What are the responsibilities and job description for the Manager, Asset Recovery position at Wright-Patt Credit Union?
Category
Collections
Job Location
3560 Pentagon Blvd, Beavercreek, Ohio
Pay Classification
Exempt (Salary)
NMLS Required
No
Work Type
Variable
Position Type
Full-Time/Regular
The Asset Recovery Manager will serve as a catalyst for improving efficiency and effectiveness within the asset recovery team by implementing new ideas and innovative recovery strategies. The Asset Recovery Manager is responsible for overseeing the day-to-day activities of the repossession and foreclosure processes and staff. Foreclosure process will include 2nd mortgages serviced through the WPCU and 1st mortgages serviced through myCU Mortgage. This position is accountable for analyzing loan delinquency/loss trends and implementing recovery methods to reduce the risk of loss to the Credit Union, thereby directly improving the value that may be returned to the members and partners of the cooperative.
- Supervisory Responsibilities: Interview and select candidates for openings, set goals for direct reports, assign tasks/duties, conduct on the job training developing the skills of direct reports while encouraging growth. Prepare disciplinary actions as appropriate, prepare and conduct performance reviews, make recommendations for salary adjustments, approve timecards for FTE’s and other duties associated with managing a staff. Ensure assigned business units are operating efficiently and reliably, are in compliance with applicable laws, regulations, and rules, have appropriate operating controls to mitigate risk, and are performing at a high level. (20%)
- Update and monitor repossession and foreclosure policies, procedures and guidelines, partner quality control activities, and third-party vendor management. (20%)
- Maximization of recovery opportunities; obtaining compensation for assets offered at auction, seized by law enforcement including impounded assets, refunds of gap and other refundable service contracts, execution of total loss claims (skip claims), and pursuing the recovery of misrepresented collateral from dealers. (15%)
- Collaborate with legal collections to ensure timely application of legal remedies to mitigate potential losses to the credit union. Legal activities include but are not limited to Demand Letters and Breach of Contract on auto loans and the foreclosure process for 1st and 2nd (10%)
- Establish and maintain management reporting related to repossession and foreclosure programs to monitor the efficiency and effectiveness of processes and controls as well as to identify risks and trends. (10%)
- Maintain awareness of and adherence to the credit union compliance requirements and risk management concepts, expectations, policies and procedures and apply them to daily tasks to deliver a consistent and high level of service within our servicing standards. (10%)
- Ensure efficient and professional resolution of escalated repossession and foreclosure questions or issues. (5%)
- Maintain and implement industry best practices and trends specific to repossession and foreclosure. (5%)
- Perform reviews of condition reports and invoices to ensure accuracy of collateral disposition and appropriate pricing of services rendered. (5%)
The Asset Recovery Manager must possess a high degree of working knowledge in collections and asset recovery. Prior experience especially associated with the collection of consumer loans is desired. The following are also required:
- A Bachelor’s degree in Finance, Business Management, or related field is required. Candidates with non-business degrees may qualify with considerable experience in the primary areas of responsibility.
- A minimum of five years’ experience in collections or asset recovery at a financial institution or other third-party collection company is required.
- A minimum of three years management or supervisory level experience with proven abilities of effectively leading a team.
- Demonstrated ability to analyze, reason, problem solve, and prioritize work independently.
- Demonstrated ability to analyze complex situations and solve problems and / or design recommendations to accomplish business and tactical goals.
- Possess all required NMLS, State, and Safe Act Licensing requirements as required for control purposes.
- Manager level written and verbal communication skills are required.
- Demonstrated intermediate knowledge with Microsoft Office products.
- Demonstrated ability and drive to implement new and innovative initiatives to improve efficiency, quality, and service levels.