Job Description

Job Scope:

The Asset Recovery Specialist 2 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 2 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 2 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.

Essential Functions

• 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; escalate issues as needed.
• Serve as a point of contact for vendor coordination, audits, and escalations.
• Research and resolve mechanic’s liens, impound holds, and other title or possession issues.
• Coordinate with law enforcement, impound facilities, and repair shops to recover and release collateral.
• Track timelines and costs to minimize losses from liens and impounds.
• Monitor and reconcile recovery payments from members, vendors, and auction proceeds to ensure accurate application to accounts.
• Prepare regular reporting of post-charge-off collections, settlements, collateral sales, and agency activity.
• Review and process Tax Levies and Child Support Bank Levies in compliance with applicable laws and regulations.
• Maintain detailed documentation of levy requests, actions taken, and funds remitted.
• Communicate with members and applicable government agencies regarding levy status and requirements.
• Ensure all repossession, recovery, modification, levy, and collection activities comply with FDCPA, UCC, state repossession laws, consumer protection regulations, and internal policy.
• Maintain accurate, organized, and complete records of all recovery activities.
• Provide documentation as needed for internal audits or regulatory reviews.
• Perform other duties as assigned by management.

Requirements

Qualifications:

Experience and Education

• Minimum 3+ years of direct experience in collections, repossession, asset recovery, troubled loan modifications, or secured loan servicing, with progressively increasing responsibility.
• Demonstrated ability to manage moderately complex repossession cases involving collateral location challenges, title issues, and multi-state compliance requirements.
• Experience in loan modification and extension processing within delegated authority.
• Associate’s degree in business or a related field, or an equivalent combination of education, coursework, certification, and related work experience providing foundational knowledge of lending, recovery, or asset management.

Knowledge

• Strong working knowledge of consumer lending, charge-off policies, levy processing, and recovery procedures, with the ability to apply these concepts to more nuanced scenarios.
• Knowledge of repossession laws, lien and impound resolution, post-charge-off recovery strategies, and relevant state and federal regulations (FDCPA, UCC, consumer protection laws).
• Skilled in vendor management, including tracking performance and ensuring compliance of repossession agents, auction houses, and collection agencies.
• Proficient in loan servicing, collections, and recovery systems (e.g., Akuvo Aperture, Temenos, Symitar) and in MS Office (Excel, Word) for reporting and reconciliation.
• Awareness of legal collection processes and documentation requirements, with exposure to skip tracing tools and investigative techniques.
• Bilingual (English/Spanish) strongly preferred.

Skills/Abilities

• Demonstrated ability to negotiate repayment plans, settlements, and voluntary surrenders, with strong communication and conflict resolution skills.
• Applies analytical judgment and risk assessment to evaluate delinquent accounts, repossession strategies, and recovery outcomes.
• Emerging leadership in vendor oversight and relationship management, supporting compliance and process improvements.
• Maintains accuracy, thorough documentation, and attention to detail in all recovery, modification, and repossession activities.
• Effective time management, prioritization, and follow-through on multiple tasks and projects.
• Professional, respectful, and empathetic communication with members, vendors, and team members.
• Supports the team by mentoring or guiding less experienced colleagues, contributing to knowledge sharing and continuous improvement.

Physical Requirements/Work Environment

• Work is primarily performed in a professional office environment with extended periods of sitting at a desk, working on a computer, and using standard office equipment such as phones, copiers, and printers.
• Regular use of keyboard, mouse, and other data entry tools is required; ability to view and interpret data on screens for extended periods.
• Work is generally performed during standard business hours; however, the position may occasionally require evening hours to complete outbound member contacts, coordinate with vendors, or handle urgent levy or repossession processing.
• The position operates under a hybrid or in-office schedule based on business needs, with occasional travel to offsite locations such as inspection sites, auction facilities, or training sessions.
• Minimal lifting (up to 10 pounds) of files or office supplies may be required.
• Noise levels are typically moderate and consistent with a standard office environment.
• Tasks require focus and attention to detail for complex account analysis, reconciliation, and documentation.