Charge Off & Repossession Specialist

Police & Fire Federal Credit Union • Bensalem Township, PA

41d • Onsite

About The Position

The Charge off and Repossession Specialist is responsible for coordinating and executing repossession and liquidation of collateralized loans as needed to mitigate losses. They will also handle the day-to-day activities for Repossessions and Charged-off loans and other duties as assigned by the AVP of Charge off and Recovery or the VP of Collections. A Charge-off & Repossession Specialist must also promote the corporate values of Member Service, Teamwork, Commitment, Performance and Professional Competency.

Requirements

• Appropriate years of Collections work experience.
• Strong Working knowledge of Microsoft Office including Word, Excel and Outlook.
• Must be able to create reports in both Word and Excel and have a strong knowledge of formulas and tables.
• Demonstrated working knowledge of Credit Union policies and procedures.
• Ability to learn and apply the laws (local and federal) applicable to the collection of delinquent accounts
• Ability to communicate efficiently and effectively via email, letter and telephone

Responsibilities

• Collect on delinquent consumer loans.
• Make arrangements for accounts to be brought current, in one or several payments.
• Follows up on promises and broken promises.
• Transfers funds from members’ accounts, process ACH transfers and/or Credit/Debit card payments to clear or reduce the delinquency.
• Skiptracing in order to locate hard to find members.
• Restrict and/or remove services as needed and in accordance with the policy to reduce potential losses.
• Use the Collections system effectively by ensuring that all the correct workflow and account notes are 100% accurate.
• Evaluate and recommend accounts for repossession based on delinquency and risk assessment
• Review and attach all necessary documentation, including SCRA and Pacer reports, to proceed with repossession in Akuvo
• Close all open lines of credit associated with the account before initiating repossession
• Assign repossessions in RDN, update Symitar warnings, and log assignments in Akuvo
• Oversee accounts throughout the repossession cycle, providing repo agents with all pertinent information to recover the collateral and monitor and determine when accounts need reassignment to another recovery agency
• Update and attach all notifications received from repossession agencies
• Complete the repossession process in all necessary systems once notified by the agent
• Prepare and send post-repossession letters in compliance with state requirements (Right to Cure, Notice to Sell and Deficiency/Surplus Balance notices)
• Review vehicle condition and picture reports for damages or discrepancies and attach them to the member’s account(s)
• Handle incoming calls related to the collateral recovery process
• Gather and attach all income and insurance documentation from all members on affected loans
• File insurance claims and follow up with Insurance companies on disposition of collateral as needed
• File and track insurance claim and skip claims with forced placed insurance (CPI provider)
• File GAP claims when needed
• Prepare and manage a monthly charge-off report, ensuring all data is accurate and up to date
• Review all loans and credit card accounts scheduled for charge-off based on the collection department recommendations
• Ensure all lines of credit and accounts are closed, and all funds are properly moved to delinquent loans before charge-off
• Maintain accurate documentation in all systems, including Symitar, QuickAssist, and Akuvo, ensuring upcoming charge-off parameters are recorded
• Add or remove accounts from the monthly charge-off report as necessary
• Conduct final calls to account holders to notify them of their account status and attempt to secure payment to reduce or eliminate losses
• Submit the anticipated monthly charge-off report for approval by the LRC and the Board
• Complete the charge-off process for all approved loans across all relevant systems (Symitar, QuickAssist, and Akuvo)
• Process and submit 1099-C forms for charge-off loans in compliance with IRS regulations
• Submit the final charge-off report monthly to the accounting department for processing
• Create and manage repayment arrangements with members and debt settlement companies for charged-off accounts that are not placed with a collection agency
• Communicate with collection agencies regarding any necessary requests related to accounts
• Assign charged-off accounts to collection agencies and monitor their performance
• Receive and post payments for accounts from outside agencies and forward appropriate approved commissions to outside agencies
• Process and submit 1099-C forms for charged-off loans in compliance with IRS regulations
• Maintain and update the collection agency reporting report
• Develop monthly lists of accounts that require documentation to be requested and forwarded to attorney for Statement of Claims to be filed
• Prepare a quarterly reconciliation of accounts with all outside collection agencies
• Ensure compliance with all collection laws and company policies when working with external agencies

Benefits

• EXCELLENT MEDICAL, DENTAL, VISION BENEFITS: 75% to 90% of premiums covered by PFFCU
• 401K – PFFCU contributes automatic 6% regardless of employee contribution after 1 year
• Great benefits, paid time off, and more!

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: No Education Listed
• Number of Employees: 501-1,000 employees