Asset Recovery Specialist

MERITRUST CREDIT UNION•Wichita, KS

2d•$23 - $29•Onsite

About The Position

The Asset Recovery Specialist plays a critical role in the credit union’s asset recovery efforts by managing the assignment and execution of collateral repossessions. This includes assigning repossession orders to approved vendors and monitoring progress through regular agent updates. The specialists conduct skip tracing to locate assets and members, and works directly with members to negotiate voluntary surrenders or payment arrangements when possible. Responsibilities also include ensuring that all recovery activities comply with applicable federal and state regulations. Success in this role requires strong organizational skills, attention to detail, and sound judgement in handling sensitive member interactions and recovery details.

Requirements

High School Diploma or GED required.
Solid understanding of lending practices and loan collection strategies, particularly as they relate to asset recovery.
Working knowledge of legal processes including repossession, bankruptcy, skip tracing, and small claims procedures.
Familiarity with key financial regulations and consumer protection laws, including: Fair Debt Collection Practices Act (FDCPA), Servicemembers Civil Relief Act (SCRA), Fair Credit Reporting Act (FCRA), Unfair, Deceptive, or Abusive Acts and Practices (UDAAP), Bank Secrecy Act (BSA), including compliance with OFAC and the USA PATRIOT Act.
Minimum of 2 years of collections experience in a financial institution or legal office.
Proficient in Microsoft Office applications, with emphasis on Word and Excel for documentation and data analysis.
Skilled in navigating industry-specific collection and asset management software platforms.
Strong typing and data entry capabilities with a focus on accuracy and efficiency.
Ability to perform basic mathematical calculations and interpret financial data with precision.
Familiar with operating multi-line phone systems, calculators, fax machines, and standard office equipment.
Capable of generating detailed reports and tracking asset recovery metrics to support performance monitoring and decision-making.

Nice To Haves

Additional coursework or certification in credit, lending, or collections preferred.
Previous hands-on experience with asset recovery or repossession operations preferred.

Responsibilities

Evaluate delinquent accounts and assign repossession orders to approved vendors based on criteria set by management, such as location and asset type.
Track and document the status of assigned repossession cases through regular updates from agents, ensuring timely and accurate reporting.
Utilize internal systems and third-party tools to locate members and collateral, applying investigative techniques to support recovery efforts.
Maintain professional relationships with repossession agents, transport companies, auction facilities and other vendors.
Communicate with members to discuss delinquency status, negotiate voluntary surrender of collateral, or establish payment arrangements when appropriate.
Adhere to all federal, state and internal policies governing repossessions and member communication, including privacy and fair debt collection practices.
Maintain detailed records of all recovery actions, member interactions and vendor communications in the collection’s software.
Transition standard repossession orders to skip tracing assignments when the initial recovery efforts are unsuccessful, ensuring appropriate escalation and vendor coordination.
Prepare and send legally required notices related to repossession, sale of collateral and deficiency balances in accordance with federal and state regulations.
Request and process repossession titles, working directly with the dealerships, titling agencies and internal departments to ensure proper documentation for asset disposition.
Collaborate with internal teams to provide updates and insight into recovery cases and member statuses.
Verify accuracy of vendor invoices related to repossession, transport, and storage fees; ensuring timely processing and resolution of discrepancies.
Accurately post proceeds from collateral sales and process applicable member refunds in a timely manner, ensuring proper reconciliation and documentation.
Recommend enhancements to recovery workflows, vendor performance and member outreach strategies to improve efficiency and outcomes.
Review asset recovery dashboards, queues, reports, and other tracking tools daily to ensure timely follow-up, identify bottlenecks, and maintain workflow efficiency.
Submit requests for dealer refunds related to repossessed or abandoned vehicles and monitor the status of those refunds to ensure timely receipt and accurate posting.
Perform additional responsibilities and tasks as requested to organizational operations and goals.