Description
Description
Recovery Specialists play an integral part in progressive collection activity for non-performing delinquent accounts. The Recovery Specialist will continue to work with members who are delinquent on their secured, revolving, business and personal loans. They will also work with collection agencies, attorneys and various other third-party vendors to assist in collection activities. A Recovery employee will have specialization within the department and possess general knowledge to process, monitor and collect on legal, bankruptcy, repossessions, business, and foreclosures of such loans. Qualified candidates will be knowledgeable of compliance rules, applicable laws and regulations required in the collection of legal, bankruptcy, repossession, business and foreclosure collection activity. They will communicate with members, vendors and employees to provide assistance with questions and concerns related to progressive collection accounts. Requires compliance with all applicable laws and regulations.
Work Location:
This position is a hybrid role with a combination of working both onsite at the Headquarters 1 building in East Lansing and remotely. A schedule of expected onsite and remote workdays will be discussed during the interview process.
Benefits:
100% Company-Paid Health, Dental, Vision, Life, and Long-Term Disability Premiums
Up to 26 days of PTO within your first year, as well as Volunteer Time Off & 11 Paid Holidays
401(k) with a 2:1 Match
Tuition Reimbursement
12 Weeks of Paid Parental Leave
Essential Duties and Responsibilities
Recovery Specialist I:
Responsible for working recovery collection queues in accordance with the department's processes, procedures and in accordance with applicable laws, regulations and collection policy.
General understanding of laws and regulations related to the collection of legal, bankruptcy, repossession, business and foreclosure situations.
Document all recovery collection efforts and contacts with members in a thorough and timely manner to ensure updated information is available to front line and other employees
Answer pilot calls promptly with professionalism in accordance with department objectives
Identify non-performing loans and recommend for charge off or perform additional skip trace efforts
Approve or denial of repossessions and cancellation of limits
Review loan documents to ensure they are properly executed, the Credit Union's security is valid and perform additional research efforts as needed
Review, code and approve bills and invoices in compliance with the purchase and procurement policy
Participate in training activities within your department and with the Learning and Talent Development department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws
Coordinate with Member Solutions Specialists as needed
Assist in training new employees on assigned duties and responsibilities
Update, create and present training documents and processes for assigned duties and responsibilities
Perform other duties and assist other employees, as assigned
Recovery Specialist II:
All of Recovery Specialist I duties and responsibilities
Perform necessary collection efforts including but not limited to representing the Credit Union in legal court proceedings
Exhibits specialized knowledge of at least one of the following collection recovery areas:
Bankruptcy
Legal
Business
Foreclosure
Deceased
Repossession
Charge Off Loans / Collection Agency
Intermediate understanding of laws and regulations related to the collection of legal, deceased, bankruptcy, repossession, business and foreclosure situations
Communicate effectively with various vendors such as but not limited to Attorneys, Repossession Agents, Auction Houses, Foreclosure, Collection Agencies and assist in the maintenance of vendor documentation
Review, process and monitor all Michigan Saves, Gap and service contract refunds
Identify and report loan underwriting issues to management
Demonstrates increasing ability to handle complex issues
Ability to assist in all duties and responsibilities related to specialty areas
Recovery Specialist III:
All of Recovery Specialist I and II duties and responsibilities
Consistent review of current practices to ensure they are in line with rules and regulations
Make recommendations to minimize expenses and maximize efficiency in recovery processes
Proficient and consistent application of collection practices and strategies
Assume advanced knowledge of at least one of the following collection recovery areas:
Bankruptcy
Legal
Business
Foreclosure
Deceased
Repossession
Charge Off Loans / Collection Agency
Demonstrates advanced ability to handle complex issues
Recommend vendors for collection activities; collect appropriate contract and fee information
Assist in training employees on recovery duties and responsibilities
Senior Recovery Specialist:
All of Recovery Specialist I, II and III duties and responsibilities
Identify and analyze potential risk exposure associated with decisions made during the lending and collection process and provide feedback to management
Receive escalation of complex member situations and communicate effectively to find creative solutions to fit the member's needs, while educating employees on what these solutions are to better help with similar situations in the future
Demonstrates expert ability to handle complex issues
Assume expert level of knowledge of at least one of the following collection recovery areas:
Bankruptcy
Legal
Business
Foreclosure
Deceased
Repossession
Charge Off Loans / Collection Agency
Knowledge, Skills, and Abilities Required
Recovery Specialist I:
Must have good verbal and written communication skills
Consistently creates... For full info follow application link.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
