What are the responsibilities and job description for the Loan Servicing Specialist position at AltCap?
JOB DESCRIPTION
AltCap is a local leader in equitable lending and ally to underestimated entrepreneurs. We pair financing expertise and on-the-ground advocacy to give small business owners access to affordable, patient capital they need to start, grow, and thrive. Our lending is not a handout; it is a community and economic catalyst. By recognizing the entrepreneurship potential that traditional lenders may overlook, we empower entrepreneurs throughout our communities to build a more inclusive, vibrant local economy.
The Loan Servicing Specialist will play a key role in advancing AltCap’s mission of increasing our small business and microloan deployment in traditionally underserved communities and marginalized entrepreneurs.
The Loan Servicing Specialist will manage collection and recovery of delinquent commercial and Government guaranteed loan accounts. This role demands expertise in negotiation, liquidation, litigation, a thorough understanding of federal and Government specific regulations, and the ability to collaborate effectively with borrowers, internal teams, and external agencies.
KEY RESPONSIBILITIES
- Monitor and manage a portfolio of delinquent commercial and Government guaranteed loans.
- Establish direct contact with business borrowers by phone, email, and/or letter to collect outstanding balances.
- Review financial documentation and conduct site visits (as required by program procedures) to assess borrower assets and repayment potential.
- Utilize skip tracing, asset analysis, and available documentation review to optimize recovery efforts.
- Negotiate payment arrangements, settlements, and modification agreements in accordance with legal and organizational guidelines.
- Prepare and present status reports on account performance, collection progress, and recommendations for modification, charge-off, litigation, or collateral liquidation, as needed for approval.
- Maintain detailed records of collection activities, payments, communications, and site visits for compliance and reporting.
- Ensure collections are compliant with federal, state, and Government regulations, including Fair Debt Collection Practices Act and program rules.
- Collaborate with loan operations team, credit team, legal counsel, and Government representatives for resolution.
QUALIFICATIONS
- Minimum 1-3 years’ experience in commercial loan collections, including Government loan servicing and recovery.
- Knowledge of commercial lending practices, collection laws, and Governmental program guidelines.
- Strong negotiation, analytical, and communication skills.
- Experience in site visit procedures, asset recovery, and liquidation.
- Commitment to AltCap's mission of promoting economic opportunities for underserved communities.
- Excellent verbal and written communication skills.
- Professional appearance and demeanor.
- Curious and committed to continuous development.
- Self-starting team player.
- Banking, lending, or CDFI experience a plus.
- Bilingual proficiency in English and Spanish a plus.
- Proficient with Microsoft Office suite and Salesforce preferred.
- Adventurous eater.
BENEFITS
- Competitive compensation.
- Generously subsidized health, dental, and vision insurance available on day one with family eligibility.
- HSA, FSA, short-term and long-term disability, and employer-paid life insurance available.
- 401(k) plan available after 6 months with 3% employer contribution.
- Vacation and sick pay with 11 national holidays and day after Thanksgiving and Christmas Eve.
- Professional development and informal nonprofit leadership education opportunities.
TO APPLY
Join our dynamic team and contribute to our mission of creating positive social impact. The Loan Servicing Specialist position is a full-time hybrid position, Monday – Friday, 8:30 am – 5:00 pm. To apply, please email a resume and a cover letter articulating why you think small business lending is important to economically underserved communities to Dawn Kennedy, Director of Loan Operations at dawn@altcap.org. Applicants must be authorized to work for any employer in the U.S. We are currently unable to sponsor or take over sponsorship of an employment Visa. AltCap is an Equal Opportunity Employer. We celebrate, support, and thrive on diversity and are committed to creating an inclusive environment for all employees.