correspondence within set timelines
  • Establish and record reason for past due accounts
  • Negotiate payment arrangement to bring accounts current
  • Provide timely follow-up on payment arrangements
  • Refer files for commencement of legal action once all required collection steps have been taken and within timelines as set by management
  • Maintain detailed and accurate notes of all correspondence, payment arrangements, communications, and matters of interest on debt collection system
  • Update mortgage system with any information pertaining to client or loan
  • Work closely with other departments to ensure satisfactory collection and payment results such as payment date/payment frequency changes and deferral request
  • Coordinate with the Residential and Commercial Renewals teams to achieve resolution on loans past maturity; follow-ups/exceptions due to refinances will take place
  • Understand and follow policies, guidelines, and procedures
  • On a monthly basis, the incumbent will be responsible for the preparation of specific reports on assigned categories


Required Skills and Qualifications


To be successful in this role, you must have completed a diploma program in a related discipline and have a minimum of 2 years of collections experience, along with a minimum 2 years' experience in a financial service industry. Strong communication, problem-solving, and analytical skills are required, as well as strong negotiation skills. The ability to show empathy while remaining strong and thick-skinned is essential, as well as being sensitive and able to handle difficult situations. You should also be able to work independently and adapt to a fast-changing environment, possess knowledge of PPlus and XRS systems (an asset), be proficient in MS Outlook, MS Word, Excel, have strong attention to detail with an eye for accuracy, be able to balance multiple priorities simultaneously, be creative, self-disciplined, and capable of identifying and completing critical tasks independently with a sense of urgency, and work well in a team environment with strong organizational skills.



Why Join Us?


We offer a fulfilling opportunity to join one of the top FinTechs in Canada and help create a new kind of banking experience. Our hybrid work environment allows for flexibility, and our office space at 351 King Street East, Toronto, ON, provides a collaborative and dynamic workspace.

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