Collateral Recovery Specialist

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Overview

The Collateral Recovery Specialist is a specialized position dealing with the repossession, foreclosure, and liquidation of collateral securing all loans including but not limited to consumer, real estate, and/or commercial loans. This role involves identifying accounts requiring repossession, coordinating with agents, managing member communications, and ensuring compliance with all applicable laws and credit union policies. The goal is to recover collateral efficiently while minimizing losses and maintaining a professional, member-focused approach.

The ideal candidate must be knowledgeable about the Fair Debt Collection Practices Act (FDCPA) and the Consumer Financial Protection Bureau (CFPB) regulations. Familiarity with loan documents, collateral recovery, and asset liquidation is essential. The role demands professionalism, diplomacy, and accuracy in all interactions with members.

Responsibilities

Identify & Initiate Asset Recovery

• Identify vehicles and properties requiring repossession through loan monitoring and delinquency analysis.
• Leverage skip-tracing tools, databases, and investigate techniques to locate collateral and assets.
• Initiate and monitor the repossession efforts while maintaining strict adherence to federal and state regulations, credit union policies, and compliance requirements, including CFPB and FDCPA guidelines, throughout the process.
• Coordinate with repossession agents to recover on past due non-real estate collateral efficiently and legally.
• Partner with approved repossession agencies, skip-tracing services, and auction houses.
• Monitor agent(s) performance to ensure timelines, compliance, and professionalism are maintained.

Member Support & Communication

• Communicate with members throughout the repossession process, regarding delinquent accounts, potential repossession, available alternatives, and provide clear and timely updates.
• Maintain a professional, empathetic, and member-focused approach in all interactions to preserve relationships and uphold institutional integrity.

Post-Asset Recovery & Reporting

• Coordinate post-repossession activities, including vehicle valuation, auction scheduling, and title processing.
• Monitor auction results and report on liquidation performance and recovery rates.
• Collaborate with real estate agents, attorneys, and other professionals to facilitate property transactions.
• Coordinate property inspections and assessments with professional inspectors to determine market value and necessary improvements.
• Maintain accurate, detailed records of repossession and OREO activities, including agency communications, member communications, and legal notices.
• Prepare reports on the status of repossessed vehicles and OREO properties, recovery results, and agency performance for management review.

Compliance Monitoring & Additional Responsibilities

• Monitor and stay informed of industry trends, regulations, and best practices related to foreclosure and real estate asset management to ensure compliance and effective collateral recovery.
• Work closely with the collections team to identify strategies for improving recovery and minimizing charge-offs.
• Support other team members as needed and contribute to overall department goals.
• Perform other duties as assigned, ensuring accountability and alignment with organizational objectives.

Qualifications

• High School Diploma or equivalent required.
• Minimum of 3 – 5 years of experience in foreclosure, collections, or asset recovery, preferably within a financial institution or credit union environment.
• Strong knowledge of repossession and foreclosure laws, regulations, and procedures.
• Experience with skip-tracing tools, repossession vendor management, and loan recovery processes.
• Strong knowledge of repossession laws, Consumer Financial Protection Bureau (CFPB) and Fair Debt Collection Practices (FDCP) acts, Uniform Commercial Code (UCC) regulations, compliance requirements, as well as credit union policies and procedures.
• Familiarity with loan documents, collateral recovery, and asset liquidation processes.
• Microsoft Office Suite (Excel, Word, Outlook).
• Excellent communication, negotiation, and problem-solving skills.
• Ability to handle sensitive member situations with professionalism, empathy, and discretion.
• Strong organizational skills, attention to detail, and ability to manage multiple tasks simultaneously.
• Capability to work both independently and in a team environment.
• Professional appearance, punctuality, and a cooperative attitude towards colleagues and members.

Equal opportunity employer as to all protected groups, including protected veterans and individuals with disabilities.