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ALTA IT Services, LLC · 9 hours ago

Entry Level Collections Specialist

Ashburn, VA

Contract

Onsite

New Grad, Entry Level

ALTA IT Services, LLC is a leader in delivering outsourced services and workforce solutions across North America. They are seeking an Entry Level Collections Specialist to coordinate the repossession process and serve as a point of contact regarding the repossession functions, systems, and policies. The role involves managing all aspects of the repossession process while ensuring compliance with applicable laws and maintaining records for management.

ConsultingInformation TechnologyStaffing Agency

Growth Opportunities

Responsibilities

Responsible for coordinating all aspects of the repossession process

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 and policies and procedures

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

Qualification

LawsRegulationsExperience in collectionsFinancial transaction processingAnalytical skillsCustomer service skillsNegotiation skillsDatabase software skillsWord processing skillsSpreadsheet software skillsTeamworkCommunication skillsOrganizational skillsProblem-solving skillsTime management

Required

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

Familiarity with products, services, processes, policies and procedures

College level courses with concentration in Accounting, Finance, Business, or related field

Benefits

Health and welfare benefits coverage options including medical, dental, vision, spending accounts, life insurance, voluntary plans, as well as participation in a 401(k) plan.