Overview
Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members -do better.- Joining PenFed is more than being an employee; it's about being a part of the PenFed family.
PenFed is hiring a Senior Default Recovery Specialist at one of the following locations: Alexandria, Virginia; Omaha, Nebraska; Eugene, Oregon; or San Antonio, Texas. The primary purpose of this job is to perform placement/assignment, reconciliation, and in-house collection activity of charged off loans. This position will perform due diligence that focuses on consumer loan operational processes, which includes loan origination, operational procedures, compliance, collateral control, data integrity, documentation, servicing, and reporting. Ensure charged off recovery process is maximized while reducing our net loan losses. Additionally, incumbent will serve as a back-up to Default Administrative Specialist(s) who are responsible for responding in writing or by telephone to resolve member issues and disputes and notifies members of outcomes upon completion.
*Work schedule: Monday - Friday, 8:00 AM - 4:30 PM
Responsibilities
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
Reviews and assigns all charged-off accounts to collectors, collection agencies or attorneys as required by established guidelines.
Maintain knowledge of PenFed share and loan products, policies, and procedures.
Research member questions, (credit) disputes, and requests on an automated records system. Responds within prescribed timeframes to be compliant with policy and state and federal law.
Monitor collection agency assigned accounts to ensure collection activity is promptly initiated and followed to ensure maximum recovery dollars.
Prepare member notifications and complete processing on deceased accounts to include notification of co-borrower and responses to co-borrower inquiries.
Research delinquency related disputes upon member request and correspond with members and credit reporting agencies on findings within prescribed timelines as dictated by policy and state and federal law.
Make recommendations for which accounts should be referred to outside counsel for legal collection action and performs periodic follow-up with assigned agency and/or attorney.
Perform, gather, and securely supply required loan documentation by agencies and debt buyers.
Monitor and collect on charged-off accounts that have unique arrangements. This includes contacting the member by telephone or via e-mail or other written correspondence.
Meet with collection agencies monthly to monitor results, scorecard adherence/results and to review reporting for accuracy.
Ensure that the collection agency billing is accurate for all vendors for submission to accounts payable.
Scan and/or securely upload relevant documents to members' document files.
Ensures prompt payment of court costs and legal fees.
Prepares batch recovery reporting for management team and assigns new charged-off accounts based on performance.
Looks for ways to maximize recoveries by adding a second placement agency or referring to designated Default Servicing Specialists.
Prepares file for Deceased Recovery vendor, including quality assurance reviews for data integrity and validity, including returned items to the deceased member follow up queues.
Codes post charged-off accounts for status such as in-house, sold, or agency assigned.
Additional duties as assigned.
Qualifications
Equivalent combination of education and experience is considered.
Associates degree in related field or a combination of education and experience that provide the necessary skills and knowledge to satisfactorily perform the essential job functions.
Minimum of three years of collections experience required with one year of recovery experience preferred.
Knowledge of PenFed structure, products, policies and procedures, and systems preferred.
Proficient in MS Excel, Word, and Outlook.
Strong oral and written communication skills required.
Supervisory Responsibility
Licenses and Certifications
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds. *
Travel
Limited travel to various worksites is not required.
Special Message Regarding COVID 19
PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with COVID-19, we have modified our hiring, onboarding, training, and deployment protocols in order to comply with applicable current local and state guidance.
About Us
Established in 1935, PenFed today is one of the country's strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240-224-4256.
