Collection Repossession Specialist I

Location: Grand Rapids
Posted on: November 20, 2024

Job Description:

GENERAL FUNCTION: Under direct supervision, processes orders for voluntary and involuntary consumer loan repossession assignments, including requests for repossession cancellations and redemptions. Collects, reviews, monitors and documents accounts involving: Repossessions in accordance with departmental and legal guidelines. Repossesses consumer loan collateral to encourage successful repossession assignments and cost reduction, whereby following state/federal laws to protect the bank from litigation. Manages accounts that range in 0 days delinquent through recovery, and bankrupt account statuses, utilizing multiple systems. Partner with loss mitigation, recovery, bankruptcy, legal, and remarketing as necessary. Position has direct impact to bank losses in excess of 150 MM per year.

DUTIES & RESPONSIBILITIES:

SEE ACTUAL JOB DESCRIPTION FOR ALL DUTIES & RESPONSIBILITIES

* Maintains and manages individual collection accounts, including: recording all efforts via the collection system insuring that all accounts are worked and noted accurately.

* Review daily reports to identify and monitor job performance and tasks.

* Submits voluntary and involuntary repossession assignments using multiple systems to encourage successful repossession assignments, and cost reduction, whereby following bank policies and state/federal laws to protect the bank from litigation.

* Responsible for establishing strong working relationships with the repossession agents, and business partners.

* Monitors and reviews the status of accounts placed with the repossession agency. Posts comments and ''Notices of Repossession'' in a timely manner into collection system to ensure the bank is meeting state statue requirements and mitigating financial losses.

* Utilize skip tracing tools to locate customers successfully, and strategic use of collection tools to reduce or prevent losses. Provide all new information to repossession agency and if internal source provided new information act as the conduit, and immediately forward that new information to the repossession agency.

* Contact references and other resources to locate both our customer and the collateral.

* Monitor each repossessed account to ensure receipt of the condition reports, and update the collection system accordingly. Work with appropriate repossession company to obtain any missing information.

* Coordinate consumer loan collateral transportation to the auctions, by providing necessary documentation to the repossession agency and auction, and by working with the remarketing department on transportation for disposal of collateral.

* Coordinate and process requests for voluntary repossessions at financial centers, including contacting the financial center to inform the request is in process. If applicable educate on the information necessary to efficiently process any future requests.

* Accurately process and document all requests for repossession cancellations and redemptions.

* Ensure that requests for non-contractual repossession fees and/or additional fee amounts are submitted to management or the individual responsible for paying invoices for approval.

* Utilize tools available to ensure lien position to protect the bank from wrongful repossession.

* Process and document the necessary certified/notarized mail correspondence timely to ensure the bank is in compliance with state statutes. Including, recording of any return/unclaimed certified/notarized letters.

* Conduct research including but not limited to: review of credit bureau reports, statements, contracts, credit applications, lien verifications, customer files and payment copies.

* Make some strategic actionable decisions related to receipt of information via written or verbal mediums.

* Utilize cross sell of alternative loan products to reduce losses and promote continued business when applicable.

SUPERVISORY RESPONSIBILITIES: None

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