Asset Recovery Specialist 1 - Albuquerque, United States - Sandia Laboratory Federal Credit Union

Description

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Job Scope/Overview

Performs collection functions associated with the timely recovery of collateral, legal action, bankruptcies, and post charge off recoveries in accordance with established department guidelines and procedures.

Responsible for member and vendor communication as well as document preparation related to recovery areas. Maintains accurate documentation on all special payment arrangements including Troubled Loan Modifications.

Accountability/Job Duties

Perform collection actions on mortgages, consumer loans (secured and unsecured), and credit cards that are 60 days or more delinquent.

Collection actions include making phone calls, and generating letters. Utilize collections software to manage collections activity.

Support member contact staff in other departments across the organization in dealing with collection accounts to minimize risk and maximize service.

Perform skip traces to help in locating members and collateral.
Initiate and monitor ongoing legal proceedings, including attorney demand letters, complaints, stipulated orders, forbearance agreements, and post judgment actions.
Access and interpret force-place insurance records; file and manage damage and skip claims as appropriate. Send post-claim deficiency balance letters when appropriate.
Assist the Loan Servicing Department with difficult total loss claims to ensure timely and accurate payments. Send deficiency balance letters associated with total losses.
Handle complex situations and resolve challenging or non-routine member issues with management to minimize credit union losses.
Post payments on delinquent loans/credit cards, charge-off accounts, and for members working with debt management companies.
Investigate and contact charge-off account holders to help ensure future asset recovery.

Track recovery payments on charged off accounts to ensure accuracy of data and compliance with legal agreements and court orders.

Assign charged off accounts to third party collections agency when appropriate according to department policies.
Manage and track Mechanic's Liens, DWI seizures, and police impounds.
Order repossessions in accordance with all applicable policies, procedures, and laws, including UCC requirements regarding consumer collateral. Prepare collateral for proper disposition to ensure maximum recovery.

Process incoming bankruptcy filings to include proper documentation, file maintenance, and relay of relevant information for analysis to the Credit Union attorney to help protect the Credit Union's interests.

Review and recommend repayment solutions, including completing hardship request documents for extensions and modifications. Process in-house and external debt management programs to assist members who are experiencing financial difficulties.
Maintain accurate documentation of collection activity records to ensure effective internal communication and legal processing.

Provide a superior member experience by actively listening to and assessing the needs of the member, identifying and recommending solutions, and referring members to the appropriate person or department.

May assist with the development of departmental procedures to ensure that collection activities are handled in an effective, efficient, and consistent manner.

Ensure processes and procedures are current with industry regulations and guidelines.
Follow all applicable policies, procedures, and collection laws to ensure minimal losses to the Credit Union.
Contribute and help to maintain a productive and positive working environment.
Perform other duties as assigned by management.
Requirements:

Experience and Knowledge

Minimum three years' collections experience. Prior lending or loan serving experience may be substituted for some but not all collections experience.
Prior lending experience required.
Minimum of 1 years' experience with repossessions and civil litigation preferred.
Minimum of 1 years' experience servicing bankruptcies preferred.

Solid understanding of applicable state and federal laws and regulations, including Fair Debt Collections Practices Act, Fair Credit Reporting Act, different kinds of bankruptcies and related obligations, and UCC requirements.

Prior foreclosure and troubled loan modification (TLM) experience preferred.
Experience collecting on loans serviced for the secondary market (FNMA and FHLB) preferred.
Knowledgeable regarding SLFCU loan policies.
Thorough knowledge of Credit Union products and services, features, and benefits.
Proficient with personal computer applications (e.g. Microsoft Office applications and the Internet); demonstrates ability to learn and effectively multiple software systems, including third party collection software.

Education

Bachelor's degree and/or successful completion of a specialized course or study in business or related field required. Equivalent work experience may be substituted in lieu of education.

Interpersonal Skills

Possesses excellent interpersonal skills.

Demonstrates daily the Credit Union's commitment to its values, including:

• Put Our Members First
• Do the Right Thing
• Be Gritty, Be Accountable
• Be Better, Every Day

Able to handle difficult situations in a positive and professional manner.
Functions well within departmental and cross-functional teams. Able to work proactively with team members in developing and achieving a common goal.
Demonstrates willingness and ability to train others effectively.

Communication

Possesses excellent verbal and written communication skills.
Able to explain collection and/or lending related topics to others clearly and succinctly.

Other Skills

Exhibits exceptional problem-solving skills; identifies and resolves problems in a timely manner and gathers/analyzes information skillfully.

Demonstrates excellent organizational and time management skills; able to handle/prioritize multiple tasks and projects, organize workflow and meet departmental deadlines.

Environmental Conditions

The working conditions of this position are representative of those an employee encounters in a normal office environment.

This job description is not a complete statement of all duties and responsibilities comprising this position.