Asset Recovery Specialist

Job Scope:

The Asset Recovery Specialist manages day-to-day post-charge-off and secured collateral recovery efforts by applying working knowledge of asset recovery practices. This role evaluates charged-off loans and delinquent accounts for collectability, initiates and documents repayment options, and coordinates repossession assignments, loan modifications, extensions, and collateral disposition within established policies. The Asset Recovery Specialist also resolves lien and impound issues and supports post-charge-off recovery processes.

Full-time

The Asset Recovery Specialist manages day-to-day post-charge-off and secured collateral recovery efforts by applying working knowledge of asset recovery practices. This role evaluates charged-off loans and delinquent accounts for collectability, initiates and documents repayment options, and coordinates repossession assignments, loan modifications, extensions, and collateral disposition within established policies. The Asset Recovery Specialist also resolves lien and impound issues and supports post-charge-off recovery processes.

This position independently handles routine tasks and begins to manage more nuanced situations, such as monitoring vendor performance, ensuring compliance with regulatory requirements, and assisting in small process improvements. The Asset Recovery Specialist serves as a knowledgeable resource to team members in asset recovery operations, vendor management, and compliance, while helping to minimize credit union losses and maintain a high standard of member service.

• Apply working knowledge of credit union policies and regulatory requirements to process secured loan charge-offs accurately and on time.
• Review loan history, collateral status, borrower financials, and account risk to assess collectability and recommend recovery actions.
• Monitor high-risk secured loans, update account information, and initiate appropriate recovery efforts within delegated authority.
• Maintain thorough documentation of all recovery decisions and activities.
• Initiate and manage repossession activity for delinquent secured loans, including automobiles and equipment.
• Coordinate with licensed repossession agents, transport vendors, and auction facilities to ensure timely and compliant recovery.
• Process voluntary surrenders and ensure all repossession documentation is complete and accurate.
• Arrange inspections and transportation of recovered assets to approved auction facilities; monitor sale outcomes to ensure maximum recovery value.
• Prepare deficiency balance documentation following asset liquidation when applicable.
• Determine necessary vehicle reconditioning to maximize auction value and coordinate related services.
• File applicable insurance claims for damaged repossessed vehicles and skip claims to recover losses.
• Interview members to assess eligibility for loan extensions or payment modifications.
• Review, process, and approve modifications or settlements within delegated authority.
• Ensure timely system updates and retention of executed agreements.
• Communicate with members regarding delinquency, repossession risk, repayment options, and voluntary surrender agreements while protecting the credit union’s interests.
• Negotiate repayment terms or settlement agreements within delegated authority.
• Conduct skip tracing using approved tools and databases to locate unresponsive borrowers and update account information.
• Ensure all communication is conducted professionally and in compliance with FDCPA and credit union policy.
• Coordinate assignment of charged-off or delinquent accounts to third-party collection agencies, repossession agents, and auction vendors.
• Monitor vendor performance, recovery rates, compliance, and timelines;…