Overview
To 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 EST
Location: 820 Follin Lane, Vienna, VA 22180
About Us
Navy Federal provides much more than a job. We provide a meaningful career experience, including a culture that is energized, engaged and committed; and fierce appreciation for our teams, who are rewarded with highly competitive pay and generous benefits and perks.
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- Yello and WayUp Top 100 Internship Programs
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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
Hybrid Workplace: Navy Federal Credit Union is a hybrid workplace, and details will be discussed during your interview process.
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.
REQNUMBER: 21241
