What are the responsibilities and job description for the Repossession Specialist - Summerhill position at Red River Employees Federal Credit Union?
Position Title:
Repossession Specialist
Reports To:
Collections Department Manager
Basic Function:
Responsible for processing all repossession assignments from the date of sign out of repossession until final disposition.
Responsibilities:
- Under direct supervision, process orders for voluntary and involuntary loan repossession assignments with local and non-local approved Recovery Agencies, monitor assignments until resolved by repossession or paid status. After repossession, prepare and send notices of repossession and right of redemption to all liable parties.
- Performs all computer file maintenance about the repossessed assets. Inspect repossession and prepare condition report and pictures to determine value through the NADA system.
- Process all extended warranty, GAP, and credit life refunds. Process all physical damage insurance claims and follow up until funds are received from outside insurance companies, monitor CPI website and post incoming insurance proceeds from in-house claims through State National Companies.
- Coordinate all repairs with appropriate vendors, such as mechanic, body shop, glass shop, and detailer after approval from Collection Manager. Prepare and process all invoices pertaining to repossessed assets after prior approval from management.
- Coordinate location of all collateral ready for disposition at RRCU branches, or other agreed upon locations such as used car lots.
- Prepare and dispense repossession list bi-weekly to all employees and branch locations for access to our membership; provide list to IT Department to update RRCU website.
- Prepare title work on all sales of repossessed assets to individuals and/or local/non-local auctions. Register all sold repossessions with local tag office if repossession was sold from a branch location. Credit proceeds of sales in a timely manner. Prepare and send notice of Explanation of Calculation of Deficiency Balance after disposition of collateral.
- File for repossession fees/premium deficiency refunds with State National Companies if applicable. Monitor all activity on repossessed loan accounts until final disposition.
- Process and monitor all Skip Conversion Claims through State National Companies.
- Receive and process all tow notices until situation is resolved through insurance claims, repossession, or redemption by owner to ensure our lien is secured and not lost through mechanic liens.
- Adheres to all Red River Employees Federal Credit Union policies and procedures.
- Performs other related duties as assigned.
Qualifications:
- One year or more of experience in a financial institution preferred.
- High school diploma or the equivalent.
- Competent computer skills and use of standard office equipment.
- Must have reliable transportation.
- Pleasant personality; firm, persistent, and patient individual.
- Ability to meet, speak, and deal effectively with people, being professional always.
- Must maintain a neat and professional appearance.
- While the following list is not exhaustive and may be supplemented, identified physical requirements include the ability to operate normal office equipment and some lifting, not to exceed 25 pounds.
- Ability to follow the core values of Team-Focused, Excellence, Authenticity, and Leading in Innovation.
Benefits:
- Paid Holidays
- Match on 401K – offers a competitive plan with a match of 100% for the first 5% and a ½% for every additional 1% up to 10%
- Discretionary Profit Sharing – 3% of annual earnings
- Vacation Leave – accrues 2 weeks a year for the first 5 years; increases with tenure
- Sick Leave – earns 2 hours per pay period
- Voluntary Insurance Products/Packages
- Competitive Medical and Dental Benefits*
- Company paid Life Insurance (2x annual salary)*
- Company paid Accidental Death & Dismemberment Insurance (2x annual salary)*
- Company paid Long-Term Disability Insurance*
- Full Time Benefits for 30 hour employees
- Various other incentives
- Additional incentive for extended hour locations
- Premium-level Checking/Savings account with additional benefits included
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