Published on

Mar 23, 2024

Published on

Mar 23, 2024

Published on

Mar 23, 2024

Published on

Mar 23, 2024

Loss Mitigation & Asset Recovery Manager

Loss Mitigation & Asset Recovery Manager

Loss Mitigation & Asset Recovery Manager

Loss Mitigation & Asset Recovery Manager

Full-time

/

Springfield, NJ

/

Hybrid

Full-time

/

Springfield, NJ

/

Hybrid

Full-time

/

Springfield, NJ

/

Hybrid

Full-time

/

Springfield, NJ

/

Hybrid

About the job

Job Summary:

Will ensure that the loss mitigation & asset recovery policies and procedures of the credit union best serve the credit union and its members. Oversee departmental functions and provide leadership and guidance. Ensure strict compliance with state and federal collection rules and regulations in all collection practices.



Duties/Responsibilities:

  • Ensure that the loss mitigation & asset recovery policies, procedures, practices and documentation meet federal and state regulations.

  • Assign, monitor, and supervise the workload in the Loss Mitigation & Asset Recovery Department to ensure the smooth and efficient flow of work. Always ensure the courteous and considerate interface with members.

  • Establish and monitor effective control procedures for delinquent or potentially delinquent loans.

  • On an on-going basis, communicate and monitor the requirements to vendors and staff in Loss Mitigation & Asset Recovery procedures to protect the credit union's interests.

  • Review accounts where action beyond routine collection procedures must be approved or implemented.

  • Review and authorize all repossession of auto loans and other securitized collateral to minimize credit union losses.

  • Authorize legal proceedings. Review default notices, surrender notices, bankruptcy procedures, foreclosures notices, etc. for accuracy and completeness.

  • Responsible for overseeing repossession and resell of real estate property seized as the result of a foreclosure.

  • Attend auctions of seized property to protect the credit union’s financial position by making minimum bids on assets.

  • Represent the Credit Union in legal proceedings, including court appearances, to assert rights and claims of credit union interests.

  • Develop and review accurate reporting procedures on collection activities. Prepare and analyze reports for Executive Management.

  • Assist in preparing and executing commercial loan workout strategies to ensure optimal asset recovery in accordance with the credit union’s objectives.

  • Works with the commercial loan department to focus on the collections of outstanding debts from business loan customers. Helps with the recovery of any property in accordance with credit union procedures.

  • Conduct risk assessments on potential commercial loan workout scenarios, considering various factors such as market conditions, collateral valuation, borrower financials, and legal implications. Present findings and recommendations to senior management to inform decision-making.

  • Inform management of trends in loan underwriting and or operations contributing to delinquent/charged-off loans.


Requirements:

  • Bachelor’s degree preferred.

  • Minimum 3 years’ experience within a financial institution or related field, with 5 years in a management capacity.

  • Collections experience in a financial institution collecting on all types of consumer loans, including but not limited to: unsecured, auto, and real estate.

  • Experience in commercial loan workout

  • Knowledge of bankruptcy laws.

  • Knowledge of how to determine hardship assistance.

  • Comprehensive experience in consumer federal debt collection laws

About the job

Job Summary:

Will ensure that the loss mitigation & asset recovery policies and procedures of the credit union best serve the credit union and its members. Oversee departmental functions and provide leadership and guidance. Ensure strict compliance with state and federal collection rules and regulations in all collection practices.



Duties/Responsibilities:

  • Ensure that the loss mitigation & asset recovery policies, procedures, practices and documentation meet federal and state regulations.

  • Assign, monitor, and supervise the workload in the Loss Mitigation & Asset Recovery Department to ensure the smooth and efficient flow of work. Always ensure the courteous and considerate interface with members.

  • Establish and monitor effective control procedures for delinquent or potentially delinquent loans.

  • On an on-going basis, communicate and monitor the requirements to vendors and staff in Loss Mitigation & Asset Recovery procedures to protect the credit union's interests.

  • Review accounts where action beyond routine collection procedures must be approved or implemented.

  • Review and authorize all repossession of auto loans and other securitized collateral to minimize credit union losses.

  • Authorize legal proceedings. Review default notices, surrender notices, bankruptcy procedures, foreclosures notices, etc. for accuracy and completeness.

  • Responsible for overseeing repossession and resell of real estate property seized as the result of a foreclosure.

  • Attend auctions of seized property to protect the credit union’s financial position by making minimum bids on assets.

  • Represent the Credit Union in legal proceedings, including court appearances, to assert rights and claims of credit union interests.

  • Develop and review accurate reporting procedures on collection activities. Prepare and analyze reports for Executive Management.

  • Assist in preparing and executing commercial loan workout strategies to ensure optimal asset recovery in accordance with the credit union’s objectives.

  • Works with the commercial loan department to focus on the collections of outstanding debts from business loan customers. Helps with the recovery of any property in accordance with credit union procedures.

  • Conduct risk assessments on potential commercial loan workout scenarios, considering various factors such as market conditions, collateral valuation, borrower financials, and legal implications. Present findings and recommendations to senior management to inform decision-making.

  • Inform management of trends in loan underwriting and or operations contributing to delinquent/charged-off loans.


Requirements:

  • Bachelor’s degree preferred.

  • Minimum 3 years’ experience within a financial institution or related field, with 5 years in a management capacity.

  • Collections experience in a financial institution collecting on all types of consumer loans, including but not limited to: unsecured, auto, and real estate.

  • Experience in commercial loan workout

  • Knowledge of bankruptcy laws.

  • Knowledge of how to determine hardship assistance.

  • Comprehensive experience in consumer federal debt collection laws

About the job

Job Summary:

Will ensure that the loss mitigation & asset recovery policies and procedures of the credit union best serve the credit union and its members. Oversee departmental functions and provide leadership and guidance. Ensure strict compliance with state and federal collection rules and regulations in all collection practices.



Duties/Responsibilities:

  • Ensure that the loss mitigation & asset recovery policies, procedures, practices and documentation meet federal and state regulations.

  • Assign, monitor, and supervise the workload in the Loss Mitigation & Asset Recovery Department to ensure the smooth and efficient flow of work. Always ensure the courteous and considerate interface with members.

  • Establish and monitor effective control procedures for delinquent or potentially delinquent loans.

  • On an on-going basis, communicate and monitor the requirements to vendors and staff in Loss Mitigation & Asset Recovery procedures to protect the credit union's interests.

  • Review accounts where action beyond routine collection procedures must be approved or implemented.

  • Review and authorize all repossession of auto loans and other securitized collateral to minimize credit union losses.

  • Authorize legal proceedings. Review default notices, surrender notices, bankruptcy procedures, foreclosures notices, etc. for accuracy and completeness.

  • Responsible for overseeing repossession and resell of real estate property seized as the result of a foreclosure.

  • Attend auctions of seized property to protect the credit union’s financial position by making minimum bids on assets.

  • Represent the Credit Union in legal proceedings, including court appearances, to assert rights and claims of credit union interests.

  • Develop and review accurate reporting procedures on collection activities. Prepare and analyze reports for Executive Management.

  • Assist in preparing and executing commercial loan workout strategies to ensure optimal asset recovery in accordance with the credit union’s objectives.

  • Works with the commercial loan department to focus on the collections of outstanding debts from business loan customers. Helps with the recovery of any property in accordance with credit union procedures.

  • Conduct risk assessments on potential commercial loan workout scenarios, considering various factors such as market conditions, collateral valuation, borrower financials, and legal implications. Present findings and recommendations to senior management to inform decision-making.

  • Inform management of trends in loan underwriting and or operations contributing to delinquent/charged-off loans.


Requirements:

  • Bachelor’s degree preferred.

  • Minimum 3 years’ experience within a financial institution or related field, with 5 years in a management capacity.

  • Collections experience in a financial institution collecting on all types of consumer loans, including but not limited to: unsecured, auto, and real estate.

  • Experience in commercial loan workout

  • Knowledge of bankruptcy laws.

  • Knowledge of how to determine hardship assistance.

  • Comprehensive experience in consumer federal debt collection laws

About the job

Job Summary:

Will ensure that the loss mitigation & asset recovery policies and procedures of the credit union best serve the credit union and its members. Oversee departmental functions and provide leadership and guidance. Ensure strict compliance with state and federal collection rules and regulations in all collection practices.



Duties/Responsibilities:

  • Ensure that the loss mitigation & asset recovery policies, procedures, practices and documentation meet federal and state regulations.

  • Assign, monitor, and supervise the workload in the Loss Mitigation & Asset Recovery Department to ensure the smooth and efficient flow of work. Always ensure the courteous and considerate interface with members.

  • Establish and monitor effective control procedures for delinquent or potentially delinquent loans.

  • On an on-going basis, communicate and monitor the requirements to vendors and staff in Loss Mitigation & Asset Recovery procedures to protect the credit union's interests.

  • Review accounts where action beyond routine collection procedures must be approved or implemented.

  • Review and authorize all repossession of auto loans and other securitized collateral to minimize credit union losses.

  • Authorize legal proceedings. Review default notices, surrender notices, bankruptcy procedures, foreclosures notices, etc. for accuracy and completeness.

  • Responsible for overseeing repossession and resell of real estate property seized as the result of a foreclosure.

  • Attend auctions of seized property to protect the credit union’s financial position by making minimum bids on assets.

  • Represent the Credit Union in legal proceedings, including court appearances, to assert rights and claims of credit union interests.

  • Develop and review accurate reporting procedures on collection activities. Prepare and analyze reports for Executive Management.

  • Assist in preparing and executing commercial loan workout strategies to ensure optimal asset recovery in accordance with the credit union’s objectives.

  • Works with the commercial loan department to focus on the collections of outstanding debts from business loan customers. Helps with the recovery of any property in accordance with credit union procedures.

  • Conduct risk assessments on potential commercial loan workout scenarios, considering various factors such as market conditions, collateral valuation, borrower financials, and legal implications. Present findings and recommendations to senior management to inform decision-making.

  • Inform management of trends in loan underwriting and or operations contributing to delinquent/charged-off loans.


Requirements:

  • Bachelor’s degree preferred.

  • Minimum 3 years’ experience within a financial institution or related field, with 5 years in a management capacity.

  • Collections experience in a financial institution collecting on all types of consumer loans, including but not limited to: unsecured, auto, and real estate.

  • Experience in commercial loan workout

  • Knowledge of bankruptcy laws.

  • Knowledge of how to determine hardship assistance.

  • Comprehensive experience in consumer federal debt collection laws

The Atlantic Federal Credit Union

Springfield, NJ

Visit Company Website

The Atlantic Federal Credit Union

Springfield, NJ

Visit Company Website

The Atlantic Federal Credit Union

Springfield, NJ

Visit Company Website

The Atlantic Federal Credit Union

Springfield, NJ

Visit Company Website

About Company

The Atlantic Federal Credit Union was founded in 1935 by a group of AT&T Western Electric employees in Kearny, N.J. They were dedicated to building a not-for-profit financial cooperative to meet their savings and borrowing needs -- an especially formidable task in that depression era. Over the years, we've grown from a one company credit union to one of the larger credit unions in New Jersey. The cooperative spirit among our founders that marked our early beginnings continues today. We take pride in providing outstanding financial services to our members at the lowest possible cost.

Total Employees

38

Company 2-Year Growth

0%

Median Employee Tenure

5.2 years

Because no one goes to school
for fighting fraud.