• Job Description

  Req#: 2306

  Application deadline is 5 days after the date the role was posted.

  Thank you for your interest in Bellco Credit Union! We’re a local not-for-profit organization that has been giving back to our members, the communities we serve, and of course, our employees since 1936. Offering one of the best employee benefits packages around, Bellco is a leader in fostering, developing, and engaging staff to become expert financial-service ambassadors. You’re a part of something more at Bellco—a place you can be proud of.
  
  

  Repossession Specialist ____________________________________________________________________________

  LOCATION: Loss Mitigation DIVISON: SVP-Consumer Lending

  FUNCTION DESCRIPTION:

  Under general supervision, the Repossession Specialist coordinates and executes the repossession and remarketing process for collateralized loans, ensuring compliance with legal and ethical standards, while mitigating losses for Bellco. Primary functions include locating borrowers and assets, handling of voluntary surrenders, working with repossession contractors and auto auctions.

  ORGANIZATIONAL RELATIONSHIPS:

  Reports to: SVP – Consumer Lending

  Contacts: Credit union members, credit union branch/department staff, auditors, regulators, partners, vendors, governmental agencies, and credit union executive staff.

  Attorneys regarding bankruptcies, court appearances, insurance companies, realtors, and property management companies. Various law agencies regarding fraud, forgery, theft, and embezzlement.

  QUALIFICATIONS:

  Education: High School diploma

  Experience: 2 years of consumer collection experience preferred.

  1 year repossession and skip tracing experience preferred.

  SKILLS: Strong leadership and team management skills.

  Knowledge of applicable laws, rules, and regulations within Consumer and Mortgage portfolios required.

  Experience working with investors such as Fannie Mae and understanding requirements.

  Ability to effectively present information and respond to questions from members, clients, and management.

  Ability to handle stressful situations and difficult conversations professionally.

  Analytical skills to assess performance and develop improvement strategies.

  Basic operation of all general office equipment.

  Intermediate skills required in Excel, Word, and Outlook.

  Must have excellent written and oral skills to effectively communicate professionally with clients, members, and staff of various levels.

  Thorough understanding of CFPB, OCC, FDCPA preferred.

  Familiarity with loan documents, Retail Installment Contracts, Credit Reports, and vehicle valuations.

  Bilingual (English and Spanish) preferred but not required.

  EQUIPMENT: General office equipment.

  ESSENTIAL FUNCTIONS:

  1. Provides a valuable and enjoyable experience to both internal customers and members during interactions adhering to Bellco’s Core Values and Act Nice Behaviors.

  2. Oversees the entire repossession process, from initial notification to final disposition of the collateral.

  3. Communicates with borrowers, co-makers, and joint owners regarding the repossession process.

  4. Prepares and maintains accurate records, tracking and documentation related to repossession cases.

  5. Ensures proper file maintenance is placed on the account at the time of assigning the repossession and at the time the vehicle is repossessed

  6. Disposes of repossessed collateral via auto auctions.

  7. Utilizes various methods, including phone and internet, to locate borrowers and their assets. Monitors collection efforts to ensure that loan delinquency and loan losses are minimized, and recoveries are maximized.

  8. Selects, coordinates, and monitors the performance of repossession agents and vendors.

  9. Negotiates fees with repossession agents, towing companies, and other vendors.

  10. Manages insurance-related matters, verify titles, and ensure proper documentation for asset disposition.

  11. Processes GAP, warranty, and service contract cancellations on vehicles sold at auction.

  12. Ensures timely and correct posting of warranty, GAP and service contract refunds.

  13. Arranges for repayment schedules for deficiency balances.

  14. Initiates and tracks rewrite loans for the repayment of deficiency balances.

  15. Evaluates and tracks the performance of auction and sales vendors regarding pricing, problem resolution and reports evaluation results to the Collections Management.

  16. Prepares a monthly report on repossessions status and disposal.

  17. Coordinates replevins and other legal issues related to repossessions with the attorneys.s

  18. Assigns deficiency balance auto loans to outside attorney for collection.

  19. Ensures timely and accurate posting of auction sale proceeds.

  20. Works to mitigate losses by exploring options for loan reinstatement or redemption.

  21. Maintains accurate and up-to-date records in the repossession tracking system.

  22. Identifies and implements process improvements to enhance efficiency and effectiveness.

  23. Reviews all accounts in queues and work appropriately, bringing any serious problems or negative service-related trends to the attention of management while independently facilitating resolution.

  24. Provides excellent member service to borrowers and other stakeholders.

  25. Ensures all pre & post repossession notices are sent in accordance with local and state laws.

  26. Ensures all asset recovery procedures are adhered to in order to comply with federal and state regulations.

  27. Analyzes and documents repossessed accounts for future recovery efforts.

  28. Services inbound and outbound customer calls pertaining to voluntary surrender.

  29. Participates in team meetings and contributes to process improvement initiatives.

  Management retains discretion to add or change duties at any time.

  WORKING CONDITIONS:

  Office Environment

  Bellco Credit Union provides a comprehensive benefits package to employees, including: Medical, Dental, Vision, 401 (k) with company match, Supplemental Life Insurance, Paid Vacation, Paid Sick Days, and Paid Holidays.
  
  In addition to base compensation, Bellco Credit Union offers bonuses for the following roles:
  Non-exempt branch roles may earn monthly bonuses for meeting production goals and quarterly bonuses for meeting team goals.
  Exempt branch roles may earn quarterly bonuses for production and team goals.
  Exempt non-branch management roles may be eligible for an annual managerial bonus.
  Non-branch non-management roles may be eligible for on-the-spot bonuses for extraordinary performance.
  
  

• About the company

  Offering free checking accounts, auto & home loans, mobile banking services & more! Open an account and view all Bellco Credit Union Colorado bank locations.

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