Collateral Control Specialist

Scott Credit Union is calling all customer service professionals who are interested in a full-time Collateral Control Specialist job in the Collinsville, IL area to apply to join our amazing Collections team! This Collateral Control Specialist position works Monday-Friday, during normal business hours.

Purpose, Mission, Vision, Values

At Scott Credit Union, we are committed to upholding our purpose, mission, vision, and values. Our Purpose guides everything we do as an organization and is supported by our actionable Mission, Vision, and Values. If our chosen purpose, mission, vision, and values resonates with you and you want to find meaning in your work, we hope you will apply to become a part of our team!

Purpose:
To be with our members through every phase of their financial journeys, providing financial solutions that support them, their families, and their communities.
 
Mission:
Members. Value. Community.
 
Vision:
Building Better Financial Futures.
 
Values:
Accountability - I take pride and ownership in all I do.

Diversity - I support the diverse, equitable, and inclusive work environment that is fostered by Scott Credit Union.

Growth - I will pursue professional development with the encouragement of Scott Credit Union.

Integrity - I will maintain the highest ethical standards.

Service Excellence - I am devoted to continuously "WOW"ing members and each other through the 3e Promise.

Why You Should Join Our Team 

Scott Credit Union is a recipient of the St. Louis Post-Dispatch Top Workplaces Award 2024, the eleventh time since 2012. This year, SCU was recognized as one of the Top Workplaces for our dedication to our people-first culture. The Top Workplaces award highlights SCU’s commitment to creating a positive and supportive work environment, where employees thrive and contribute to the organization’s overall success. Our team is our #1 priority, and we are proud to offer great benefits and perks, such as 11 paid holidays, competitive paid time off (PTO), Short-Term Disability (STD) that includes maternity leave, 401k with employer match, medical, dental, vision, and other insurance options, educational reimbursement program, employee assistance programs, opportunities for career advancement, casual “dress for your day” dress code, a positive team-oriented culture, and much more! A comprehensive benefit guide with a full list of our benefits can be found on our career page, scu.org/careers/. 

The Day to Day as a Collateral Control Specialist

The Collateral Control Specialist is responsible for managing the recovery and liquidation of collateral securing loans owed to Scott Credit Union through repossession or other means of collateral recovery. Responsible for the protection and re-sale of recovered collateral, and to assist in preparing forms and reports for Board Reports and Senior Management. Notifies or locates members with delinquent accounts and attempts to secure payment or recovery of collateral. The Collateral Control Specialist is primarily responsible for all post-repossession tasks and serves as a backup to the Asset Recovery Specialist. A typical day will look like:

• Assess and evaluate available options to effectively and efficiently liquidate collateral formerly held by members in which SCU has a lien interest, including but not limited to: auto's, boats, RV's, real estate, whether by auction, retail sale or other options.
• Review, assess, and evaluate proper valuation and liquidation of inventory consisting of real estate vehicles, RVs, and other miscellaneous collateral to determine proper means of liquidation.  Authority to negotiate sale price of collateral and inventory within established limits.
• Negotiate terms of service with auctions, repossession companies, real estate agents, automobile dealers, and other parties in order to secure the sale of SCU inventory.   Evaluate, develop and maintain relationships with other third-party vendors.  Attend sale closings at auctions or title companies, as needed.
• Negotiate the recovery of collateral from third parties such as repair shops and tow lots for the lowest possible recovery amount.  Assess, determine and evaluate if cost of recovery is beneficial compared of abandonment of collateral.
• Prepare and maintain up-to-date sale information for marketing inventory.  Ensure that all inventory is properly maintained until sale.
• Obtain and prepare proper documentation to dispose of inventory following appropriate state laws.
• Apply for tax, insurance, and auto dealer product refunds and follow-up for prompt payment. 
• Notify member of remaining balances due and any assess and determine options for repayment.
• Assist with the collection of high delinquency accounts. Evaluate options for collections and coordinate with team for best options to recover collateral.
• Review and approve repossession fees and other repossession expenses within established authority limits.
• Evaluate a member’s ability to redeem vehicle after repossession upon review and receipt of required documentation and prior payment history.
• Act as liaison between Collections and SCU Collateral Protection Insurance Company for claims pertaining to repossession or borrower damage claims. 
• Monitor and maintain reports pertaining to repossessed collateral.

Duties, responsibilities, and activities may change at any time with or without notice.

Are You a Good Fit?

Ask yourself the below questions to help determine if this job is the right fit for you.

• Do you enjoy engaging with people and providing exceptional customer service?
• Are you a positive person who enjoys working as part of a team?
• Are you organized while maintaining accuracy and completing tasks?
• Do you enjoy working in a diverse environment with diverse members?
• Do you take pride and ownership in all that you do?
• Are you looking for a job where you can develop professionally?

If you answered yes to these questions, we hope you apply!

To Be Considered, You’ll Need:

• High school diploma or equivalent.
• Minimum two years of experience working in a Collections Department.
• Experience working with various loan products including mortgage and business loans.
• One year of general office experience.
• Personal Computer experience to include Microsoft Office products.

Preferred Qualifications That Could Set You Ahead:

• Three years of experience working with repossessed collateral.

Are You Ready to Join Our Team?

If this sounds like the right opportunity for you, we hope you apply today! If selected as a candidate, next steps may include a phone interview to go over the basics and/or an in-person interview to learn more about your experiences and qualifications.