Workout Specialist

Concord Servicing is a leading loan-servicing company with more than three decades of experience delivering high-quality solutions for originators, lenders, and capital providers across consumer and commercial markets. In June 2025, we welcomed Orion First, a market-leading third-party servicer specializing in commercial loan and lease portfolios, to the Concord family. This integration positions us to offer a full-scope servicing platform: from consumer to commercial, from origination through payments, collections, data analytics, backup servicing, and business intelligence.

Our Mission
We exist to deliver exceptional servicing outcomes for our clients and borrowers by combining deep domain expertise, robust technology platforms, and a steadfast focus on compliance, risk management, and client service. With this expanded platform, we aim to be the go-to partner across the credit lifecycle for both consumer-finance and commercial/lease portfolios.

About the Role

The Workout Specialist position is responsible for managing commercial accounts that are more than 90 days past due. Primary duties include developing and executing collection strategies to achieve full payment, negotiate cash settlements, or establish structured payment plans. The role requires effective use of collection and negotiation techniques, sound judgment, and adherence to internal policies and procedures.

Key Responsibilities

• Analyze and enhance collection strategies for accounts that are over 90 days past due, prioritizing complete payments, cash settlements, or suitable payment arrangements.
• Employ effective collection and negotiation tactics to reduce losses before reaching charge-off and litigation stages.
• Facilitate discussions for forbearance and restructuring agreements; escalate cases that need legal attention to the Asset & Litigation specialist.
• Promptly initiate repossession of leased equipment and provide insights for final equipment sales to the Asset & Litigation specialist.
• Support the litigation process to ensure lawsuits are filed without delay.
• Handle bankruptcy cases by timely filing proofs of claim and liaising with debtors' counsel and Bankruptcy Trustees.
• Conduct asset searches and utilize skip tracing as required.
• Record collection efforts and account strategies in CMARS while keeping correspondence files well-organized.
• Keep management informed of significant developments regarding account activities.
• Ensure adherence to internal policies and enlist outside collection agencies when necessary.
• Maintain precise records and provide timely updates for management reporting purposes.
• Carry out additional assigned tasks as needed.

Requirements

• Proven negotiation and communication skills
• 20+ years Collection Experience
• Considerable knowledge of the FTC Fair Debt Collection Practices Act
• Proven collection skills and knowledge of standard collection practices
• Skill in the use of various software applications including but not limited to MS Word and Excel, CMARS, IFS LeaseWorks, Credit Bureaus, Accurint and others.
• Experience in working with attorneys in successful collections litigation
• Ability to prioritize and organize work efficiently
• Identify and make recommendations to implement improved processes
• Good oral and written skills with the ability to influence and attain closure on collection issues.
• Strong research abilities demonstrating effective skip tracing and asset search techniques with a desire to resolve issues timely.
• Able to manage multiple priorities, act decisively in all problem resolution areas and perform under pressure.

Benefits

• Health Care Plan (Medical, Dental & Vision)
• Retirement Plan (401k, IRA)
• Life Insurance (Basic, Voluntary & AD&D)
• Paid Time Off (Vacation, Sick & Public Holidays)
• Family Leave (Maternity, Paternity)
• Short-Term & Long-Term Disability
• Wellness Resources