Repossession Specialist

Responsibilities

SUMMARY

Under supervision of the Loss Mitigation Manager, performs collection activities for delinquent loan accounts to resolve delinquent status and mitigates losses to the Credit Union through repossession collateral or other assets.  Oversees the repossession processes and effectively manages the assets disposition in accordance to all regulations and state specific laws.

 

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

 

• In accordance with Credit Union policy and collection procedures, uses approved methods, tools and resources to locate members and collateral, and to take possession of collateral pledged for loans in default.
• Manages an assigned repossession portfolio for open or non-performing consumer loans, mitigating loss situations and reducing potential losses to the credit union. 
• Oversees the repossession performance, collects and skip traces on accounts.
• Act as a liaison between the vendor and credit union partner.
• Prepares and processes invoices for repossession expenses.
• Analyzes and prepares repossession monthly reports for credit union partners.Prepares and sends notices of repossession and right of redemption as required.
• Tracks the status of all vehicles or collateral assigned for repossession.
• Ensures the timely and correct posting of insurance claim payments, and warranty payments.
• Processes Notice of Intent documents, Repossession Order Assignments and title work.
• Performs heavy skip tracing on accounts for potential leads on customers and/or vehicles
• Manages the Repossession Company Performance, which includes monitoring vendor performance regularly to determine the quality of vendor service.
• Targets inventory turn time, repo pick-up percentage by company and recovery against principal at auction.
• Documents information related to existence and location of collateral or other assets which may be repossessed or recovered to satisfy terms of loan.  Provides regular status reports on collateral in default, including actions by third-parties.
• Assumes responsibility for ensuring that professional business relationships are established and/or maintained with third-parties including but not limited to, repossession agents and skip vendors.
• Prepares and mails out all necessary collection & repossession letters for the department.
• Demonstrates excellent customer service skills in all member interactions including some collection activity as needed within the department and ensures timely resolution of member inquiries.
• Serves as the back-up for other collection functions as necessary such as Remarketing, Bankruptcy and Legal Action.
• Maintains knowledge of the Fair Debt Collection Practices Act, Fair Credit Reporting Act and other applicable Federal and State regulations; performs all work in compliance with these regulations.
• Maintains a flexible schedule to meet business needs which includes some evening and week-end work.
• Ensures positive relationships with the branches, internal departments and external partners.
• Responsible for maintaining a working knowledge of computer equipment and software required including Microsoft Word, Excel, etc.

 

The pay range for this position is $23.70 - $29.62 /hr. and is based on relevant experience.

 

Qualifications

EDUCATION and/or EXPERIENCE

High school diploma; one year related experience and/or training, preferably within a financial services environment; or equivalent combination of education and experience.

 

Overview

Founded in 1937, Advancial is one of the oldest and largest credit unions in the country. We are an established and proactive full-service financial institution providing personal, convenient and advanced financial services to individuals and select group partners. Our mission is to create lasting value for our members through superior service, quality products, and innovative solutions.

 

At Advancial, we always strive to provide the best service and products to our members because we love what we do.  We work together to build a culture that promotes a positive employee experience.  We’ve been named a Best Company to Work for in Texas for nine consecutive years and a Best and Brightest Company to Work For nationally and locally because we’re serious about building fulfilling careers and not just day jobs.

 

We invite you to learn more about this position and what Advancial has to offer by completing our online application. 

 

Advancial Federal Credit Union is an Affirmative Action and Equal Opportunity Employer. All qualifi