Asset Recovery Specialist

Lake Trust Credit Union • Brighton, MI

2d

About The Position

The Asset Recovery Specialist locates, reclaims, and manages missing, delinquent, or unclaimed financial and physical assets. The role includes skip-tracing, negotiating repayment or return of assets, coordinating asset liquidation, and ensuring recovery activities comply with state and federal regulations. The specialist researches and resolves complex member-service problems, loan and share questions, and complaints, while supporting member satisfaction and maintaining positive interactions with internal and external members.

The position is responsible for aspects of loan disposition and asset recovery, including charge-off processing, repossessed-asset disposition, loss mitigation, real-estate foreclosure, mobile-home loan legal action, post-charge-off recoveries, settlements, and related legal processes. It also involves locating debtors or collateral, coordinating with repossession agents, law enforcement, and legal teams, maintaining recovery records, preparing assets or files for resale or litigation, and reporting recovery metrics to management.

Requirements

• High school diploma or GED.
• Six or more years of experience in collections or recovery.
• Strong analytical skills and the ability to think strategically and influence business decisions using appropriate, fact-based financial information.
• Strong written and oral communication skills.
• Ability to work independently and productively with minimal direct supervision.
• Proven ability to support a strong member or customer service culture.
• Familiarity with credit union concepts, practices, and procedures.

Responsibilities

• Assist with reviewing charge-off loan recommendations and completing charge-off processing in the core system.
• Recommend the disposition of repossessed assets.
• Track monthly loss-mitigation data, identify training needs, and suggest and assist with implementing efficiencies for Account Resolution Team Members.
• Work assigned Loss Mitigation queues weekly by delegating and administering other real estate owned (OREO) by the credit union.
• Perform all aspects of the real-estate foreclosure process.
• Review and determine when mobile-home loans should be sent for legal action.
• Prepare a monthly mobile-home spreadsheet for the accounting department.
• Oversee foreclosures or seized mobile homes and associated asset-recovery processes.
• Assist in managing post-charge-off loan recoveries, settlements, and legal aspects to optimize recoveries.
• Locate hard-to-find debtors or hidden collateral using specialized databases and investigative techniques.
• Contact clients with delinquent accounts to negotiate repayment plans, loan modifications, or voluntary surrenders.
• Partner with external repossession agents, law enforcement, and legal teams to repossess and secure physical assets.
• Maintain precise interaction logs and ensure recovery steps comply with local and federal financial regulations.
• Prepare files for asset resale, charge-offs, or legal litigation, and report recovery metrics to management.
• Research and resolve complex member-service problems, loan or share questions, and complaints, ensuring appropriate follow-up and member satisfaction.
• Troubleshoot system errors and provide feedback to management regarding system errors or member complaints.
• Review departmental reports to ensure compliance with rules and regulations.
• Perform other duties as required or assigned.

Benefits

• Financial wellbeing services
• 401(k) matching with up to 5% match
• Reduced health insurance
• Employee wellbeing services
• DE&I initiatives
• Work-life balance
• Opportunity to collaborate and build a sense of togetherness in a positive work environment
• Diverse experiences and career advancement opportunities

What This Job Offers

• Job Type: Full-time
• Education Level: High school or GED