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Recovery Specialist

Company: MSU Federal Credit Union
Location: East Lansing
Posted on: May 9, 2022

Job Description:

Description
Recovery Specialists play an integral part in progressive collection activity for non-performing delinquent accounts. The Recovery Specialist will continue to work with members who are delinquent on their secured, revolving, business and personal loans. They will also work with collection agencies, attorneys and various other third-party vendors to assist in collection activities. A Recovery employee will have specialization within the department and possess general knowledge to process, monitor and collect on legal, bankruptcy, repossessions, business, and foreclosures of such loans. Qualified candidates will be knowledgeable of compliance rules, applicable laws and regulations required in the collection of legal, bankruptcy, repossession, business and foreclosure collection activity. They will communicate with members, vendors and employees to provide assistance with questions and concerns related to progressive collection accounts. Requires compliance with all applicable laws and regulations.
Work Location:
This position is a hybrid role with a combination of working both onsite at the Headquarters 1 building in East Lansing and remotely. A schedule of expected onsite and remote workdays will be discussed during the interview process.
Essential Duties and Responsibilities
Recovery Specialist I:


  • Responsible for working recovery collection queues in accordance with the department's processes, procedures and in accordance with applicable laws, regulations and collection policy.
  • General understanding of laws and regulations related to the collection of legal, bankruptcy, repossession, business and foreclosure situations.
  • Document all recovery collection efforts and contacts with members in a thorough and timely manner to ensure updated information is available to front line and other employees
  • Answer pilot calls promptly with professionalism in accordance with department objectives
  • Identify non-performing loans and recommend for charge off or perform additional skip trace efforts
  • Approve or denial of repossessions and cancellation of limits
  • Review loan documents to ensure they are properly executed, the Credit Union's security is valid and perform additional research efforts as needed
  • Review, code and approve bills and invoices in compliance with the purchase and procurement policy
  • Participate in training activities within your department and with the Learning and Talent Development department; such training helps to ensure staff compliance with Credit Union policies and state and federal regulations and laws
  • Coordinate with Member Solutions Specialists as needed
  • Assist in training new employees on assigned duties and responsibilities
  • Update, create and present training documents and processes for assigned duties and responsibilities
  • Perform other duties and assist other employees, as assigned

    Recovery Specialist II:

    • All of Recovery Specialist I duties and responsibilities
    • Perform necessary collection efforts including but not limited to representing the Credit Union in legal court proceedings
    • Exhibits specialized knowledge of at least one of the following collection recovery areas:
    • Bankruptcy
    • Legal
    • Business
    • Foreclosure
    • Deceased
    • Repossession

    • Charge Off Loans / Collection Agency

    • Intermediate understanding of laws and regulations related to the collection of legal, deceased, bankruptcy, repossession, business and foreclosure situations
    • Communicate effectively with various vendors such as but not limited to Attorneys, Repossession Agents, Auction Houses, Foreclosure, Collection Agencies and assist in the maintenance of vendor documentation
    • Review, process and monitor all Michigan Saves, Gap and service contract refunds
    • Identify and report loan underwriting issues to management
    • Demonstrates increasing ability to handle complex issues
    • Ability to assist in all duties and responsibilities related to specialty areas

      Recovery Specialist III:

      • All of Recovery Specialist I and II duties and responsibilities
      • Consistent review of current practices to ensure they are in line with rules and regulations
      • Make recommendations to minimize expenses and maximize efficiency in recovery processes
      • Proficient and consistent application of collection practices and strategies
      • Assume advanced knowledge of at least one of the following collection recovery areas:
      • Bankruptcy
      • Legal
      • Business
      • Foreclosure
      • Deceased
      • Repossession

      • Charge Off Loans / Collection Agency

      • Demonstrates advanced ability to handle complex issues
      • Recommend vendors for collection activities; collect appropriate contract and fee information
      • Assist in training employees on recovery duties and responsibilities

        Senior Recovery Specialist:

        • All of Recovery Specialist I, II and III duties and responsibilities
        • Identify and analyze potential risk exposure associated with decisions made during the lending and collection process and provide feedback to management
        • Receive escalation of complex member situations and communicate effectively to find creative solutions to fit the member's needs, while educating employees on what these solutions are to better help with similar situations in the future
        • Demonstrates expert ability to handle complex issues
        • Assume expert level of knowledge of at least one of the following collection recovery areas:
        • Bankruptcy
        • Legal
        • Business
        • Foreclosure
        • Deceased
        • Repossession
        • Charge Off Loans / Collection Agency

          Knowledge, Skills, and Abilities Required
          Recovery Specialist I:

          • Must have good verbal and written communication skills
          • Consistently creates cooperative working relationships with others, and maintains them over time
          • Must have tact in handling delicate member situations and good problem solving skills
          • Must be self-motivated and able to work independently or in teams
          • Promotes a team environment
          • Ability to work in a fast paced environment
          • A basic knowledge of collection terminology and loan documentation
          • A basic knowledge to process, monitor or collect on legal, bankruptcy, repossessions, business, and foreclosures of such loans
          • Must be responsible, professional and dependable
          • Develop cooperative working relationships with coworkers and external contacts
          • Requires the ability to complete tasks with accuracy and meet deadlines
          • A basic understanding of Fair Debt Collection Practices Act and Michigan collection laws
          • Preferred but not required knowledge of Temenos Collection Package, Synapsys, Excel and Symitar

            Recovery Specialist II:

            • All of Recovery Specialist I knowledge, skills, and abilities
            • An intermediate knowledge of collection skills and processes in specialized area
            • Ability to prioritize items with fluctuating volumes of work
            • Intermediate analytical skills and able to operate with latitude for independent judgement
            • Understanding of risk assessment as it pertains to collection efforts
            • An intermediate knowledge to monitor or collect on legal, deceased, bankruptcy, repossessions, business, and foreclosures of such loans
            • Must communicate with and source answers from various departments across the Credit Union
            • An intermediate knowledge of Fair Debt Collection Practices Act and Michigan collection laws
            • An intermediate knowledge of Credit Union in-house computer system and special collection software

              Recovery Specialist III:

              • All of Recovery Specialist I and II knowledge, skills, and abilities
              • An advanced level of written and verbal skills to communicate with confidence and tact
              • Execute independent judgment, discretion and initiative
              • An advanced level of judgement and analytical skills
              • Leadership skills to provide help to other staff in the absence of management
              • Ability to contribute to coworkers' development through mentoring and training
              • Complete duties and responsibilities with a high level of detail, accuracy and timeliness
              • An advanced level of collection knowledge regarding policies, procedures, regulations and terms
              • Ability to manage multiple tasks, assignments with minimal supervision in a timely manner

                Senior Recovery Specialist:

                • All of Recovery Specialist I, II and III knowledge, skills, and abilities
                • Pursuing or completed Credit Union leadership training
                • Expert knowledge of math and accounting principles required
                • Excellent decision-making and critical thinking skills in ambiguous situations
                • Progressively more responsible experience in numerous business, commercial, bankruptcy and repossessions collection functions
                • Expert knowledge of rules, requirements and regulations associated with collection activity, documentation and tracking of the Credit Union's specific loan types
                • Expert ability to provide guidance, mentorship, feedback and support for employees
                • Versatility, flexibility and willingness to work within constantly changing priorities with enthusiasm

                  Physical Demands and Work Environment

                  • May be required to remain in a stationary position for an extended period of time.
                  • Ability to operate standard office technology, equipment and tools, which may include many hours of computer and phone usage.
                  • Occasionally needs to move about inside of office area
                  • Exposure to potentially hazardous condition, i.e. robbery. Receives detailed instructions and procedures to be followed to minimize the exposure
                  • This position is able to work in hybrid or onsite working arrangements.

Keywords: MSU Federal Credit Union, East Lansing , Recovery Specialist, Other , East Lansing, Michigan

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