Asset Recovery Specialist

VyStar Credit Union; Jacksonville (FL); On-site; USD 42,000 - 64,000; Full time

Job summary

VyStar Credit Union is seeking an Asset Recovery Specialist to manage post-charge-off collections on loans, credit cards, and negative share accounts. You will negotiate payment plans, locate assets, and ensure adherence to FDCPA, CFPB, and other laws while maintaining professional member interactions.

The role requires strong negotiation, meticulous record-keeping, and the ability to coordinate with legal and collections teams to recover delinquent debt and protect the credit union's financial

Qualifications

• At least 1 year in collections, loss mitigation, lending, or related roles.
• Strong analytical and problem-solving abilities.
• Knowledge of collection software is preferred.
• Financial institution experience preferred.
• Strong organizational skills and attention to detail.

Responsibilities

• Locate debtors and negotiate payment plans for charge-offs.
• Negotiate settlements and set up repayment arrangements.
• Maintain accurate records of communications and actions.
• Coordinate with legal teams for potential action.
• Review accounts and support compliance with FDCPA/ CFPB.

Skills

Collections experience

Analytical skills

Problem-solving

Financial interviewing

Attention to detail

Knowledge of collection software

Education

High school diploma

Job description

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week. We encourage you to become a part of VyStar Credit Union's family of employees.

Asset Recovery Specialist

Accountability Statement

The Asset Recovery Specialist is responsible for all member interactions and activities pertaining to post-charge-off collection efforts on loan, credit cards and negative share accounts. The Asset Recovery Specialist ensures adherence to collections policies and procedures and to state and federal laws and regulations pertaining to Consumer, Commercial & Mortgage product lines. Therefore, the incumbent will need a working knowledge of the following regulations and agencies, Equal Credit Opportunity Act (ECOA), Truth in Lending Act, Real Estate Settlement Procedures Act (RESPA), Telephone Consumer Protection Act (TCPA), Servicemembers Civil Relief Act (SCRA), Fair Credit Reporting Act (FCRA), Fair Debt Collections Practice Act (FDCPA), UDAAP and Bankruptcy Legislations. The incumbent is responsible for managing and collecting outstanding debts from individuals and businesses. This role involves communicating with debtors, negotiating payment plans, and ensuring compliance with relevant laws and regulations. The ideal candidate will have strong negotiation skills and a thorough understanding of debt recovery processes. The Asset Recovery Specialist plays a crucial role in maintaining the financial health of VyStar Credit Union.

Essential Job Functions

• Asset Recovery Specialist attempts to locate individuals or businesses with outstanding charge-off debt through phone calls, emails, or written correspondence to determine payment status and options concerning repayment of the losses caused by the member.
• Negotiates repayment terms with debtors, which may include setting up payment plans, settlement or deadlines to facilitate the recovery of charge-off debt.
• Negotiates settlements for less than full balance in conjunction with VyStar’s policies and procedures. Ensure proper tracking and system updates while maintaining an understanding of 1099c (Cancellation of Debt) tax regulations.
• Responsible for keeping accurate and up-to-date records of all communications and transactions with debtors, ensuring compliance with legal requirements and company policies.
• Handles customer inquiries, questions, or complaints regarding debts, aiming to resolve issues amicably while maintaining professionalism and trustworthiness.
• Analyzes financial records to determine the best approach for debt recovery while ensuring compliance with relevant laws and regulations.
• Locates assets through account work and skip tracing efforts to in support of legal action for bank/wage garnishment, asset levy or title cloud on real property.
• Evaluates charge-off cases for legal action where debtors are unwilling pay, Asset Recovery Specialist may coordinate with legal departments or attorneys to initiate legal actions for debt recovery.
• Works in conjunction with the Asset Recovery & Liquidation Specialist to investigate and locate delinquent customers, businesses, and missing collateral through online research, public records, and other investigative methods to increase repossession efforts.
• Maintain a strong understanding of credit management, financial hardship assessment, and have advanced skills in managing challenging consumer circumstances.
• Stay informed about industry trends and regulations related to debt recovery through the FDCPA and CFPB.
• Identify gaps in the debt recovery process and recommend solutions to leadership to improve efficiency and effectiveness in collecting debts.
• All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance.

Job Knowledge, Skills & Abilities

• A minimum of one year experience in a position of collections, loss mitigation, lending, or financial interviewing, or credit investigation, or credit decision making, or direct member/customer service contact.
• Strong analytical and problem-solving skills.
• Knowledge of collection software is preferred.
• Financial institution experience is preferred.
• Strong organized skills and attention to detail.

Education Required

The minimum formal education required is completion of high school.

DISCLAIMERS AND WORK ENVIRONMENT

Nothing in this position description is an implied contract for employment. The position description is intended to be an accurate account of the essential functions. The functions are not all encompassing and are subject to change at any time by management. The work environment characteristics described are representative of those that an employee encounters while performing the essential functions of this job. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. As required or requested, may exert up to 20 pounds of force occasionally and/or a negligible amount of force constantly to lift, carry, push, pull or otherwise move objects.