Asset Recovery Specialist I

Summary

Analyzes delinquent and over limit accounts on consumer loans, lines of credit and credit cards in order to determine appropriate collection action. Receives members in person and by telephone for all Member Solutions Department related issues. Communicates and follows up with steps which contribute to the completion of collection activities. Minimize credit union exposure and preventative collection methods.

Primary Duties

• Responsible for ensuring compliance with all credit union policies, procedures, safety practices, federal and state rules and regulations, and laws which affect the GFCU collection programs.
• Responsible to learn and master the timely and cost-effective use of automation, risk evaluation, documentation and communication technologies used by the department during collection efforts.
• Verifies member accounts status accurately and thoroughly and inputs member information in delinquency processing system and maintains system flags for collection of accounts. Performs extensive investigative procedures to locate members with delinquent accounts. Accepts and makes suitable payment arrangements on loans.
• Evaluates member financial situations and provide decisions to minimize credit union loss exposure as described by applicable Credit Union Collection Policy. Consults with members and/or Consumer Credit Counseling Service to negotiate fixed payment amounts and recommend accounts for re-aging or possible loan workout.
• Assists with assessing collateral position and value, and prepares recommendation and necessary documentation concerning delinquency and/or jeopardy of collateral for repossession, litigation or charge off.
• Review loan applications and obtain appropriate research and documentation for recommendations of, repossessions, charge-offs, litigation, and/or foreclosure. Reviews and processes charge-off loans and account closure on member accounts. Thoroughly reviews loans that are, but not limited to, delinquent 60 days and over. Handles more complex delinquent loans.
• Provides support in initiating all disability insurance claims and acts as liaison between the insurance company and member. Reviews accounts for any CPI policies and takes appropriate action.
• Provides support with, but not limited to, end of month reports, Asset Quality, bankruptcy and legal support. Responsible for IRS 1099C reporting process.
• Performs peer to peer coaching, account reviews and provides ongoing feedback.
• Cross trains in Asset Recovery Specialist II skill sets to allow performance of other duties as assigned.
• Performs other duties as assigned.

Education

High school diploma or equivalency.

Experience

Must have three (3) years collection experience in a financial institution.

Skills

Must have the following skills and/or abilities:

• Must possess comprehensive and diverse knowledge of all phases of loss prevention to include bankruptcy, lawsuits, charge-offs, and effective collection strategies.
• Must have thorough knowledge of compliance and credit union policies and procedures, laws, rules, and regulations relevant to department function.
• Must have strong analytical and decision-making skills.
• Must be able to work in a high volume, fast-paced environment.
• Must possess strong organization and time management skills.
• Proficient with the Microsoft Office Suite.
• Excellent communication skills (both oral and written).

Physical/Other Requirements

Must be able to:

• Stand or sit for long periods of time.
• Lift 10-20 lbs.
• Must be flexible in work schedule to work evenings and Saturdays.
• Must have a valid Texas driver’s license with good driving record and proof of insurability.