Collateral Repossession Specialist

2 days ago

New York, New York, United States Municipal Credit Union Full time
Job Summary

Municipal Credit Union is seeking a highly skilled Collateral Repossession Representative to join our team. As a key member of our asset recovery team, you will be responsible for facilitating the lawful and efficient recovery of collateral for vehicles or other equipment from individuals or businesses who have defaulted on their loans.

Key Responsibilities
  • Investigate and locate collateral, utilizing skip tracing techniques to gather information on the whereabouts of the collateral and debtor.
  • Ensure strict adherence to legal regulations and compliance during the repossession process, coordinating with legal authorities, law enforcement, or any other agency.
  • Handle all aspects of the collateral loan collection life cycle, performing daily outbound calls to delinquent members, assisting members in curing deficiencies, identifying ability to pay, and offering assistance programs where appropriate.
  • Review delinquency reports weekly to identify auto loans ready to place for repossession, including first payment defaults, late-stage delinquent accounts, fraud, and discharged bankruptcy.
  • Review auto loans for warranties and gap insurance for cancellation, research for CPI, and file claims as required, updating the system on claim status, payouts, or denials.
  • Manage the review and submission of collateralized loans for potential claims reimbursement for repossession claims, damage claims, conversion, secretion, and confiscation claims, and submit claims within a timely manner.
  • Communicate and secure the Credit Union's position, process placement of holds, recovery, and coordinate transport for collateral that has been impounded or had a placed mechanic lien, and negotiate towing and storage expenses to reduce total loss exposure.
  • Send out repossession letters/notices as required by Federal and State regulation immediately upon repossession of collateral.
  • Escalate matters to management of any potential legal issues or Credit Union risk exposure.
  • Respond to member and internal requests within expected service levels.
  • Maintain a working knowledge of the Fair Debt Collections Practices Act, UDAPP.
  • Perform other duties as required.
Requirements
  • Bachelor's degree or equivalent work experience.
  • Minimum five years collections experience.
  • Minimum two years collateral repossession and remarketing experience.
  • Working knowledge of collections practices, rules, and regulations.
  • Possess a strong sense of urgency, strong multitasking, effectively sets priorities, takes accountability, and achieves results.
  • Proficient in Microsoft Office Suite (Word, Excel, Outlook, and Access).
  • Strong analytical and problem-solving skills.
  • Excellent written and verbal communication skills.
  • Requires independent thinking.
  • Available to work late nights and Saturdays.
  • Highly ethical.
Why You'll Be a Good Fit

Municipal Credit Union's Core Values are an integral part of who we are and who we hire. By living our Core Values, every day, we continue to attract the best and brightest talent, achieve unsurpassed results, and continuously challenge ourselves to be better than yesterday. These values are at the heart of our organization and within every teammate. To be a great fit, you'll bring the following:

  • Results – You'll look to achieve the best outcomes for our members. Continuously track and measure everything, and use it to always improve. Be proactive, not reactive.
  • Agility – You'll remain agile in your decision making, planning, and delivery; using curiosity and creativity to see situations from all perspectives.
  • Integrity – You'll act professionally and positively. Build trust, be upfront, and communicate thoroughly.
  • Teamwork – You'll work to achieve common goals as part of ONE TEAM.
  • Ownership – You'll hold yourself and others accountable and remain committed to our obligations while caring about the outcomes as much as an owner would.
  • Belonging – You'll embrace an environment in which any individual or group can be and feel welcomed, respected, supported, and valued.
What We Can Offer You

Competitive compensation, medical and dental benefits.

401K with employer contribution.

Flexible paid time off.

We are committed to hiring, training, cultivating, promoting, and celebrating an environment where we have a welcoming and fulfilling place for all people to call home. Diversity of race, thought, sexual orientation, age, veteran status, religion, and disability will empower us to thrive as individuals, as teams, and as an organization.

Municipal Credit Union (MCU) is an Equal Opportunity Employer.

Municipal Credit Union provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state, or local laws.

Salary/Payrate: $20.88 to $33.65

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