Asset Recovery Specialist

Who is Quorum

At Quorum Federal Credit Union, we are a cutting-edge credit union that operates as a technology company, delivering innovative financial solutions to our members. As a remote organization, we thrive on collaboration and recognize outstanding performance. We are the ideal workplace for self-motivated individuals who are committed to organizational success and eager to join a dynamic team of professionals. We stand out as a best-in-class employer, offering a unique and supportive work environment that fosters personal and professional growth. Our culture is built on valuing teamwork, recognizing achievements, and providing the tools and resources needed to excel. If you are looking for a place where you can make a meaningful impact, enjoy a flexible and fulfilling work experience, and be part of a forward-thinking team, Quorum Federal Credit Union is the perfect fit for you.

Job Description Summary

The Asset Recovery Specialist is responsible for execution of day-to-day activities, including foreclosure, bankruptcy, REO oversight, hardship appeals and complex loan modifications, that mitigate the delinquency and loss associated with defaulted accounts, while providing excellent member service. This role involves communicating with members to provide outstanding service and understand their needs and third-party service providers to ensure they are performing in accordance with established processes and service levels. The ideal candidate will have strong analytical skills, excellent communication abilities, and a compassionate approach to helping members navigate their financial challenges. All accounts are to be resolved in the best interest of the Credit Union and its investors by following the established policies, procedures, laws, and regulations.

Key Responsibilities and Accountabilities

1. Executes all day-to-day asset recovery activities for established loan products, primarily focused on real estate. This includes completing member research, delinquency monitoring and resolution, foreclosure tracking, modification and settlement review, and monthly reporting, maintenance and tracking. Day to day activities will require a moderate amount of time providing phone support for member related issues and inbound/outbound servicing and/or collection calls.
2. Manages and oversees the foreclosure process from initiation to completion. Ensure all actions comply with regulatory requirements and credit union policies. Coordinate with outsourced servicer, legal counsel, and other stakeholders to ensure timely and accurate and timely processing of foreclosure cases.
3. Evaluates complex hardship applications, including member financials to recommend approval or denial of modification recommendation by outsourced servicer. Communicates with members empathetically and effectively regarding their modification decision.
4. Works closely with the Senior Manager, Asset Recovery and other team members to develop and implement effective strategies to mitigate risk and control losses. Supports the team in general loss mitigation activities.
5. Maintains accurate account records in accordance with policies and procedures.
6. Handles member escalations related to loss mitigation activities.
7. Closely monitors delinquency including compiling frequent updates on internally and externally serviced loans, evaluating financial impact to the Credit Union, and providing weekly and monthly updates to team/Management.
8. Meets established department metrics, updates Management on all major projects and goal progress.
9. Identifies and implement process improvement opportunities.
10. Ensures policies, procedures, and other documentation are kept up to date, including adherence to service levels and compliance requirements of loan products.
11. Promotes and maintains a positive work atmosphere by communicating in a manner consistent with professional standards to work effectively with members, co-workers, management and vendors.
12. 12. Ensures adherence to company policies and procedures and Banking/Credit Union Regulations.
13. Performs additional duties as required.

Job Requirements, Competencies, and Skills

The Asset Recovery Specialist works under the supervision of the Senior Manager, Asset Recovery but is expected to work independently and efficiently. This person must show:

• Service Orientation- Anticipates and meets the needs of both internal (peers) and external (loan sale partners) customers; understands what is needed by the customer and how it should be delivered.
• Relationship Building- Able to develop, maintain and strengthen relationships with others inside or outside of the organization who can provide information, assistance, and support.
• Digital Proficiency- Possesses knowledge and skills to effectively utilize digital technology. Able to retrieve, compare, evaluate, and integrate information in various formats.
• Adaptive Thinking- Able to anticipate the implications and consequences of situations and take appropriate action to be prepared for possible contingencies; produces solutions and responses beyond that which is routine, or rule based.

This person must be self-motivated, task-oriented and possess a conservative, careful and cautious approach to work. In addition, this role should have the following:

1. Bachelor's degree preferred; business related field preferred. Secondary degree a plus.
2. Minimum 5 years of experience in asset management, loss mitigation, financial assistance and consumer and secured real estate credit and collections. Must possess an advanced knowledge of all requirements for bankruptcy, repossessions, foreclosures, REO and loss mitigation options.
3. Excellent problem-solving, organizational, analytical, ability to think outside the box, verbal and written communication skills.
4. Strong decision making and time management skills with the ability to manage multiple projects/duties.

1. Results driven, service oriented, self-motivated and able to work independently.

1. Trustworthy with the ability to maintain highest level of integrity and trust.
2. Proficiency in Microsoft Office, specifically Word, Excel and PowerPoint.

Environmental / Physical / Mental Requirements

• Stable internet connection with speeds high enough for video conferencing and screen sharing
• Smartphone with current iOS/Android OS
• Prolonged periods sitting at a workstation and working on a computer
• Ability to communicate with coworkers and customers via email, chat, teleconference, and/or phone

Compliance/legal requirements

• Quorum is an Equal Employment Opportunity and Affirmative Action Employer. Qualified applicants will be considered for employment without regard to race, color, religion, gender, sexual orientation, national origin, age, marital status, protected veteran status, or disability status.
• Quorum will make reasonable accommodations in compliance with the Americans with Disabilities Act of 1990. Reasonable accommodations are available upon request for qualified individuals with disabilities throughout the application and employment process.

This job description in no way states or implies that these are the only duties to be performed by the employee(s) incumbent in this position. Employee(s) will be required to follow any other job-related instructions and to perform any other job-related duties requested by any person authorized to give instructions or assignments. The company reserves the sole right and discretion to make changes to this job description.

Each employee is required to uphold the Credit Union's compliance with all policies, procedures, and required regulations including the Bank Secrecy Act and our Anti-Money Laundering policy.

This document does not create an employment contract, implied or otherwise, other than an "at-will" relationship.

**PLEASE NOTE**

We are not able to consider candidates for this role who reside in Montana, Nebraska, Rhode Island, or Puerto Rico

Hourly Wage: $24.03 to $28.85 per hour. Individual salary will vary based on skills and experience. Discretionary incentive compensation may be available based on company and individual performance.

Benefits: Medical, Vision, Dental, Retirement Benefits, and Paid Time Off (PTO)