Charge Off & Repossession Specialist

Competitive Base Salary - Experience Required

****EXCELLENT MEDICAL, DENTAL, VISION BENEFITS: 75% to 90% of premiums covered by PFFCU*****

****401K – PFFCU contributes automatic 6% regardless of employee contribution after 1 year*****

Location: 3333 Street Road, Bensalem, PA 19020

********Great benefits, paid time off, and more! Become a part of the team today!******

JOB DESCRIPTION

Summary/Objective

The Charge off and Repossession Specialist is responsible for coordinating and executing repossession and liquidation of collateralized loans as needed to mitigate losses. They will also handle the day-to-day activities for Repossessions and Charged-off loans and other duties as assigned by the AVP of Charge off and Recovery or the VP of Collections.  

A Charge-off & Repossession Specialist must also promote the corporate values of Member Service, Teamwork, Commitment, Performance and Professional Competency.

Qualifications:

• Appropriate years of Collections work experience. 
• Strong Working knowledge of Microsoft Office including Word, Excel and Outlook.
• Must be able to create reports in both Word and Excel and have a strong knowledge of formulas and tables. 
• Demonstrated working knowledge of Credit Union policies and procedures. 
• Ability to learn and apply the laws (local and federal) applicable to the collection of delinquent accounts
• Ability to communicate efficiently and effectively via email, letter and telephone

Major Responsibilities:

Collections

• Make arrangements for accounts to be brought current, in one or several payments.
• Follows up on promises and broken promises.

• Skiptracing in order to locate hard to find members.

• Restrict and/or remove services as needed and in accordance with the policy to reduce potential losses.
• Use the Collections system effectively by ensuring that all the correct workflow and account notes are 100% accurate. 

Pre-and Post-Repossession & Liquidation:

• Evaluate and recommend accounts for repossession based on delinquency and risk assessment
• Review and attach all necessary documentation, including SCRA and Pacer reports, to proceed with repossession in Akuvo 
• Close all open lines of credit associated with the account before initiating repossession
• Assign repossessions in RDN, update Symitar warnings, and log assignments in Akuvo
• Oversee accounts throughout the repossession cycle, providing repo agents with all pertinent information to recover the collateral and monitor and determine when accounts need reassignment to another recovery agency

Post-Repossession

• Update and attach all notifications received from repossession agencies
• Complete the repossession process in all necessary systems once notified by the agent
• Prepare and send post-repossession letters in compliance with state requirements (Right to Cure, Notice to Sell and Deficiency/Surplus Balance notices)
• Review vehicle condition and picture reports for damages or discrepancies and attach them to the member’s account(s)
• Handle incoming calls related to the collateral recovery process

Handling of Insurance

• Gather and attach all income and insurance documentation from all members on affected loans
• File insurance claims and follow up with Insurance companies on disposition of collateral as needed
• File and track insurance claim and skip claims with forced placed insurance (CPI provider)
• File GAP claims when needed 

Charge-Off Handling:

• Prepare and manage a monthly charge-off report, ensuring all data is accurate and up to date
• Review all loans and credit card accounts scheduled for charge-off based on the collection department recommendations
• Ensure all lines of credit and accounts are closed, and all funds are properly moved to delinquent loans before charge-off
• Maintain accurate documentation in all systems, including Symitar, QuickAssist, and Akuvo, ensuring upcoming charge-off parameters are recorded
• Add or remove accounts from the monthly charge-off report as necessary
• Conduct final calls to account holders to notify them of their account status and attempt to secure payment to reduce or eliminate losses
• Submit the anticipated monthly charge-off report for approval by the LRC and the Board
• Complete the charge-off process for all approved loans across all relevant systems (Symitar, QuickAssist, and Akuvo)
• Process and submit 1099-C forms for charge-off loans in compliance with IRS regulations
• Submit the final charge-off report monthly to the accounting department for processing
• Create and manage repayment arrangements with members and debt settlement companies for charged-off accounts that are not placed with a collection agency

Collection Agency Coordination:

• Communicate with collection agencies regarding any necessary requests related to accounts
• Assign charged-off accounts to collection agencies and monitor their performance
• Receive and post payments for accounts from outside agencies and forward appropriate approved commissions to outside agencies
• Process and submit 1099-C forms for charged-off loans in compliance with IRS regulations
• Maintain and update the collection agency reporting report
• Develop monthly lists of accounts that require documentation to be requested and forwarded to attorney for Statement of Claims to be filed
• Prepare a quarterly reconciliation of accounts with all outside collection agencies
• Ensure compliance with all collection laws and company policies when working with external agencies

Other Duties
Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice. 

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