Asset Recovery Specialist

Summary: The Asset Recovery Specialist is responsible for managing post-charge-off loan portfolios, including unsecured and secured obligations, as well as negative share deposit accounts, to maximize recoveries and minimize losses to the credit union. This position collects and oversees the legal recovery actions, bankruptcy accounts, repossession deficiencies, insurance claims, and third-party vendor relationships while ensuring compliance with applicable laws, regulations, and credit union policies, including charged-off accounts with unresolved collateral, deficiency balances, and legal recovery opportunities.

Collection and Recovery Activities:

• Manage a portfolio of charged-off loans, negative share accounts, and other delinquent obligations.
• Conduct collection activities through outbound and inbound telephone calls, correspondence, email, texts, and other approved communication channels.
• Negotiate payment arrangements, settlements, repayment agreements, and other recovery solutions within established authority levels.
• Monitor and follow up on payment arrangements to ensure compliance and maximize recovery results.
• Evaluate recovery opportunities and recommend accounts for settlement, legal action, agency placement, or closure.
• Perform skip-tracing and asset-location activities using approved systems and third-party resources.
• Review account collectability and identify viable recovery strategies based on borrower financial condition, collateral position, and available assets.
• Coordinate credit bureau updates, disputes, and post-charge-off account maintenance as needed.

Asset Recovery and Collateral Management

• Manage charged-off accounts where collateral remains outstanding, including accounts pending repossession after charge-off, and coordinate collateral recovery efforts with approved vendors.
• Manage deficiency balance recovery following collateral liquidation, insurance settlement, skip claims, or other loss mitigation outcomes.
• Review and monitor collateral disposition activities and ensure proper application of sale proceeds and claim proceeds.
• Manage insurance claims, GAP claims, collateral protection claims, skip claims, and other post-charge-off recovery opportunities.
• Identify and pursue additional recovery sources, including borrowers, co-signers, estates, and third-party obligors, when applicable.
• Monitor and follow up on add-on product cancellations, and applicable sales tax refunds.
• Identify and pursue additional recovery sources when available.

Bankruptcy, Legal, and Vendor Coordination

• Review bankruptcy filings and coordinate recovery efforts with legal counsel.
• Monitor legal proceedings, judgments, garnishments, probate matters, and other recovery actions.
• Serve as the primary liaison with third-party collection agencies, attorneys, repossession companies, skip-tracing firms, and other recovery vendors.
• Monitor vendor performance and ensure compliance with contractual and regulatory requirements.
• Evaluate legal recovery opportunities by assessing collectability, asset availability, lien priority, and estimated recovery potential.
• Recommend legal action when appropriate to maximize recovery potential.
• Manage deceased member accounts, probate claims, and estate recovery processes when applicable.

Documentation and Reporting

• Maintain accurate and complete account documentation, collection notes, and recovery records.
• Update systems to reflect collection activity, settlements, payments, legal actions, and account status changes.
• Prepare and maintain recovery, charge-off, and vendor performance reports.
• Identify trends and provide recommendations to management to improve recovery performance and reduce losses.

Compliance and Risk Management

• Ensure all collection and recovery activities comply with applicable federal and state laws, including FDCPA, FCRA, UCC requirements, bankruptcy regulations, and credit union policies.
• Maintain confidentiality and security of member information.
• Participate in audits, examinations, and compliance reviews.
• Identify and escalate operational, compliance, legal, and reputational risks.

Other Duties

• Support departmental projects and strategic initiatives related to collections, recoveries, and credit risk management.
• Provide guidance and support to collection staff regarding recovery strategies and best practices.
• This is not an exhaustive list of all job duties. Other duties may be assigned at any time.

Required Qualifications

• High school diploma or equivalent required; degree in business, finance, accounting, or a related field preferred.
• Minimum three years of experience working in a financial institution or related industry in collections, recovery, lending, legal collections, bankruptcy, or related financial services.
• Working knowledge of consumer lending, collection practices, bankruptcy procedures, repossession processes, and recovery strategies.
• Experience with skip-tracing, asset-location tools, and recovery investigation techniques.
• Ability to analyze account information, assess collectability, evaluate recovery opportunities, and make sound recommendations.
• Experience managing third-party collection agencies, attorneys, and recovery vendors.
• Knowledge of consumer lending regulations, loss mitigation practices, and post-charge-off recovery processes.
• Proficiency with Microsoft Office and collection management systems.
• Strong organizational skills, attention to detail, and the ability to manage multiple priorities.

Competencies:

• Recovery and Loss Mitigation
• Negotiation and Influence
• Compliance Awareness
• Analytical Thinking and Problem Solving
• Accountability and Results Orientation
• Relationship Management
• Strong verbal and written communication skills
• Attention to detail and accuracy
• Initiative and sound judgment
• Ability to maintain confidentiality and build cooperation through diplomacy and trust

Computer Skills:

• Microsoft Office Suite
• Ability to learn new computer software easily

Work Conditions:

• Office environment, sitting and moderate walking
• Occasional travel for site visits and court hearings
• This position currently allows for essential job functions to be performed within a hybrid work schedule; however, the number of required office days are subject to change at any time based on business needs, team collaboration needs, or manager discretion

DOE