Recovery Resolution Specialist

Trax Credit Union•Tampa, FL

1d•Onsite

About The Position

This position requires a thorough understanding of financial institution operations and the role of bankruptcies, collections, credit reporting, repossessions, deceased members, estates, probate, legal proceedings, judgements, and foreclosures within the credit union, as well as all pertinent policies and regulations. Must have extensive knowledge of bankruptcy law, federal regulations including FCRA, FDCPA, and NCUA requirements regarding loans, negative shares, and charge-offs. Responsible for repossessions, redemptions, remarketing, and recovery of collateral. Requires improving efficiencies, liquidation of collateral and reducing losses to the credit union in a timely manner. Mails necessary notices, works with repossession agencies, auctions, and attorneys. Follows appropriate state guidelines on repossession of vehicles – including proper notification and timeframes. Handles all redemption and reinstatement calls and return the collateral if necessary. Responsible for filing, monitoring, following up on Lenders Protection claims, skip claims, product refunds, CPI claims or refunds and damage claims on repossessed vehicles withing 60 days of the repossession sale. Processes, validates, and submits all invoices for payment to include posting to member’s accounts. Post auction liquidation and recovery proceeds, Trustee and estate payments and ancillary product (warranty, gap, tire maintenance, etc.) refunds, CPI claims, GAP and other dealer-sold insurances. Places approved repossessions with the appropriate remarketing vendors based on criteria given and actively monitors repossession agents, auctions, and sale results to ensure timely disposal of repossessed collateral in a timely fashion through auto auctions and other sales. Move collateral to auction, set floor values, write down loans to appraise value, review and approve bids from auction, review and convert titles for sale. Responsible for approving vendor requested fees, assisting with approval/counter offers of auction sales. Work with remarketing companies on title work for sale at auction and releasing titles to remarketing vendors. Maintains relationships with remarketing vendor teams. Review and analyze auction condition report, floor sale price and offers received on collateral. Review all tow notices, and place calls to the tow companies and members as needed. Secure the collateral if necessary. File the appropriate claims. Monitors repossession inventory at vendor locations to verify units are being moved. Track the status of all vehicles or collateral assigned for repossession to ensure repossession agency is actively pursuing repossession of collateral. Maintain updated repossession reports. Coordinates transport on voluntary surrenders. Completes local condition reports on voluntarily surrendered units. Administers, processes, and records all bankruptcy cases for the Credit Union. Requires attention to detail and ability to assess the credit union’s risk level associated with bankruptcy filings and render recommendations/decisions accordingly. Review, prepare and send accounts to attorney for preparation and filings of Proof of Claims, reaffirmation agreements, motions for relief of stay and objections. Work with member’s attorney to negotiate reaffirmation agreements, voluntary vehicle surrenders and other issues. Monitor Chapter 13 Bankruptcy plans, adjust accounts accordingly for interest rate and payment changes and follow up with Bankruptcy Trustees on payments. Administers, processes, and records all foreclosure, estate, and probate cases for the Credit Union. May represent the Credit Union in legal hearings and originate legal actions as required. Reviews relationships on deceased accounts for possible offset, holding funds, closing of accounts or lines of credit, disposition of collateral (auto, RV, boat). Maintains all documents received - death certificate, letters of administration, and probate information. Skips traces to find potential relatives or beneficiaries. Presents findings to the Member Care Manager and/or the VP of Lending for best course of action. Responsible for recovery and collection efforts on charged-off accounts and negative shares in compliance with established federal, state, credit union guidelines and procedures for delinquent accounts. The main objective is to recover monies otherwise deemed uncollectable either due to delinquency date, collateral value, or borrower’s ability to pay. Review and prepare any accounts that should be turned over for legal action or handled by an outside collection agency. Works directly with attorneys to file suit, accept settlements, and provide administrative support, updates, and post recoveries. Processes assignments to counsel for the executions of judgment. Establish and monitor payment plans and settlements. Assists with crediting and/or debiting GLs and loans, modifying/updating account information, restricting accounts due to garnishments, levy's, and other duties as assigned. Responsible for compliance with the Fair and Accurate Credit Transactions Act (FACTA), the Bank Secrecy Act (BSA) and the Anti-Money Laundering Act, including monitoring illegal activity. Create, generate, and maintain weekly and monthly reports for management including reports and tracking for BKs, Judgements, Garnishments, etc. Meets regularly with the AVP of Member Care or Chief Lending Officer to review collection results and to obtain recommendations on complicated or difficult accounts. Other duties as assigned.

Requirements

Three to five years’ prior collection, loss mitigation, bankruptcy, estate and recovery experience, or similar/related experience required.
Comprehensive knowledge and understanding of collection practices as mandated by The Fair Debt Collection Practices Act.
Strong working knowledge of the components associated with Chapter 7, 11 & 13 Bankruptcy, and writs and garnishments.
Demonstrated negotiation skills.
Strong organizational abilities.
A proactive willingness to support the team with additional responsibilities as needed.

Nice To Haves

2 years college or bachelor’s degree preferred.
Prior banking, consumer lending, paralegal and/or financial institution experience preferred.
Thorough understanding of repossession and written-off loans/judgments preferred.
Strong knowledge of various asset types such as non-performing residential first mortgages, second mortgages, credit lines, commercial and consumer loans, judgments, deficiencies, and charged-off debts preferred.

Responsibilities

Responsible for repossessions, redemptions, remarketing, and recovery of collateral.
Improving efficiencies, liquidation of collateral and reducing losses to the credit union in a timely manner.
Mailing necessary notices, working with repossession agencies, auctions, and attorneys.
Following appropriate state guidelines on repossession of vehicles – including proper notification and timeframes.
Handling all redemption and reinstatement calls and returning collateral if necessary.
Filing, monitoring, and following up on Lenders Protection claims, skip claims, product refunds, CPI claims or refunds and damage claims on repossessed vehicles within 60 days of the repossession sale.
Processing, validating, and submitting all invoices for payment to include posting to member’s accounts.
Posting auction liquidation and recovery proceeds, Trustee and estate payments and ancillary product refunds, CPI claims, GAP and other dealer-sold insurances.
Placing approved repossessions with the appropriate remarketing vendors and actively monitoring repossession agents, auctions, and sale results to ensure timely disposal of repossessed collateral.
Moving collateral to auction, setting floor values, writing down loans to appraise value, reviewing and approving bids from auction, and reviewing and converting titles for sale.
Approving vendor requested fees, assisting with approval/counter offers of auction sales.
Working with remarketing companies on title work for sale at auction and releasing titles to remarketing vendors.
Maintaining relationships with remarketing vendor teams.
Reviewing and analyzing auction condition reports, floor sale prices, and offers received on collateral.
Reviewing all tow notices, and placing calls to tow companies and members as needed.
Securing collateral if necessary and filing the appropriate claims.
Monitoring repossession inventory at vendor locations to verify units are being moved.
Tracking the status of all vehicles or collateral assigned for repossession to ensure the repossession agency is actively pursuing repossession of collateral.
Maintaining updated repossession reports.
Coordinating transport on voluntary surrenders.
Completing local condition reports on voluntarily surrendered units.
Administering, processing, and recording all bankruptcy cases for the Credit Union.
Assessing the credit union’s risk level associated with bankruptcy filings and rendering recommendations/decisions accordingly.
Reviewing, preparing, and sending accounts to an attorney for preparation and filings of Proof of Claims, reaffirmation agreements, motions for relief of stay and objections.
Working with member’s attorney to negotiate reaffirmation agreements, voluntary vehicle surrenders, and other issues.
Monitoring Chapter 13 Bankruptcy plans, adjusting accounts accordingly for interest rate and payment changes, and following up with Bankruptcy Trustees on payments.
Administering, processing, and recording all foreclosure, estate, and probate cases for the Credit Union.
Representing the Credit Union in legal hearings and originating legal actions as required.
Reviewing relationships on deceased accounts for possible offset, holding funds, closing of accounts or lines of credit, disposition of collateral.
Maintaining all documents received - death certificate, letters of administration, and probate information.
Skipping tracing to find potential relatives or beneficiaries.
Presenting findings to the Member Care Manager and/or the VP of Lending for best course of action.
Responsible for recovery and collection efforts on charged-off accounts and negative shares in compliance with established federal, state, credit union guidelines and procedures for delinquent accounts.
Recovering monies otherwise deemed uncollectable either due to delinquency date, collateral value, or borrower’s ability to pay.
Reviewing and preparing any accounts that should be turned over for legal action or handled by an outside collection agency.
Working directly with attorneys to file suit, accept settlements, and provide administrative support, updates, and post recoveries.
Processing assignments to counsel for the executions of judgment.
Establishing and monitoring payment plans and settlements.
Assisting with crediting and/or debiting GLs and loans, modifying/updating account information, restricting accounts due to garnishments, levy's, and other duties as assigned.
Responsible for compliance with the Fair and Accurate Credit Transactions Act (FACTA), the Bank Secrecy Act (BSA) and the Anti-Money Laundering Act, including monitoring illegal activity.
Creating, generating, and maintaining weekly and monthly reports for management including reports and tracking for BKs, Judgements, Garnishments, etc.
Meeting regularly with the AVP of Member Care or Chief Lending Officer to review collection results and to obtain recommendations on complicated or difficult accounts.