Repossession Liquidation Specialist

Credit Union West•Glendale, AZ

just now

About The Position

Enhances the quality of life for our members/team members by meeting or exceeding their service expectations. Responsible for directing and managing entire process of liquidating all repossessions. Ensure appropriate repair or claims are filed to reduce deficiency balances. Ensure pricing of repossessed vehicles are in a fair market range. Responsible that sales actions are properly documented, and records appropriately maintained. Responsible to research all repossessions for ancillary products and initiate refund requests and follow up until funds or resolution is received. Full understanding of GAP products, Depreciation Protection, Credit Life, Disability and Unemployment. Early-stage collection of delinquent consumer loans as necessary and other duties as assigned.

Requirements

A high school diploma or G.E.D.
3-5 years of experience preferably in a Credit Union or financial institution.
Live the mission, vision, and core values of the credit union.
Able to communicate effectively and tactfully with employees and members both orally and in writing.
Demonstrate critical thinking and being self-reliant to better analyze and solve problems.
Effective time management and organizational skills. Ability to multi-task and be agile to serve members and employees.
Maintain working knowledge of Microsoft Office, SharePoint, and collaborative tools (Teams and Zoom).
Thorough knowledge and understanding of organization’s Employee Handbook and policies.
Must demonstrate a functional knowledge of the Bank Secrecy Act in addition to other Federal laws, including but not limited to U.S. Patriot Act, Office of Foreign Assets & Control, Anti-Money Laundering, Right to Financial Privacy Act, and the Bank Bribery Act.

Responsibilities

Repossession Administrator - Ensures that repossession functions and property dispositions are conducted in accordance with established policies, procedures, and applicable laws and regulations. Schedules, coordinates, and documents all post repossession activities. Ensures that repossessed collateral is closely monitored and accurately inventoried. Ensures state appropriate Notice and Rights letters are mailed to each borrower by regular and certified mail. Ensures out of state repossessions are liquidated in accordance with state regulations. Review and evaluate all repossessions for damages and initiate claim with member’s insurance carrier or CPI carrier if applicable. Responsible for initiating and following for refunds on loans with cancellable ancillary products such as mechanical breakdown coverage, GAP, Credit Life and Disability etc. Makes recommendations to the Financial Resolution Manager for necessary mechanical repairs or necessary expenses to ensure repossessionssell for best possible results. Keeps management informed of repossession activities, progress toward established objectives, and any significant problems. Accurately prepares required repossession reports and summaries. Ensures appropriate and timely letters are mailed regular and certified to all borrowers (excluding bankruptcy and discharged debt) notifying of sale and deficiency balance. Participate in reviewing and developing repossession policies and procedures. Comply with internal policy and procedures and have knowledge of bankruptcy and lien laws as they apply to the collection process. Understand and follow debt collection regulations outlined by the FDCPA, CFPB and the TCPA.
Vehicle Abandoned/Tow Notices – Responsible for processing all Tow and Abandoned Vehicle Notices timely and accurately. Ensure all notices are properly identified and entered into the collections platform. Contact the agency where the vehicle is located to coordinate recovery efforts. Communicate with members to determine their intentions. When insurance is involved, follow up with the appropriate insurance adjuster. Ensure vehicles are timely resolved or recovered for liquidation, as applicable.
Credit Disputes – Assist and provide support as needed in responding to disputes from members concerning delinquent tradelines by mail, email or phone. Respond to E-Oscar and member credit disputes, within regulated timelines. Document and monitor incoming disputes and the ability to investigate and research any disputed content to ensure validity of reporting.
Insurance Total Loss Claims – Assist and provide support as needed in processing total loss claims. Review and ensure insurance company’s Letter of Guaranty (LOG) is appropriately valued for vehicle in question. Assists members and staff with questions regarding GAP claims. Initiate filing GAP claims after insurance check is processed. Responsible for submitting support documents to GAP/Warranty Company within the required timeframe. Timely and accurately follow up with GAP/Warranty Company for claim payout to prevent account from affecting credit unions reportable delinquency. Processes claim and refund payments.
Credit Life, Disability, Unemployment Claims Processing – Provide support as needed in processing claim payments received through debt protection company. Processing payments posted to insurance account to members appropriate loan for payments. Assist in filing claims for members and assist with staff inquiries.
Assist with Collection Calls - Encourage prompt repayment of delinquent accounts by utilizing all methods of contact, i.e., phone, email, mail, and text messages. Ability to ask appropriate fact-finding questions, research and analyze members profile to determine if there is opportunity for assistance or recommend if more stringent collection actions should be taken. Document all collection efforts and pertinent information from member communications and any other resources utilized. The ability to remain positive and resilient in difficult situations.
Performs other duties as assigned.