Fifth Third Bank, N.A. Repossession Specialist I in GRAND RAPIDS, Michigan
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Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensuresthatactions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
. Under direct supervision, processes orders for voluntary, involuntary, and impound consumer loan repossession assignments/reassignments, including requests for repossession cancelations and redemptions.
. Collects, reviews, monitors, and documents accounts involving: Repossessions in accordance with departmental and legal guidelines
. Repossess consumer loan collateral to encourage successful repossession assignments and cost reduction whereby following state/federal laws to protect the bank from litigation.
. Manages accounts that range in 0 days delinquent through recovery, and bankrupt account statuses, utilizing multiple systems.
. Partner with loss mitigation, recovery, bankruptcy, legal, and remarketing departments as necessary.
. Position has a direct impact to bank losses in excess of 150 MM per year.
Maintains effectiveness when experiencing changes in work responsibilities, requirements, or environment; demonstrates flexibility by adjusting and working effectively within new work structures, processes or cultures.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
. Submits voluntary, involuntary, and impound repossession assignments/reassignments using multiple systems to encourage successful repossession assignments and cost reduction, whereby following state/federal laws to protect the bank from litigation.
. Monitors and reviews the status of accounts placed with the repossession vendors. Posts comments and ‘Notices of Repossession' in a timely manner into collection system to ensure the bank is meeting state statue requirements and mitigatingfinanciallosses
. Utilize skip tracing tools to locate customer successfully, and strategic use of collection tools to reduce or prevent losses. Provide all new information to repossession vendor, and if internal source provided new information, act as the conduitandimmediately forward that new information to the repossession vendor.
. Responsible for establishing strong working relationships with the repossession vendors and other business partners.
. Monitor each repossessed account to ensure receipt of the condition reports, and update the collection system accordingly. Work with the appropriate repossession vendors to obtain any missing information.
. Partner with the remarketing department to coordinate consumer loan collateral transportation to the auctions for disposal of collateral.
. Coordinate with the remarketing department to process requests for voluntary repossessions at financial centers and dealerships, including contacting the financial center or dealership to inform them the request is in process. If applicable educateonthe information necessary to efficiently process any future requests.
. Utilize tools available to ensure lien position to protect the Bank from wrongful repossession.
. Process and document necessary certified/notarized mail correspondence timely to ensure the Bank is in compliance with state statutes. Including the recording of any returned/unclaimed certified/notarized letters.
. Conducts research, evaluates data from multiple sources, and makes strategic actionable decisions.
. Monitor daily verbal and written correspondence regarding impounds, including any notification from a third party that has possession of the Banks collateral that is charging storage/tow fees and/or repairs charges owed, who's intent is to assumeourcollateral if the fee is not resolved.
. Decisions accounts within approval authority to repossess impounds and/or damaged collateral by assessing the value of the vehicle verses any storage/repair/repossession fees.
. Negotiate all storage/tow/repair charges with third parties to reduce costs to assume the Bank's collateral.
. Accurately process and documents all requests for repossession cancellations and redemptions.
. Ensure that requests for non-contractual repossession fees and/or additional fee amounts are submitted to management, or designee responsible for paying invoices, for approval.
. Reconcile vendor invoices to ensure agreed upon charges are paid. Review accounts for additional repossession fee approval. Process adjustments to post repossession fees.
. Collaborative approach to identify and recommend solutions to issues.
. Responds to questions from customers and internal staff members in accordance with core values.
. Consistently meets or exceeds financial or production targets as defined by Management.
. Continuously increases knowledge and skills through self-motivation, formal education, seminars, and in-house training.
. Performs all work in accordance with established health and safety procedures.
. Performs any other duties as assigned.
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
. High school diploma or equivalent required. Some college preferred.
. Minimum 2 years of collections, repossession, or equivalent work experience.
. Excellent verbal and written communication skills.
. Strong experience with Microsoft office products, such as Word, Excel, PowerPoint, and Outlook.
. Ability to work in a team environment, presenting a professional image and commanding the respect of peers and Management.
. General knowledge of collection laws, regulations, principles of credit lending, and risk management.
. Utilizes a fair degree of independence and problem solving.
. Ability to multi-task and be flexible.
Repossession Specialist I
LOCATION -- Grand Rapids, Michigan 49546
Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.
GRAND RAPIDS-United States of America