Asset Recovery Specialist

VyStar Credit Union•Jacksonville, FL

5d•Onsite

About The Position

The Asset Recovery Specialist is responsible for all member interactions and activities pertaining to post-charge-off collection efforts on loan, credit cards and negative share accounts. The Asset Recovery Specialist ensures adherence to collections policies and procedures and to state and federal laws and regulations pertaining to Consumer, Commercial & Mortgage product lines. The incumbent is responsible for managing and collecting outstanding debts from individuals and businesses. This role involves communicating with debtors, negotiating payment plans, and ensuring compliance with relevant laws and regulations. The ideal candidate will have strong negotiation skills and a thorough understanding of debt recovery processes. The Asset Recovery Specialist plays a crucial role in maintaining the financial health of VyStar Credit Union.

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 analytical and problem-solving skills.
Strong organized skills and attention to detail.
Working knowledge of the following regulations and agencies, Equal Credit Opportunity Act (ECOA), Truth in Lending Act, Real Estate Settlement Procedures Act (RESPA), Telephone Consumer Protection Act (TCPA), Servicemembers Civil Relief Act (SCRA), Fair Credit Reporting Act (FCRA), Fair Debt Collections Practice Act (FDCPA), UDAAP and Bankruptcy Legislations.

Nice To Haves

Knowledge of collection software is preferred.
Financial institution experience is preferred.

Responsibilities

Attempts to locate individuals or businesses with outstanding charge-off debt through phone calls, emails, or written correspondence to determine payment status and options concerning repayment of the losses caused by the member.
Negotiates repayment terms with debtors, which may include setting up payment plans, settlement or deadlines to facilitate the recovery of charge-off debt.
Negotiates settlements for less than full balance in conjunction with VyStar’s policies and procedures. Ensure proper tracking and system updates while maintaining an understanding of 1099c (Cancellation of Debt) tax regulations.
Responsible for keeping accurate and up-to-date records of all communications and transactions with debtors, ensuring compliance with legal requirements and company policies.
Handles customer inquiries, questions, or complaints regarding debts, aiming to resolve issues amicably while maintaining professionalism and trustworthiness.
Analyzes financial records to determine the best approach for debt recovery while ensuring compliance with relevant laws and regulations.
Locates assets through account work and skip tracing efforts to in support of legal action for bank/wage garnishment, asset levy or title cloud on real property.
Evaluates charge-off cases for legal action where debtors are unwilling pay, Asset Recovery Specialist may coordinate with legal departments or attorneys to initiate legal actions for debt recovery.
Works in conjunction with the Asset Recovery & Liquidation Specialist to investigate and locate delinquent customers, businesses, and missing collateral through online research, public records, and other investigative methods to increase repossession efforts.
Maintain a strong understanding of credit management, financial hardship assessment, and have advanced skills in managing challenging consumer circumstances.
Stay informed about industry trends and regulations related to debt recovery through the FDCPA and CFPB.
Identify gaps in the debt recovery process and recommend solutions to leadership to improve efficiency and effectiveness in collecting debts.
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.