Asset Recovery & Liquidation Specialist

VyStar Credit Union • Jacksonville, FL

1d

About The Position

The Asset Recovery & Liquidation Specialist ensures that VyStar’s interest in all active and charge-off consumer and commercial collateralized loans are properly mitigated through the repossession and liquidation processes, excluding commercial real estate. The incumbent must be familiar with the Equal Credit Opportunity Act (ECOA), Truth in Lending Act, Fair Credit Reporting Act (FCRA), Fair Debt Collections Practice Act (FDCPA), Unfair Deceptive Abusive Acts and Practices (UDAAP) Bankruptcy Legislation and State/Federal Repossession Laws. The incumbent serving in this key role must present a professional image of VyStar as they manage vendor relationships with repossession agents and remarketing partners. The Asset Recovery & Liquidation Specialist will be responsible for locating individuals, businesses, and financed collateral and/or equipment associated with overdue or defaulted accounts. The incumbent is primarily responsible for effective case management and resolution of collateralized loans to resolve and protect the company from loss as related to customer accounts through the repossession and liquidation processes. The position will comply with internal policy and procedures for managing all accounts.

Requirements

• A minimum of one year experience in a position of collections, loss mitigation, lending, or financial interviewing, or credit investigation, or credit decision making, or direct member/customer service contact.
• Strong organized skills and attention to detail.
• The minimum formal education required is completion of high school.

Nice To Haves

• Financial institution experience is preferred.
• Repossession knowledge/experience is preferred.

Responsibilities

• Communicates and negotiates verbally and in writing with VyStar Credit Union Members in conjunction with the assignment and recovery of secured collateral with the intent to mitigate loss to the credit union and minimize the financial impact on our members.
• Properly code all consumer and commercial loans both the core system(s) and collections platform and RDN (Recovery Database Network) according to defined procedures while adhering to local, state and federal repossession and bankruptcy statues.
• Reviews notice of tow/mechanic’s lien(s) timely to make immediate determination on repossession strategies to protect VyStar Credit Union’s interest in the collateral.
• Investigate and locate delinquent customers, businesses, and missing collateral through online research, public records, and other investigative methods.
• Identify and confirm the location of collateral or equipment.
• Deliver accurate information externally to asset repossession agents to facilitate the collateral recovery process in a timely manner.
• Work in conjunction with local Department of Motor Vehicles to place registration stops for units in active repossession status.
• Refers accounts timely for Skip Claims based on vendor thresholds or Collateral Protection Insurance guidelines.
• Upon repossession of collateral, reviews condition reports as well as photos of the repossessed collateral to determine and file necessary damage claims with 3rd party insurance companies and VyStar’s collateral protection insurance company.
• Processes the “Plan to Sale” demand providing the member adequate time to redeem the collateral prior to liquidation per state statue.
• Files for refunds on single interest coverage insurance, extended warranty policies, GAP insurance and any other type of asset account linked to repossessed collateral to minimize loss to the credit union.
• Regularly follows up with our dealer partners or vendors on a weekly basis to secure proper repayment of contract cancellations associated with ancillary products that may be financed in the loan.
• Works in conjunction with repossession agents and remarketing partners to properly transport and prepare all collateral for liquidation.
• Secures repossession titles or UCC documents per state guidelines for proper liquidation of repossessed collateral.
• Ensure all sale proceeds are properly documented and posted to both the core system(s) and collections platform.
• Review sales posting transaction for accurate “Notification of Sale” to be sent post liquidation of the collateral per state statue.

Benefits

• competitive pay
• an excellent benefit package that includes a 401(k) Plan
• an extensive paid technical and on-the-job training program
• tuition reimbursement

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: High school or GED