A Top Fortune 50 Financial Services Company is seeking a Repossession Specialist highly motivated to work on-site for our client in Winchester, VA.
Overview:
- Responsible for coordinating all aspects of the repossession process (cars, boats, motorcycles, airplanes, etc.) that serves as collateral on loans.
- Serve as a Point of contact and subject matter expert regarding section functions, systems, policies and/or procedures.
- Remain familiar with payment methods available to members (e.g., direct remittance, recurring deposits, Western Union Quick Collect, Speed Pay, etc.).
- Communicate to members, co-makers, and/or joint owner on all aspects of the repossession process.
- Prepare all documents required to initiate the repossession process.
- Contact insurance companies for payoffs; send Letters of Guarantee, monitor for payments and send titles to insurance companies.
- Serve as point of contact for internal departments regarding repossessions.
- Select repossession agents and negotiate fees for repossession.
- Document all member related contact in the Repossession Tracker and in other applicable systems throughout the repossession process.
- Process impound notices by contacting tow companies; negotiate fees, obtain vehicle condition, reason for impoundment and documents needed to recover the collateral.
- Monitor and ensure updates are provided by repossession agents; assist agents with skip tracing to locate collateral as needed.
- Recommend accounts to skip companies and/or License Plate Recognition staging if unable to locate.
- Recommend accounts to be returned to LCR, or Bankruptcy if unable to locate.
- Submit requests for required letters for redemption/reinstatement; ensure letters are accurate and mail them in accordance with State regulations to members.
- Assist members with reinstatement or redemption of their vehicle; contact the agent or auction to have the vehicle released to the member.
- Prepare documents to submit to the Department of Motor Vehicles to process a repossession title or to sell the collateral.
- Maintain an overall quality assurance audit rating of 90%.
- Determine floor price and send required documents to auction, release vehicles for sale in Auto IMS.
- Receive auction bids received thru various communication channels (e.g., email, telephone, fax, Auto IMS, etc.); determine if auction offer can be accepted and that the number of bids aligns with State requirements; determine if counting the bid will be required or decline the offer and request that the vehicle be run on the next sale date.
- Review and process sale proceeds with accounting department to ensure funds are applied properly to the member's account.
- Submit requests to reduce interest rates to "0" on open book loans with a deficiency balance.
- Maintain knowledge of and ensure compliance with applicable federal and state laws, rules, regulations.
- Maintain records of repossessions and prepare reports for management.
- Track and reconcile expenses with general accounting incurred during the repossession process.
- Perform other duties as assigned.
Qualifications:
- Working knowledge of applicable federal and state laws, rules and regulations (e.g., Fair Debt Collection Act, Fair Credit Reporting Act, etc.)
- Experience in the collection of delinquent loans.
- Experience using auditing/accounting principles and methods, preferably in a financial institution.
- Experience in financial counseling, negotiating, and explaining decisions to members.
- Experience in financial transaction/processing related responsibilities.
- Experience working with all levels of staff, management, stakeholders, and vendors.
- Ability to describe and discuss mechanical conditions of automobiles.
- Ability to comprehend, analyze, interpret, communicate and apply government and financial industry regulations, related principles and practices, and company instructions, procedures, and policies.
- Ability to work independently and in a team environment.
- Effective member/customer service skills.
- Effective skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulations.
- Effective skill assimilating information, analyzing facts, and developing logical conclusions.
- Effective skill performing mathematical calculations and working accurately with numbers.
- Effective skill exercising initiative and using good judgment to make sound decisions.
- Effective skill building effective relationships through rapport, trust, diplomacy and tact
- Effective skill interacting tactfully and effectively in difficult situations.
- Effective skill to influence, negotiate and persuade to reach agreeable exchange and positive outcomes.
- Effective research, analytical, and problem-solving skills.
- Effective organizational, planning and time management skills.
- Effective verbal, interpersonal and written communication skills.
- Effective database, word processing, and spreadsheet software skills.
Preferred:
- Knowledge of the remarketing industry and familiarity with the repossession process and related regulations and procedures.
- College level courses with concentration in Accounting, Finance, Business, or related field.
