Collateral Recovery Specialist

2 days ago

Raleigh, North Carolina, United States Local Government Federal Credit Union Full time
About the Role

Civic Culture is a driving force behind our organization's mission to do well by doing good. We value diversity and prioritize the success and well-being of our employees. Our goal is to create a healthy environment that fosters individual growth and professional advancement. We strive to display integrity, self-awareness, courage, and respect for one another while continuously seeking opportunities to learn.

About the Position

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.

Key Responsibilities
  1. Follows all repossession policies, procedures, and regulations with strict adherence, prior to assigning any collateral for recovery. Follow all applicable policies, procedures, and collection laws to ensure minimal losses to the Credit Union.
  2. Ensure timely assignment and review of all recovery-eligible accounts assigned to Default Management.
  3. 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.
  4. Ensures all notices to borrowers are sent timely and in compliance with state and federal law. Assists with escalated actions, such as litigation, in pursuit of timely collateral recovery.
  5. Maintains strategic knowledge of collateral types to maximize value based on condition, geographic location, and other factors.
  6. Maintains oversight of collateral insurance policies and claim types as it pertains to the recovery and recondition of collateral. This includes but is not limited to, borrower insurance policies and Collateral Protection Insurance.
  7. Regularly communicates with Loss Mitigation team(s) to ensure all collateral recovery recommendations are reviewed and any collateral recovery strategies are actively being implemented.
  8. Ensures all proceeds from the disposition of collateral are applied accurately and timely.
  9. Holds vendor relationships accountable for timely response and progression of accounts assigned for recovery.
  10. Regularly reviews performance of collateral recovery agents to ensure practices are consistent with Credit Union values and policies.
  11. Maintains accurate documentation of collection activity records to ensure effective internal communication and legal processing.
  12. 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.
  13. Assists management with the development of departmental procedures to ensure that collection activities are handled in an effective, efficient, and consistent manner. Stay abreast of industry regulations and guidelines.
  14. Take ownership for actions, decisions, and results; openly accept feedback and demonstrate both the willingness and ability to improve.
Requirements

Here are a few skills you MUST have to be qualified for this position.

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

Here are a few qualities we'd LIKE for you to have to make you more suited for this position.

  1. BA/BS in Finance or Business Discipline
  2. Previous financial institution work desired.
  3. Collection experience at a Credit Union or other financial institution.

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