RECOVERY SPECIALIST

Description

Role
Typically has more than three years of experience. Serves as liaison for repossession companies. Participates in maintaining a financially sound loan portfolio through early delinquency control including complex delinquencies. Methods to accomplish this include phone calls, collection letters, and in-person interviews. Recommends further action on accounts as deemed necessary including repossession, legal action and foreclosure.

Major Duties and Responsibilities

• Responsible for collection of delinquent accounts including soliciting payment arrangements, interviewing members to determine reason for delinquency, taking appropriate action to resolve the account (could include suggesting loan modifications or loan workouts), counseling members concerning financial obligations and offering suggestions and alternatives, recommending further action as deemed necessary (i.e. repossession, legal action, foreclosure). Conduct skip tracing as necessary using all available resources including social media to locate members. Post loan payments.
• Assist in securing collateral on defaulted consumer loans through repossession including picking up collateral if necessary, contracting with outside vendors for repossession, clean up, repair, etc. Maintain collateral while in the possession of the Credit Union. Market collateral and complete bid process for sale of collateral in compliance with Credit Union policy and all other applicable State and Federal regulations. Oversee and monitor out-of-area repossession and marketing. Secure all necessary documents including titles to convey ownership to successful bidder. Research possible recovery options including GAP/warranty premium refunds. Review related GL accounts on a monthly basis to ensure repossession and repossession expenses are accurate. Ensure proper legal notices provided to member prior to liquidation and after sale of collateral including collection of deficiency balance.
• Act as resource for Credit Unions staff regarding collection accounts, bankrupt accounts, accounts affected by legal levy, charge offs, member fraud and accelerations.
• Ensure member files are maintained in good order and imaged and indexed correctly, including maintenance of repossession expenses, copies of required legal notices, etc. Word with third party loan services as required regarding collection of delinquent accounts.
• Review delinquent credit line and credit card accounts for closure in compliance with Credit Union policy. Prepare written recommendations for closure for submission to Director of Lending. Coordinate closure of open lines of credit including notification to member/notice of adverse action.
• Understand consumer bankruptcy filing and its impact on the collection of member accounts. Monitor member bankruptcy filing, referring accounts as appropriate. Understand the Fair Debt Collections Practice Act and adhere to it as required and in spirit.
• Must comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control, in addition to all company policies.
• Responsible for initiating repossession and facilitating the entire repo process through liquidation of the collateral, tracking and reconciling expenses, mortgage collections, acceleration and maintenance of defaulted accounts.

Qualifications

Knowledge & Skills

Experience
Some experience in credit union or other financial institution. Previous collection experience.

Education/Certifications/Licenses
High school diploma or equivalent. Ability to be bonded.

Interpersonal Skills
Detail oriented, organized and empathetic. Ability to handle multiple duties under pressure. Ability to priority tasks, identify problems and develop solutions. Ability to comprehend and follow complex instructions.

Other Skills

Some mechanical knowledge and ability to drive a manual transmission preferred. Requires good technological skills.

ADA Requirements

Physical Requirements
Perform primarily sedentary work with limited physical exertion and occasional lifting of up to 10 lbs. Must be capable of climbing/descending stairs in emergency situation. Must be able to operate routine office equipment including telephone, copier, facsimile, and calculator. Must be able to routinely perform work on computer for an average of 6-8 hours per day. Must be able to work extended hours whenever required or requested by management. Must by capable of regular, reliable and timely attendance.

Working Conditions
Must be able to routinely perform work indoors in climate-controlled shared work area with minimal noise. May require additional time spent outdoors in various weather conditions.

Mental and/or Emotional Requirements
Must be able to perform job functions independently and work effectively either on own or as part of a team. Must be able to plan and direct the work activities of self and others. Must be able to read and carry out various complicated written and oral instructions. Must be able to speak clearly and deliver information
in a logical and understandable sequence. Must be capable of dealing calmly and professionally with numerous different personalities from diverse cultures at various levels within and outside of the organization and demonstrate highest levels of customer service and discretion when dealing with the public. Must be able to perform responsibilities with composure under the stress of deadlines / requirements for extreme accuracy and quality and/or fast pace. Must be able to effectively handle multiple, simultaneous, and changing priorities. Must be capable of exercising highest level of discretion on both internal and external confidential matters

Acknowledgement

This position may be eligible for remote work. Nothing in this position description restricts managements right to assign or reassign duties and responsibilities to this job at any time.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This job description is not a contract and should not be construed as a guarantee of employment for any specific period of time.

Topside FCU is an Equal Opportunity Employer and does not discriminate against employees or applicants based on race, color religion, sex/gender, national origin, disability, age, or any other category protected by law.