Recovery Specialist Sr-Hybrid

About the role

The Recovery Specialist Sr. recovers charged-off consumer loan losses on behalf of Logix. Locates and contacts members whose accounts were previously charged-off and deemed uncollectable to attempt to make arrangements for repayment, including negotiating potential settlement agreements.

Responsibilities

• Contacts members of charged-off loans for the purpose of recovering charged-off dollars and mitigating losses.
• Establishes repayment schedules on accounts where applicable for debt repayment based on member financial situations, including negotiating potential lump sum settlement agreements.
• Utilizes credit reports and skip tracing tools when needed to locate customers and update account information, when applicable.
• Assesses charged-off consumer loan losses for collectability and evaluates accounts for potential assignment to outside counsel, repossession, or collection agency.
• Reviews and follows up on Impound and Lien Sale Notices on previously charged-off and unlocated collateral to determine whether value of vehicle exceeds fees for recovery and assigns to repossession desk, if applicable.
• Utilizes Charged-off Member Collateral report to locate previously charged-off unlocated collateral and/or members.
• Assists with locating member employment information and assets for post judgment recovery.
• Assists the Manager in assigning accounts to collection agencies and/or external legal counsels; provides tracking reports to assist in monitoring recovery progress.
• Prepares, gathers and organizes post charge-off account file information in preparation for asset sales.
• Coordinates reporting to credit bureaus, Chex-Systems, and appropriate parties on account updates and settlement arrangements.
• Communicates and negotiates settlement and payment agreement within established guidelines; adheres to all pertinent federal and state regulations at all times.
• Assists in developing, implementing, and maintaining effective operational procedures to maximize efficiency and quality of work to provide consistent quality service to members.
• Coordinates, monitors, and maintains effective collection procedures.
• Assists with answering general collection questions from members and staff regarding loan payments and past due notices.
• Prepares forms, form letters, reports, and correspondence for collections purposes.
• Reviews requests for credit information and for corrections on credit files of members.
• Reviews accounts assigned to collectors where action beyond routine collection procedures must be approved.
• Works with peers and leadership from different functions and has an impact across the department.

Requirements

• 6-8 years of collections experience.
• At least 1 year of repossession experience preferred.
• Knowledge of the legal aspects of collection, bankruptcy, and repossession; knowledge of the Fair Debt Collection Practices Act.
• Knowledge of online collection systems software and the Microsoft suite of office products.
• Ability to own and solve complex tasks that are part of a large project and lead small projects on their own.

Qualifications

Bachelor’s degree preferred.

Pay

USD $30.71 - USD $46.06 /Hr.