What are the responsibilities and job description for the Default Recovery Specialist position at Blackhawk Community Credit Union?
Job Description
Default Recovery Specialist
Job Classification: Full Time
FLSA Status: Exempt
Department: Account Resolution
Reports To: Account Resolution Manager
Senior Leader: EVP/Chief Financial Officer
Job Overview
The Default Recovery Specialist is responsible for the collection of all delinquent loans to preserve the Credit Union’s assets with a primary focus on accounts in legal collection stages, ensuring compliance with legal requirements, working with legal teams, borrowers, and repossession agents to resolve outstanding debts. This role involves handling cases that require legal intervention, such as repossessions, litigation, and other legal recovery methods, while maintaining communication with clients and ensuring adherence to relevant laws and regulations.
Major Tasks, Responsibilities and Key Accountabilities
- Contact members to recover outstanding debts or overdue payments.
- Analyze accounts, identify outstanding balances, and take the necessary actions to collect payments.
- Works with the department manager to oversee collection cases that require legal action, including repossessions, liens, and litigation.
- Review accounts and determine appropriate legal actions based on the severity of the debt and account history.
- Work closely with the department manager, attorneys, and external legal teams to facilitate the recovery process, ensuring all actions are compliant with relevant laws and regulations.
- Communicate with delinquent borrowers and negotiate repayment plans or settlements, providing options for resolution before legal action becomes necessary.
- Coordinate with repossession agents and other third-party vendors to execute repossessions or asset recoveries in accordance with the law.
- Prepare legal documents, such as demand letters, court filings, and settlement agreements, in collaboration with legal counsel.
- Monitor legal cases, including court dates, hearings, and judgments, ensuring timely follow-ups and resolution.
- Maintain accurate and up-to-date records of collections activities, legal communications, and outcomes in compliance with company policies and industry regulations.
- Work with our legal team and external parties to arrange and attend court hearings as needed.
- Provide detailed reports to management regarding legal actions, recovery efforts, and case status.
- Ensure compliance with consumer protection laws, fair debt collection practices, and industry standards.
- Work with members to understand their financial difficulties and propose legal or negotiated solutions to avoid further escalation.
- Assist in handling disputes or challenges to legal actions, including negotiating settlements or payment arrangements when appropriate.
- Review and process bankruptcy filings, including Chapter 7, Chapter 11, and Chapter 13 cases.
- Work with members and creditors to ensure compliance with bankruptcy plans and agreements.
- Monitor bankruptcy court filings and ensure proper documentation and reporting.
- Respond to inquiries from members, attorneys, and creditors regarding bankruptcy cases.
- Assist in preparing and filing necessary documentation with the court, including proofs of claim, motions, and other legal documents.
- Communicate with bankruptcy trustees, attorneys, and other stakeholders to facilitate the resolution of debt.
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Follows Processes and procedures established to ensure compliance with the Bank Secrecy Act (BSA) Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT). Complete required, annual AML/CFT training to ensure you understand your responsibilities that apply to AML/CFT, including:
- CIP (Customer Identification Program)
- CDD (Customer Due Diligence)
- Beneficial Owner Identification and Verification
- Prohibited Account Types
- CTRs (Currency Transaction Report)
- SARs (Suspicious Activity Report)
- OFAC (Office of Foreign Assets Control)
- Monetary Instruments
- Record Retention
- Performs other duties as assigned.
QUALIFICATIONS and COMPETENCIES
Major Skills and Competencies
- Excellent analytical, problem-solving, and communication skills (written and verbal).
- Ability to work independently and as part of a team.
- Strong organizational skills and attention to detail.
- Ability to manage multiple projects simultaneously.
- Pass the pre-employment credit and background check.
Physical Job Requirements
Frequent periods are spent standing or sitting in the same location with some opportunity to move about; occasionally there may be a need to stoop or lift light objects (typically less than 8 pounds).
- Ability to communicate with a diverse membership and employee group.
- Ability to accomplish the responsibilities described through the use of computers and technology.
- Ability to sit and/or stand for extended periods of time.
- Ability to work in a changing, challenging, and fast paced work environment.
- Variable stress levels.
- Provide own transportation.
- Occasional business travel.
Environmental Job Requirements
Typically located in a comfortable, quiet indoor area. There may be regular exposure to mild physical discomfort from factors such as dust, fumes or odors, temperature extremes, strong drafts, or bright lights.
Minimum Qualifications
- Associate’s degree in Business, Finance, Legal Studies, or a related field (or equivalent work experience).
- Minimum of 2-3 years of experience in collections, preferably with experience in legal collections or repossession.
- Knowledge of consumer protection laws, debt collection regulations, and legal processes related to repossession and asset recovery.
- Knowledge of bankruptcy laws (Chapter 7, 11, 13)
- Strong communication and negotiation skills, with the ability to work effectively with borrowers, attorneys, and third parties.
- Detail-oriented with excellent organizational and time-management skills.
- Ability to work independently, manage multiple cases, and meet deadlines in a fast-paced environment.
- Experience with Microsoft Office Suite (Word, Excel, Outlook) .
- Experience with legal documentation, such as court filings, repossession notices, and settlement agreements.
- Familiarity with repossession and legal compliance regulations.
- Prior experience in a financial or legal services environment.
