Asset & Loss Mitigation Specialist

VyStar Credit Union•Jacksonville, FL

About The Position

The incumbent ensures that VyStar’s interest in both collateralized and non-collateralized loans are protected against loss due to bankruptcy or other legal action involving our interest and typical collateralized loan default. The incumbent must be familiar with the Fair Debt Collection requirements along with Bankruptcy Legislation. The incumbent will thoroughly review all legal documentation regarding any loan account to protect VyStar’s interest and seek guidance from the Sr. Asset Remarketing & Loss Mitigation Coordinator as needed. The incumbent serving in this key role must present a professional image of VyStar as they manage vendor relationships with Repossession Agents and Bankruptcy attorneys. The specialist has authority within their role which requires strategic decision making. The use of this authority should result in an acceptable outcome for both our member and the credit union. Collateral recovery and liquidation is an integral part of the loss mitigation strategy for VyStar as it aids directly in delinquency and charge off financial reporting for one of the largest segments of the consumer loan portfolio. In addition to these duties the incumbent will manage a well-defined bankruptcy processing workflow in order to mitigate loss that may stem from litigation caused by possible bankruptcy regulation challenges. The incumbent is required to engage thoroughly in the current liquidation market and develop remarketing strategies that will provide VyStar the highest return for collateral securing consumer loans as well as stay abreast of regulatory and legislative changes that affect bankruptcy processing. Accuracy and timeliness for coding is essential to ensure our daily operations function within state and federal regulations governing bankrupt processing as well as the repossession and sale of collateral.

Requirements

A minimum of three years’ experience in collections, collateral remarketing, or bankruptcy and legal processing within a financial environment is required.
Knowledge of Fair Dept Collections Practice Act (FDCPA), Federal Bankruptcy Laws, Fair Credit Reporting (FCRA), state laws governing repossession and liquidation of repossessed collateral and secondary market requirements for servicing derogatory loans.
Applicant must have positive, well-developed communication skills, both written and oral, be detail oriented, have good organizational and active listening skills, the ability to work in a fast paced environment, and proven ability to work with others.
Must have professional conduct and appearance and be self-motivated.
Must work under the philosophy of “people helping people” and be able to communicate with members and legal council at all levels.
Applicants must demonstrate the qualities of a self-starter and one who follows through on all job duties.
An associate’s degree or higher is the minimum educational requirement. Experience may be substituted for education on a 2 to 1 ratio.
Continuing education via local conferences and workshops is required for updates on federal regulations.
Specialized classes in bankruptcy will be required.

Nice To Haves

Knowledge of Microsoft Word, Excel, Access, Adobe, LaserFiche, MVI Document Capture, D-ROM Viewer, Dealertrack Technologies, AutoIMS, PACER and chapter 13 network.

Responsibilities

Code all consumer loans, business credit cards, consumer credit cards and deposit accounts (business and consumer) in the core system within one business day of notice receipt to ensure proper tracking measures are in place and internal notification procedures adhere to local, state and federal bankruptcy statutes. Coding will ensure strict adherence by ceasing any and all written and verbal communication with bankrupt members.
Review bankruptcy notices in collaboration with attorneys, management, and members in order to take appropriate action within specified time frames conducive to the interest of VyStar. These notices would include but are not limited to petitions, claims, motions, affidavits, and schedules.
Provides a monthly summary report outlining petitions received, processing times and trends to management for review.
Recommends and prepares legal action in order to mitigate loss to the credit union.
Provides support to their peer group within bankruptcy proceedings by attaining lift of stay prior to discharge allowing for the credit union to secure collateral attached to delinquent loans.
Review chapter 13 plans to ensure VyStar receives equitable treatment with regard to repayment of secured debts; fair interest rate and file necessary claims on all debts owed to recover the maximum allowed. Make recommendations to send the file to our attorney to file for objections to the plan and/or objections to motion to value collateral for less than fair market value.
Files, tracks, and maintains necessary documentation with the courts to protect VyStar’s interests.
Conducts reviews of court ordered debt restructures to make certain the credit union is repaid in fairness. Works collaboratively with the Sr. Loan Modification Coordinator to reconcile loan repayment records after confirmation. Ensures that all post and pre-petition amounts due are received in accordance with all consumer loans included in chapter 11 and chapter 13 plans.
Provides operational support to Business Services by managing all negative deposit accounts, business credit cards, and business loans included in bankruptcy.
Stay informed of PACER filing requirements, use of PACER system and bankruptcy legislation. Including all changes in state and federal regulations to ensure any/all filing dates and time lines are followed correctly to protect VyStar’s interest. In addition, responsible for the design and implementation of changes to internal policy and procedure as dictated by the bankruptcy governing bodies.
Negotiate with members after discharge for the reestablishment of membership in accordance with local, state, and federal bankruptcy laws. Provides information to members regarding membership status, collateral insurance requirements, payment history, and pending credit union action specific to bankruptcy. Monitors and negotiates repayment in pay and retain situations to mitigate risk of default for those loans discharged in bankruptcy and the member wishes to retain the attached collateral.
Prepares and assigns account collateral for recovery to 3rd party recovery agencies. This would include (but not be limited to) voluntary assignments, involuntary assignments, and Writs of Replevin to recover collateral on a daily basis.
File appropriate request with the chapter 13 Trustee to access the Trustee site if available to monitor member’s payments to the Trustee and disbursements from the Trustee.
Provides skip tracing support to repossession agents in an effort to expedite the recovery of collateral.
Processes the collateral recovered by the 3rd parties into core processing systems and stand-alone tracking systems on a daily basis. Failure to accurately and efficiently code collateralized loans in our core system will result in regulatory violations and place the credit union at significant risk for fines and litigation.
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 to our members. The incumbent will provide alternatives to our member’s in lieu of repossession where necessary. This will often require the candidate to have familiarity with our lending and modification processes as several of our hardship opportunities require submission of the consumer loan modification form. The candidate will also communicate verbally and in writing with 3rd party recovery agents, insurance companies, and law enforcement agencies in strict adherence to federal, state, and local legal statutes that regulate the repossession and liquidation of collateral on a daily basis. The Asset and Loss Mitigation Specialist will work with the Consumer Loan Hardship Specialists to coordinate the disposition of collateral in the event of a member’s passing. The specialist will work with an estate, surviving spouse, or probate attorney on a regular basis in order to facilitate an acceptable resolution for both parties.
Files for refunds on single interest coverage insurance, extended warranty policies, GAP insurance and any other type of asset account linked to repossessed collateral on a daily basis to minimize loss to the credit union. Regularly follows up with our dealer partners on a weekly basis to secure proper repayment of contract cancellations associated with ancillary products that may be financed in the loan.
Contact and follow up with attorneys and Trustees as needed via telephone and written correspondence. Liaison for VyStar employees to answer general bankruptcy questions. Produce and maintain desktop procedures for the bankruptcy process.
Consistently adheres to VyStar core values and Code of Ethics and acts in accordance with those values.
Performs the activities and projects as assigned and requested by the Collections Operations Supervisor and Vice President of Consumer Loan Collections.
Applies Debits & Credits to the loan account in the core processing system and maintains records of expenses and payments received on all Repossessed accounts on a daily basis. Advises the Member(s) (and any other required party) of the recovery of the collateral, the redemption period and the liquidation of the collateral in accordance to federal, state and local statutes on a daily basis.
Identify and make recommendations to Collection Operations Supervisor and Department Vice President regarding process improvements, quality service and increased efficiencies along with on all normal filings, any abnormal filing trends, and volume and filing demographics on a monthly basis.
All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance.
Incumbent is expected to demonstrate each of the following VyStar Excellence behaviors in performing the duties and responsibilities of their job. Focus Focus your full attention by carefully listening to and observing your client or member. Connect Consistently be friendly and approachable. Demonstrate you care. Understand Listen empathetically and ask questions. (70%/30%) Counsel Recommend solutions based on your clients or member’s needs and objectives. Advance Ensure that member's expectations were exceeded.