Loan Loss Recovery Specialist

4 weeks ago

New York, New York, United States BECU Full time
Job Summary

We are seeking a highly skilled Loan Loss Recovery Specialist to join our team at BECU. As a key member of our financial services team, you will play a vital role in recovering funds for our credit union, ensuring our financial health while upholding our core values and policies.

Key Responsibilities
  • Negotiate settlements with debtors, attorneys, and third parties to create win-win solutions for charged-off accounts.
  • Stay compliant with state and federal laws related to collections, ensuring BECU remains compliant in all recovery efforts.
  • Track and monitor pending accounts using the Collection System and ensure all updates are well-documented.
  • Follow up diligently on all legal and collection accounts to keep the recovery process moving.
  • Locate debtors using skip-tracing techniques and initiate recovery conversations.
  • Recommend process improvements to enhance Loan Loss Recovery.
  • Stay lawful by promptly following through with Washington State and federal laws concerning collections, levies, liens, and records of all actions taken.
  • Provide guidance and resolution when issues arise with Loan Loss Recovery collection matters.
  • Document procedures and regularly update written procedures for all areas of responsibility.
  • Report impacts that could adversely affect recoveries or impact the Credit Union.
  • Coordinate with vendors to review bills for accuracy and manage ongoing relationships with external collection agencies.
  • Handle daily operations, including processing new charged-off accounts, managing payments, returned mail, proofs of claim, and preparing necessary correspondence.
  • Manage third-party collections by working closely with collection agencies to forward accounts and ensure their actions align with BECU's values.
  • Update credit bureaus by handling credit bureau updates, preparing reports, and assembling documentation for portfolio sales.
What You'll Gain
  • Career growth within a dynamic, member-focused organization.
  • Impactful work maintaining BECU's financial health and ensuring fairness and compliance in recoveries.
  • A supportive team environment that values innovation, mutual support, and your success.
  • Opportunity to innovate and recommend new approaches that improve the Loan Loss Recovery process.
  • Member focus as part of an organization committed to improving the financial well-being of its members.
Qualifications
  • Associate's degree in Business Administration or equivalent work or educational experience.
  • Minimum of 5 years of customer service experience, with at least 3 years in collections.
  • Knowledge of the Fair Debt Collection Practices Act.
  • Ability to exercise confidentiality and sound judgment.
  • Ability to work independently or as part of a team, with strong decision-making skills.
  • Verbal and written communication skills.
  • Proficient in PC skills and adaptable to learning new software.
Desired Qualifications
  • Previous experience in Credit Union/Financial Institution services products.
  • Certifications related to collections or legal collections.
  • Knowledge of state and federal collections laws.
  • Ability to prioritize tasks and meet deadlines.

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