What are the responsibilities and job description for the Loss Mitigation Representative position at Arra Finance?
Arra Finance is a leading subprime auto-finance company which offers fast, simplified lending solutions for buyers and multiple compelling advantages for dealers. The company’s cutting-edge auto finance platform provides franchise and independent dealerships across the United States with auto financing solutions for used car buyers. Its scalable loan origination system and data warehouse provides dealers with access to finance solutions and enables them to facilitate auto sales for the dealership customers.
Is your CV ready If so, and you are confident this is the role for you, make sure to apply asap.
A Loss Mitigation Representative collects payments from customers who have past due accounts. The job involves communicating with customers through inbound and outbound calls, and using negotiation, customer service, and collection skills to help them resolve their delinquency. The job also requires following Company policies and procedures, as well as applicable laws and regulations, to ensure compliance and accuracy. The job duties include conducting skip tracing activities, assigning accounts for repossession, managing repossession vendor efforts, and referring for legal collections when appropriate. The job also entails meeting monthly goals and key performance indicators assigned by the supervisor.
*Responsibilities*
Job Type: Full-time
Benefits
Is your CV ready If so, and you are confident this is the role for you, make sure to apply asap.
A Loss Mitigation Representative collects payments from customers who have past due accounts. The job involves communicating with customers through inbound and outbound calls, and using negotiation, customer service, and collection skills to help them resolve their delinquency. The job also requires following Company policies and procedures, as well as applicable laws and regulations, to ensure compliance and accuracy. The job duties include conducting skip tracing activities, assigning accounts for repossession, managing repossession vendor efforts, and referring for legal collections when appropriate. The job also entails meeting monthly goals and key performance indicators assigned by the supervisor.
*Responsibilities*
- Adjust all delinquent accounts assigned in accordance with Collection Department guidelines, and applicable laws and regulations
- Handle and collect high-risk or severely delinquent accounts
- Conduct skip tracing activities
- Assign accounts for repossession and/or legal action
- Coordinate with recovery agents for vehicle location, pickup, and condition reporting.
- Monitor status of repossession efforts, including voluntary surrenders and involuntary recoveries.
- Review and approve repossession holds, reinstatements, or redemption requests.
- Place outbound calls to collect on accounts to bring accounts current using the call model
- Achieve monthly established goals
- Meet key performance indicators assigned
- Be assigned additional tasks by your supervisor to assist with the team's performance
- Become call model certified
- High school diploma or general education degree (GED); or one to three months related experience and/or training; or equivalent combination of education and experience
- Thorough knowledge of collections operations, loan repayment schedules, consumer loan contractual obligations and the Fair Debt Collections Practices Act
- Excellent communication, negotiation, customer service, and collection skills
- Ability to work in a high volume, fast-paced environment
- Ability to operate computers, printers and other office equipment
- Ability to lift, move or transport up to 10 pounds
Job Type: Full-time
Benefits
- 401(k)
- 401(k) matching
- Dental insurance
- Flexible schedule
- Flexible spending account
- Health insurance
- Health savings account
- Life insurance
- Paid time off
- Parental leave
- Retirement plan
- Vision insurance