Navy Federal Credit Union hiring Repossession Specialist in Winchester, Virginia, United States | LinkedIn (2024)

OverviewTo coordinate the repossession process and disposition of property (e.g., cars, boats, motorcycles, airplanes, etc.) that serves as collateral on Navy Federal loans. Serve as point of contact and subject matter expert regarding section functions, systems, policies and/or procedures. Work is performed under moderate supervision.

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 Navy Federal 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

Qualifications

• 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

Desired Qualifications

• Knowledge of the remarketing industry and familiarity with the repossession process and related regulations and procedures
• Familiarity with Navy Federal products, services, processes, policies and procedures
• College level courses with concentration in Accounting, Finance, Business, or related field

Hours: Monday - Friday, 10:00AM - 6:30PM

Locations: 820 Follin Ln. Vienna, Virginia 22180 | 141 Security Drive Winchester, VA 22602 | 5550 Heritage Oaks Dr. Pensacola, FL 32526

About UsYou have goals, dreams, hobbies, and things you're passionate about—what's important to you is important to us. We're looking for people who not only want to do meaningful, challenging work, keep their skills sharp and move ahead, but who also take time for the things that matter to them—friends, family, and passions. And we're looking for team members who are passionate about our mission—making a difference in military members' and their families' lives. Together, we can make it happen. Don't take our word for it:

• Military Times 2022 Best for Vets Employers
• WayUp Top 100 Internship Programs
• Forbes® 2022 The Best Employers for New Grads
• Fortune Best Workplaces for Women
• Fortune 100 Best Companies to Work For®
• Computerworld® Best Places to Work in IT
• Ripplematch Campus Forward Award - Excellence in Early Career Hiring
• Fortune Best Place to Work for Financial and Insurance Services

Equal Employment Opportunity: Navy Federal values, celebrates, and enacts diversity in the workplace. Navy Federal takes affirmative action to employ and advance in employment qualified individuals with disabilities, disabled veterans, Armed Forces service medal veterans, recently separated veterans, and other protected veterans. EOE/AA/M/F/Veteran/Disability EOE/AA/M/F/Veteran/Disability

Disclaimers: Navy Federal reserves the right to fill this role at a higher/lower grade level based on business need. An assessment may be required to compete for this position. Job postings are subject to close early or extend out longer than the anticipated closing date at the hiring team’s discretion based on qualified applicant volume. Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market position

Bank Secrecy Act: Remains cognizant of and adheres to Navy Federal policies and procedures, and regulations pertaining to the Bank Secrecy Act.