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VyStar Credit Union · 1 week ago

Asset & Loss Mitigation Specialist

Jacksonville, FL

Full-time

Onsite

Mid Level

3+ years exp

VyStar Credit Union is seeking an Asset & Loss Mitigation Specialist to protect the organization’s interests in collateralized and non-collateralized loans against loss due to bankruptcy or legal action. The role involves managing vendor relationships, reviewing legal documentation, and implementing strategies to recover collateral while ensuring compliance with bankruptcy regulations.

AppsBankingFinanceMortgage

Responsibilities

Code all consumer loans, business credit cards, consumer credit cards and deposit accounts (business and consumer) in the core system within one business day of notice receipt to ensure proper tracking measures are in place and internal notification procedures adhere to local, state and federal bankruptcy statutes. Coding will ensure strict adherence by ceasing any and all written and verbal communication with bankrupt members

Review bankruptcy notices in collaboration with attorneys, management, and members in order to take appropriate action within specified time frames conducive to the interest of VyStar. These notices would include but are not limited to petitions, claims, motions, affidavits, and schedules

Provides a monthly summary report outlining petitions received, processing times and trends to management for review

Recommends and prepares legal action in order to mitigate loss to the credit union. Provides support to their peer group within bankruptcy proceedings by attaining lift of stay prior to discharge allowing for the credit union to secure collateral attached to delinquent loans

Review chapter 13 plans to ensure VyStar receives equitable treatment with regard to repayment of secured debts; fair interest rate and file necessary claims on all debts owed to recover the maximum allowed. Make recommendations to send the file to our attorney to file for objections to the plan and/or objections to motion to value collateral for less than fair market value

Files, tracks, and maintains necessary documentation with the courts to protect VyStar’s interests. Conducts reviews of court ordered debt restructures to make certain the credit union is repaid in fairness. Works collaboratively with the Sr. Loan Modification Coordinator to reconcile loan repayment records after confirmation

Ensures that all post and pre-petition amounts due are received in accordance with all consumer loans included in chapter 11 and chapter 13 plans. Provides operational support to Business Services by managing all negative deposit accounts, business credit cards, and business loans included in bankruptcy

Stay informed of PACER filing requirements, use of PACER system and bankruptcy legislation. Including all changes in state and federal regulations to ensure any/all filing dates and time lines are followed correctly to protect VyStar’s interest. In addition, responsible for the design and implementation of changes to internal policy and procedure as dictated by the bankruptcy governing bodies

Negotiate with members after discharge for the reestablishment of membership in accordance with local, state, and federal bankruptcy laws. Provides information to members regarding membership status, collateral insurance requirements, payment history, and pending credit union action specific to bankruptcy. Monitors and negotiates repayment in pay and retain situations to mitigate risk of default for those loans discharged in bankruptcy and the member wishes to retain the attached collateral

Prepares and assigns account collateral for recovery to 3rd party recovery agencies. This would include (but not be limited to) voluntary assignments, involuntary assignments, and Writs of Replevin to recover collateral on a daily basis

File appropriate request with the chapter 13 Trustee to access the Trustee site if available to monitor member’s payments to the Trustee and disbursements from the Trustee

Provides skip tracing support to repossession agents in an effort to expedite the recovery of collateral

Processes the collateral recovered by the 3rd parties into core processing systems and stand-alone tracking systems on a daily basis. Failure to accurately and efficiently code collateralized loans in our core system will result in regulatory violations and place the credit union at significant risk for fines and litigation

Communicates and negotiates verbally and in writing with VyStar Credit Union Members in conjunction with the assignment and recovery of secured collateral with the intent to mitigate loss to the credit union and minimize the financial impact to our members

The incumbent will provide alternatives to our member’s in lieu of repossession where necessary. This will often require the candidate to have familiarity with our lending and modification processes as several of our hardship opportunities require submission of the consumer loan modification form

The candidate will also communicate verbally and in writing with 3rd party recovery agents, insurance companies, and law enforcement agencies in strict adherence to federal, state, and local legal statutes that regulate the repossession and liquidation of collateral on a daily basis

The Asset and Loss Mitigation Specialist will work with the Consumer Loan Hardship Specialists to coordinate the disposition of collateral in the event of a member’s passing. The specialist will work with an estate, surviving spouse, or probate attorney on a regular basis in order to facilitate an acceptable resolution for both parties

Files for refunds on single interest coverage insurance, extended warranty policies, GAP insurance and any other type of asset account linked to repossessed collateral on a daily basis to minimize loss to the credit union. Regularly follows up with our dealer partners on a weekly basis to secure proper repayment of contract cancellations associated with ancillary products that may be financed in the loan

Contact and follow up with attorneys and Trustees as needed via telephone and written correspondence

Liaison for VyStar employees to answer general bankruptcy questions

Produce and maintain desktop procedures for the bankruptcy process

Consistently adheres to VyStar core values and Code of Ethics and acts in accordance with those values

Performs the activities and projects as assigned and requested by the Collections Operations Supervisor and Vice President of Consumer Loan Collections

Applies Debits & Credits to the loan account in the core processing system and maintains records of expenses and payments received on all Repossessed accounts on a daily basis

Advises the Member(s) (and any other required party) of the recovery of the collateral, the redemption period and the liquidation of the collateral in accordance to federal, state and local statutes on a daily basis

Identify and make recommendations to Collection Operations Supervisor and Department Vice President regarding process improvements, quality service and increased efficiencies along with on all normal filings, any abnormal filing trends, and volume and filing demographics on a monthly basis

All employees and business units, as first line of defense, are expected to proactively help identify, assess, manage, and report risks within their domain of work. To enhance a healthy risk culture and support our growth for good pillar, employees will maintain vigilance in safeguarding our operations while ensuring compliance with regulatory mandates. The Risk team serves as the second line of defense by providing risk oversight and credible challenge whereas the Audit team serves as the third line of defense by providing risk assurance

Qualification

Bankruptcy legislation knowledgeFair Debt Collection Act knowledgeCollections experienceMicrosoft Office proficiencyLegal processing experienceCommunication skillsDetail-orientedOrganizational skillsActive listeningSelf-motivated

Required

A minimum of three years' experience in collections, collateral remarketing, or bankruptcy and legal processing within a financial environment is required

Knowledge of Fair Debt Collections Practice Act (FDCPA), Federal Bankruptcy Laws, Fair Credit Reporting (FCRA), state laws governing repossession and liquidation of repossessed collateral and secondary market requirements for servicing derogatory loans

Applicant must have positive, well-developed communication skills, both written and oral, be detail oriented, have good organizational and active listening skills, the ability to work in a fast paced environment, and proven ability to work with others

Must have professional conduct and appearance and be self-motivated. Must work under the philosophy of 'people helping people' and be able to communicate with members and legal counsel at all levels

Applicants must demonstrate the qualities of a self-starter and one who follows through on all job duties

Preferred

Knowledge of Microsoft Word, Excel, Access, Adobe, LaserFiche, MVI Document Capture, D-ROM Viewer, Dealertrack Technologies, AutoIMS, PACER and chapter 13 network

An associate's degree or higher is the minimum educational requirement. Experience may be substituted for education on a 2 to 1 ratio. Continuing education via local conferences and workshops is required for updates on federal regulations. Specialized classes in bankruptcy will be required