What are the responsibilities and job description for the Asset Recovery Specialist position at REV Federal Credit Union?
Position Overview
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. Manage, and liquidate the credit union’s secured portfolio in such a manner that its value is maximized.
Duties & Responsibilities
Assumes responsibility for:
Assumes responsibilities for related duties as required or assigned.
Education/Certification & Experience
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. Manage, and liquidate the credit union’s secured portfolio in such a manner that its value is maximized.
Duties & Responsibilities
Assumes responsibility for:
- Assigning agents to repossess past due non-real estate collateral approved for repossession.
- Handling the repossession of collateral either directly or with assistance of various agencies or attorneys and works closely with repossession agents and other outside vendors to assure timely pick up of past due collateral and other related services.
- Working within state laws to obtain proper title paperwork for transferring ownership of repossessed collateral.
- Monitoring all repossessed collateral for expired redemption period.
- Monitoring repossessed inventory and coordinates all auction sales with local and out of town / state auction sites.
- Filing all related damage or repossession claims to assure the maximum amount and reduce the overall charge-off amount.
- Prepaing all notices of default as per the mortgage or deed of trust.
- Evaluating and examine all information to insure proper documents were sent to the member prior to foreclosure proceedings.
- Completing foreclosure, Claim and Delivery package and send to the appropriate attorney.
- Diligently reviewing loans assigned to legal counsel to ensure that the process is being completed efficiently so that it is completed within the allowable state timelines.
- Calculating and preparing all bidding information.
- Reviewing legal documents/affidavits prepared by counsel for accuracy.
- Working with members to mitigate losses when applicable. Refers accounts to management as needed for loss mitigation options.
- Keeping complete records on all charges related to foreclosure, repossessions (i.e. transportation costs, gasoline, repairs, etc.) Claim & Delivery in proper general ledger accounts. Process all department expense invoices for payment and balance corresponding GL accounts.
- Managing posting of sale information and managing and coordinating all required post sale transactions.
- Completing all tasks regarding Bankruptcy including posting checks, filing proof of claim, processing trustee payment and attorney follow up when payments are not received/additional assistance needed.
- Assisting small claims specialist with negotiating repayment plans regarding charged off/repossessed vehicles, skip tracing and processing of confession of judgments on deficiency balances.
- Filing all reimbursement claims (i.e. Direct Drive, Allied, SKIP/Repossession, gap, warranty, PMI).
Assumes responsibilities for related duties as required or assigned.
Education/Certification & Experience
- High school diploma or equivalent
- A minimum of two (2) years of previous collections experience.
- Prior experience handling bankruptcy issues, repossessions, and fair debt collection practices.
- Preference for working in organizations that place priority on teamwork and collaboration.
- Excellent interpersonal skills.
- Problem solving skills and the ability to make decisions quickly and in the best interest of REV.
- Ability to use keyboard and data entry skills, familiarity with Microsoft Word and Excel.