What does a default specialist do?
Review, analyze, and ensure timely settlement of investor and mortgage insurance claims and manage aging claims to determine status and bring to closure and request extensions as needed. Document and maintain all systems necessary for proper claim handling and follow-up.
What does a mortgage default specialist do?
The role of the Mortgage Early Default Counselor is to preserve the Credit Union’s assets by controlling delinquent mortgages, collecting mortgage loan payments, and/or mitigating Credit Union Losses.
What is the role of a collections representative?
Working with customers is at the heart of the collections representative role. Whether it is to arrange for debt repayment, advise customers, or answer their questions, collections representatives should have the drive and ability to communicate well and work through obstacles to get results.
What are the characteristics of a collection specialists?
The Top 8 Characteristics of Successful Collection Agents
- Great Listener. This holds true for most successful people.
- Understands How to Overcome Objections.
- Gets Past the Gatekeeper.
- Closes the Deal.
- Comfortable Communicator.
- Creative Problem Solver.
- Balances Empathy with Collections.
- Competitive.
Why would a bank sell your mortgage?
The answer is fairly straightforward. Lenders typically sell loans for two reasons. The first is to free up capital that can be used to make loans to other borrowers. The other is to generate cash by selling the loan to another bank while retaining the right to service the loan.
How do I become a good collection specialist?
Our top 6 tips to become a successful collection agent:
- Prepare. Anticipate the questions your debtors may have on the phone.
- Stay positive.
- Listen.
- Communicate clearly.
- Know your risks and stay compliant.
- Manage your time efficiently.
How do I prepare for a collections specialist interview?
Collections Specialist Interview Questions:
- How often would you follow up with clients?
- How would you keep track of payment records for each account?
- How would you handle an aggressive client?
- Can you give an example of a time you convinced a client to pay off debt?
Is being a collections specialist Hard?
Being a bill collector is stressful. Some people will scream and yell at you, call you names, hang up on you, and cry. Others will lie to you and tell you sob stories about why they cannot pay. This job can take a toll on your emotions, no matter how hard you try to keep them out of the equation.
Do you need a degree to be a collection specialist?
Employers typically require a minimum of a high school diploma or equivalent for collections specialists, though a college education is often preferred. You can strengthen your resume and build a strong foundation with courses in communication, accounting and computer skills.