Repossession Specialist

Northwest Federal Credit Union; Herndon, Northern (VA, KY); On-site; USD 26,000 - 45,000; Full time

Benefits offered by this job

Medical, dental and vision plans

4 weeks paid vacation

12 paid holidays

Paid volunteer time

Job summary

Northwest Federal Credit Union seeks a Repossession Specialist to help members avoid repossession and coordinate all aspects of repossession and judgment processes.

You will mitigate loan loss, prepare accounts for repossession, and communicate with members, dealers, and insurers. The role requires compliance with FDCPA and TCPA, high accuracy, and strong MS Office skills.

Qualifications

• High school diploma or equivalent.
• Minimum 1 year of customer service experience; financial institution preferred.
• Ability to work independently with minimal direct supervision.
• Demonstrated initiative and resourcefulness as a self-starter.
• Proficiency with Microsoft Word and Excel.

Responsibilities

• Mitigate charge off to reduce loan loss provisions and support positive net income.
• Assist in managing external vendor relationships.
• Prepares and recommends all accounts eligible for repossession and submits for assignment.
• Responsible for all service contract refunds including communication, payment processing and reporting.
• Primary contact for insurance, GAP, and dealerships regarding contracts and claims.
• Ensure compliance with all federal and state regulations related to collections, loss mitigation and default processing.
• Reconcile GAP claims with accounting.
• Maintain and distribute external and internal faxes and mail.

Skills

Customer service

Independent work

Initiative

Microsoft Word

Microsoft Excel

Oral and written communication

Confidentiality

FDCPA knowledge

TCPA knowledge

Attention to detail

Education

High school diploma or equivalent

Tools

Microsoft Office

Job description

The Repossession Specialist performs the critical function of helping members avoid repossession in addition to coordinating all aspects of repossession and/or judgement processes. They help the credit union mitigate financial loss by regularly assessing the performance of loans, assigning repossessions and effectively communicating with members in need.

Responsibilities

• Mitigate charge off to reduce loan loss provisions and support positive net income
• Assist in managing external vendor relationships
• Prepares and recommends all accounts eligible for repossession and submits for assignment
• Responsible for all service contract refunds to include but not limited to communication, payment processing and reporting
• Serves as a primary point of contact for insurance, GAP, and dealerships with regards to all contracts and claims
• Ensure compliance with all federal and state regulations as it pertains to collections, loss mitigation and default processing
• Responsible for all GAP claim reconciliation with accounting
• Maintains and distributes external and internal faxes and mail to the rest of the department
• Sends appropriate letters as required by law
• Responsible for uploading all documentation for accounts in process
• Communicate with Loss Mitigation Specialists regarding payments
• Maintain a working knowledge of FDCPA (Fair Debt Collection Practices Act)
• Perform other duties as assigned
• Remains cognizant of and adheres to NWFCU policies and procedures, and regulations pertaining to the Bank Secrecy Act (BSA)

#NWFCU1

Qualifications

Required

• High school diploma or equivalent
• Minimum 1 year of customer service experience; financial institution preferred
• Ability to work independently with minimal direct management supervision
• Demonstrated initiative and resourcefulness as a self-starter
• Ability to use standard office equipment and systems, working knowledge of Microsoft Office products, especially Word and Excel
• Effective oral and written communication skills
• Accuracy and detail-oriented
• Ability to interact effectively with all levels of the organization and with members
• Ability to maintain confidentiality
• Working knowledge of FDCPA (Fair Debt Collection Practices Act) and TCPA (Telephone Consumer Protection Act)

Preferred

• Prior Collections, Loss Mitigation, and/or Repossession experience
• Effective Negotiation Skills

Additional Compensation

Northwest Federal offers a comprehensive and inclusive benefits program, which includes medical, dental and vision plans for you and your family, 4 weeks paid vacation, 12 paid holidays, 24 hours of paid volunteer time, parental leave, company paid disability and life insurance, and a generous 401(k) plan with up to 7% employer match.

Base compensation for this role ranges from $19.15 - $32.53 hourly, depending on experience and qualifications.

EEO Notice

Northwest Federal Credit Union is an Equal Opportunity Employer and will consider all qualified applicants without regard to race, color, age, religion, sex, sexual orientation, gender identity, genetic information, national origin, disability, protected veteran status or any other classification protected by law.

NWFCU complies with federal and state disability laws and makes reasonable accommodations for applicants and employees with disabilities. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact the Human Resources Department at 703-709-8900 [e-mail].