Repossession Specialist

Silver State Schools Credit Union•Las Vegas, NV

16h•Onsite

About The Position

A Repossession Specialist, the main objective is to manage and coordinate the repossession and remarketing of collateral to minimize losses and maximize recovery for the Credit Union. This position supports the Credit Resolutions Department and Manager by overseeing all aspects of repossession activity, ensuring compliance with legal and regulatory requirements, and maintaining accurate records and documentation. The role also involves evaluating market conditions, identifying process improvements, and recommending changes to write down procedures when appropriate.

Requirements

High school diploma required; additional business or financial training preferred.
Minimum of three to four years' collections experience within a full-service financial institution preferred.
At least one year of direct experience in repossession and skip tracing is preferred.
Working knowledge of automobile and real estate lending is strongly preferred.

Responsibilities

Maintain availability for member communication consistent with department expectations and adhere to Credit Resolutions phone etiquette and monitoring standards.
Maintain compliance with all applicable state and federal laws (e.g., Bankruptcy, FDCPA, SCRA) and Credit Union policies governing repossessions, collections, and member communication.
Negotiate and coordinate payment arrangements, loan modifications, workout agreements, reinstatements, and redemptions including preparation of supporting documentation and recommendations for approval.
Document all collection actions taken, including communication with members, arrangements, and correspondence.
Maintain database integrity and accuracy of records within the collection software.
Utilize skip-tracing tools and databases to locate members or collateral when contact information is unavailable.
Assign loans for repossession and coordinate directly with repossession agents and remarketing vendors.
Direct and monitor recovery agents to ensure timely, lawful repossession of collateral and accurate status reporting.
Track and monitor all repossession activity to ensure timely completion and compliance with established procedures.
Ensure members receive required legal notices, remedies, and options related to collateral recovery.
Coordinate with legal counsel to ensure repossessions and related legal actions comply with federal, state, and local regulations.
Oversee all documentation, including liens, titles, property releases, and insurance claim processing.
Partner with and manage third-party agencies for repossession, transportation, and remarketing activities.
Evaluate collateral and provide recommendations to management to maximize remarketing proceeds.
Review bankruptcy accounts secured by collateral to ensure appropriate and timely action in compliance with bankruptcy law.
Verify that all service providers maintain proper licensing, bonding, and insurance.
Maintain accurate and complete electronic and physical records of all repossession-related activities.
Report repossession activity and recovery trends to the Credit Resolutions Manager regularly.
Cross-train in other collections and legal specialty areas as needed.
Maintain and update departmental procedures and internal tracking systems.
Ensure security and confidentiality of all member information in accordance with policy and regulatory requirements.
Monitor assigned account queues, analyze trends, and communicate concerns or anomalies to the Credit Resolutions Assistant Manager, Credit Resolutions Manager or VP of Loan Operations.
Generate periodic reports as needed for management review.
Perform other related duties as assigned by management.