Asset Recovery & Liquidation Specialist

VyStar Credit Union•Jacksonville, FL

About The Position

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees. Asset Recovery & Liquidation Specialist Accountability Statement 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. Essential Job Functions 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. The incumbent will provide alternatives for our members 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. 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. Works directly with the tow/mechanic facility to negotiate fees and documents needed to secure the collateral if deemed applicable. 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. This notification outlines either the remaining deficiency owed or any surplus of funds due to the member. 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.

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.
The incumbent will provide alternatives for our members in lieu of repossession where necessary.
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.
Works directly with the tow/mechanic facility to negotiate fees and documents needed to secure the collateral if deemed applicable.
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.