Collateral Recovery Specialist

About the role

The Collateral Recovery Specialist is responsible for managing and maintaining all activities related to exercising remedies to protect the Credit Union's security interest in collateral pledged in loan obligations. This position will be responsible for understanding and adhering to policies and procedures specific to exercising the Credit Union's right to secure collateral on defaulted loans.

Responsibilities

• Follows all repossession policies, procedures, and regulations with strict adherence, prior to assigning any collateral for recovery.
• Follows all applicable policies, procedures, and collection laws to ensure minimal losses to the Credit Union.
• Timely assignment and review of all recovery-eligible accounts assigned to Default Management.
• Manages activities related to collateral location identification and skip tracing.
• Actively manages and reviews current inventory of collateral to ensure timely disposition and makes data-driven decisions on collateral reconditioning.
• Sends notices to borrowers timely and in compliance with state and federal law.
• Affords assistance with escalated actions, such as litigation, in pursuit of timely collateral recovery.
• Maintains strategic knowledge of collateral types to maximize value based on condition, geographic location, and other factors.
• Maintains oversight of collateral insurance policies and claim types as it pertains to the recovery and recondition of collateral.
• Regularly communicates with Loss Mitigation team(s) to ensure all collateral recovery recommendations are reviewed and any collateral recovery strategies are actively being implemented.
• Ensures all proceeds from the disposition of collateral are applied accurately and timely.
• Holds vendor relationships accountable for timely response and progression of accounts assigned for recovery.
• Maintains accurate documentation of collection activity records to ensure effective internal communication and legal processing.
• Provides 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.
• Affords assistance with the development of departmental procedures to ensure that collection activities are handled in an effective, efficient, and consistent manner.
• Stays abreast of industry regulations and guidelines.
• Takes ownership for actions, decisions, and results; openly accepts feedback and demonstrates both the willingness and ability to improve.

Requirements

• Minimum 4 – 6 years’ experience in collateral recovery.
• Excellent verbal, written, telephone and interpersonal communication skills.
• Excellent organizational skills and attention to detail.
• Strong analytical and problem-solving skills.
• PC proficient including Microsoft Office (Word, Excel, PowerPoint, Access, Outlook) and the Internet.
• Ability to function in a Consumer business office environment and utilize standard office equipment including but not limited to: PC, copier, telephone, etc.
• Ability to lift a minimum of 25 lbs. (file boxes, computer).
• Travel required on occasion.

Qualifications

• Bachelor's degree in Finance or Business Discipline preferred.
• Previous financial institution work desired.
• Collection experience at a Credit Union or other financial institution preferred.