Collections Specialist

Collections Specialist

Kokomo, IN

$21.63-$28.85/hr - depending on experience

About First Farmers Bank & Trust

First Farmers Bank & Trust has been proudly serving families, farms, and businesses since 1885, building relationships rooted in trust and community. With over 140 years of experience, we’ve grown to become one of the largest community banks in Indiana and Illinois, offering a full range of financial services—from personal and business banking to agricultural lending and mortgage solutions.

Our mission is simple: deliver personalized financial services while fostering strong relationships that help our communities thrive. We believe in combining today’s digital banking convenience with the traditional values of integrity, perseverance, and customer care.

With 37 branches in Indiana and Illinois, we remain deeply committed to the communities we serve. Through initiatives like financial education programs, scholarships, volunteerism, and local partnerships, we invest in what matters most—people.

At First Farmers, we also invest in our employees. We offer competitive benefits, opportunities for professional growth, and a culture that values collaboration and community engagement. When you join our team, you’re not just starting a job—you’re joining a company built on heart and grit.

Position Summary:

Responsibilities to include the collection of any funds presenting potential loss to the bank in Secondary Market mortgages. Contact delinquent accounts by phone, mail, and direct contact. Take actions necessary to bring accounts current within the appropriate Secondary Market guidelines. Analyze financial situation of delinquent borrowers to make recommendations within guidelines of Secondary Market regulations. Foreclose collateral when other arrangements to bring the loans current are unsuccessful. Maintain accurate files and reports on all collection activity. Assist with delinquent accounts, collection efforts and other similar duties for in house loans.

Duties:

• Complete loss mitigation on secondary market mortgages, implement and coordinate plans to include: Repayment, Forbearance, Mortgage Modifications, Short Sales, Deed in Lieu, Bankruptcy, Sheriff Sales, Foreclosures
• Communicate with Secondary Market legal counsel on Secondary Market past dues
• Initiate and process foreclosure actions on secondary market mortgages
• Service REO's on secondary market mortgages
• Maintain complete understanding of Investor guidelines, products, and updates for loss mitigation/foreclosures on secondary market mortgages
• Coordinate and/or perform monthly property inspections on secondary market mortgages, maintain appropriate Inspection Reports and oversee property preservation
• Communicate via mail, email, text, phone and in person with borrowers to resolve delinquencies
• Prepare and maintain files and various monthly reports required by Secondary Market
• mortgage holders
• Attend monthly meetings regarding delinquent mortgages
• Document all loss mitigation/foreclosure actions to ensure the Bank follows Secondary Market regulations
• Prepare and ensure delivery of Demand, Acceleration, Default, and other letters related to delinquencies
• Assist as needed in similar actions regarding in house consumer and mortgage delinquencies
• Other duties as assigned

Minimum Qualifications

• High School Diploma 
• Demonstrated experience in a role requiring strong communication and problem-solving skills
• Proficiency in Microsoft Office applications

Preferred Qualification

• Associate or Bachelor’s degree in business or a related field
• Prior experience in banking, mortgage, or collections environments
• Working knowledge of banking policies, procedures, and regulations related to loan portfolio management 

Skills

• Strong analytical abilities with sound judgment and the capacity to develop and implement action plans to address delinquencies
• Excellent communication, organizational, and multitasking skills

Work Environment

• Primarily office or branch-based environment with standard business hours. Occasional travel to other branch locations or community events may be required
• Daily extended use of banking software, secure digital platforms, and standard office equipment
• Repetitive hand and arm movements
• Ability to sit or stand for extended periods of time
• Ability to lift up to 25 pounds as needed

Benefits Overview:

At First Farmers Bank & Trust, we offer a comprehensive benefits package designed to support your health, financial well-being, and work-life balance:

Health & Wellness

• Medical Insurance (eligible on date of hire) with options for High Deductible Health Plan (HDHP) and Co-Pay Plan
• Vision Coverage
• Dental Coverage
• Prescription Plan
• Wellness Incentive – earn up to $25 per pay period toward premium reduction

Financial Security

• Life & Accidental Death & Dismemberment Insurance – 100% employer-paid
• Short & Long-Term Disability Insurance – 100% employer-paid
• 401(k) Plan
• Profit Sharing Stock Option
• Health Savings Account (HSA) contributions for HDHP participants

Paid Time Off

• Vacation time
• Sick Time
• Personal Day
• 11 Paid Holidays
• Paid Bereavement

Additional Benefits

• Paid time to volunteer (when representing FFBT and supervisor approved)
• Voluntary Donated PTO Program
• Employee Assistance Program
• Travel Assistance Program
• Educational Assistance Program
• Corporate Discounts
• Employee Referral Program
• Stock Purchase Loan Option
• Retirement Plan Counseling
• Wellness Program
• Gym Reimbursement
• Employee Quarterly Recognition Program
• AFLAC supplemental benefits
• Cincinnati Life supplemental coverage
• Family Medical Leave
• Paid Bereavement Leave
• Maternity Leave Policy