Repossession Specialist

OverviewTo coordinate the repossession process and disposition of property (e.g., cars, boats, motorcycles, airplanes, etc.) that serves as collateral on Navy Federal loans. Serve as point of contact and subject matter expert regarding section functions, systems, policies and/or procedures. Work is performed under moderate supervision.ResponsibilitiesResponsible for coordinating all aspects of the repossession processRemain 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 processPrepare all documents required to initiate the repossession processContact insurance companies for payoffs; send Letters of Guarantee, monitor for payments and send titles to insurance companiesServe as point of contact for internal departments regarding repossessionsSelect repossession agents and negotiate fees for repossessionDocument all member related contact in the Repossession Tracker and in other applicable systems throughout the repossession processProcess impound notices by contacting tow companies; negotiate fees, obtain vehicle condition, reason for impoundment and documents needed to recover the collateralMonitor and ensure updates are provided by repossession agents; assist agents with skip tracing to locate collateral as neededRecommend accounts to skip companies and/or License Plate Recognition staging if unable to locateRecommend accounts to be returned to LCR, or Bankruptcy if unable to locateSubmit requests for required letters for redemption/reinstatement; ensure letters are accurate and mail them in accordance with State regulations to membersAssist members with reinstatement or redemption of their vehicle; contact the agent or auction to have the vehicle released to the memberPrepare documents to submit to the Department of Motor Vehicles to process a repossession title or to sell the collateralMaintain an overall quality assurance audit rating of 90%Determine floor price and send required documents to auction; release vehicles for sale in Auto IMSReceive 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 dateReview and process sale proceeds with accounting department to ensure funds are applied properly to the member's accountSubmit requests to reduce interest rates to "0" on open book loans with a deficiency balanceMaintain knowledge of and ensure compliance with applicable federal and state laws, rules, regulations and Navy Federal policies and proceduresMaintain records of repossessions and prepare reports for managementTrack and reconcile expenses with general accounting incurred during the repossession processPerform other duties as assignedQualificationsWorking 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 loansExperience using auditing/accounting principles and methods, preferably in a financial institutionExperience in financial counseling, negotiating, and explaining decisions to membersExperience in financial transaction/processing related responsibilitiesExperience working with all levels of staff, management, stakeholders, and vendorsAbility to describe and discuss mechanical conditions of automobilesAbility to comprehend, analyze, interpret, communicate and apply government and financial industry regulations, related principles and practices, and company instructions, procedures, and policiesAbility to work independently and in a team environmentEffective member/customer service skillsEffective skill following, interpreting and applying relevant data/instructions to guidelines, procedures, practices and regulationsEffective skill assimilating information, analyzing facts, and developing logical conclusionsEffective skill performing mathematical calculations and working accurately with numbersEffective skill exercising initiative and using good judgment to make sound decisionsEffective skill building effective relationships through rapport, trust, diplomacy and tactEffective skill interacting tactfully and effectively in difficult situationsEffective skill to influence, negotiate and persuade to reach agreeable exchange and positive outcomesEffective research, analytical, and problem solving skillsEffective organizational, planning and time management skillsEffective verbal, interpersonal and written communication skillsEffective database, word processing, and spreadsheet software skillsDesired QualificationsKnowledge of the remarketing industry and familiarity with the repossession process and related regulations and proceduresFamiliarity with Navy Federal products, services, processes, policies and proceduresCollege level courses with concentration in Accounting, Finance, Business, or related fieldHours:

Monday - Friday, 10:00AM - 6:30PM ESTLocation:

820 Follin Lane, Vienna, VA 22180About UsNavy Federal provides much more than a job. We provide a meaningful career experience, including a culture that is energized, engaged and committed; and fierce appreciation for our teams, who are rewarded with highly competitive pay and generous benefits and perks.Equal Employment Opportunity:

Navy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/DisabilityHybrid Workplace:

Navy Federal Credit Union is a hybrid workplace, and details will be discussed during your interview process.Disclaimers:

Navy Federal reserves the right to fill this role at a higher/lower grade level based on business need. An assessment may be required to compete for this position. Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team's discretion based on qualified applicant volume.Bank Secrecy Act:

Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.

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