Lead Asset Recovery Specialist

Date posted:

Department:

Collections

Location:

Long Island City (HQ) - Queens, NY

Description:

Assist AVP, Asset Recovery with supervision of the staff and development of effective collection strategies. Assess the risk of lending activity, offset risk by ensuring the recovery of funds using collection letters, calls, and skip tracing to resolve delinquent accounts and mitigate losses which contribute to the financial soundness of UNFCU.

Accountabilities:

• Manages delinquency by monitoring 60-150 accounts daily to reduce delinquency and applies funds to delinquent accounts; determines need for repossession/foreclosure and makes appropriate recommendations to manager; utilizes on-line collection systems and document all collection efforts and telephone calls; removes limits and/or places blocks on Visa and Lines of Credit; and updates Visa default rates.
• Analyzes and prioritizes work queues to ensure effective collection results and minimal losses.
• Analyzes member account portfolios and prioritizes delinquent accounts; refers accounts to attorneys and monitors collection activity; and monitors payroll allocations.
• Communicates with members to notify them of past due loan payments in order to control delinquencies.
• Makes arrangements to dispose of collateral as directed by management and UNFCU policies, and notifies members of their financial responsibilities related to the disposal process.
• Provides debt counseling and loan workouts to assist members in overcoming financial difficulties; negotiates and makes recommendations regarding loan workouts, deferments, and payment reductions; and advises members on financial and debt management, instructs members on how to regain financial soundness while reducing debt and maintaining good credit history, and explains the implications of bankruptcy filing.
• Determines the need for Foreclosure/Repossession and collaborates with manager to make recommendations based on cost of legal proceeding, degree of delinquency and members’ willingness to pay.
• Provides courteous and professional service to UNFCU staff and members, and responds to member inquiries within 24 hours; provides training to colleagues as needed.
• Reviews monthly delinquency reports with manager and makes recommendations regarding charge-off; assists in the preparation of delinquent accounts for monthly delinquency reports and various other reports related to delinquency; and maintains records of all collection activity.
• Manages vendor relationships and ensures receipt of timely monthly reports from 3rd party agencies.
• Reviews and makes decisions regarding deferment and payment change requests.

Qualifications:

• Bachelor’s degree and 5-7 years of collections experience in a financial institution collecting on Auto Loans, Visa, LOC, HELOC and Mortgages
• Supervisory experience preferred
• Clear understanding of loss prevention and delinquency management
• Knowledge of Federal and State regulations and laws including FDCPA and CFPB
• Strong Microsoft Office skills, especially MS Excel
• Good negotiation skills and creativity in reducing losses
• Ability to organize work and set priorities
• Effective problem solving skills and use of sound judgment
• Effective communication skills
• Possesses initiative and the ability to develop others
• Ability to manage relationships at all levels throughout the organization and membership
• Interpret documents and make sound decisions within limits of authority