Asset Recovery Associate

Description

Job Scope:

The Asset Recovery Specialist Associate supports post-charge-off recovery efforts by learning to evaluate charged-off loans for collectability, contacting borrowers under guidance to explore repayment options, and assisting with vendor relationships with third-party collection agencies. The role gains experience with skip tracing, reconciliation of recovery payments, levy processing, and vendor oversight tasks. Working closely with more experienced team members and following established procedures, this position helps advance the credit union’s loss recovery and compliance strategies by contributing to recovery efforts while developing professionalism and understanding of regulatory requirements.

Essential Functions

• Learn to process charged-off loans in accordance with credit union policy and regulatory requirements under guidance.
• Assist in reviewing loan history, collateral status, and borrower financials to begin assessing collectability.
• Accurately document charge-off decisions and complete loan system updates as directed.
• Support the processing and maintenance of accurate records for IRS Form 1099-C filings in compliance with applicable laws and regulations.
• Under supervision, initiate contact with borrowers after charge-off to discuss repayment, settlement, or workout options following established scripts and policies.
• Assist with negotiating and documenting settlements and repayment terms on consumer secured loans, unsecured loans, and credit cards within delegated authority.
• Practice handling sensitive conversations with professionalism and empathy while learning to protect the credit union’s interests.
• Maintain accurate records of all member interactions and payment agreements in the system of record.
• Support the assignment of charged-off accounts to third-party collection agencies based on strategy and collectability as directed.
• Help monitor and evaluate performance of collection vendors, including recovery rates and compliance, and learn to escalate issues appropriately.
• Assist experienced staff in coordinating with agencies, audits, and escalations.
• Conduct skip tracing using approved tools and databases to locate borrowers or verify information with guidance.
• Assist in researching deceased, bankrupt, or out-of-contact borrowers for additional recovery options.
• Help monitor and reconcile recovery payments from members or third-party agencies.
• Ensure accurate application of recoveries to the appropriate loan accounts as trained.
• Prepare or assist with monthly reporting of post-charge-off collections, settlements, and agency activity.
• Learn to review and process Tax Levies and Child Support Bank Levies in compliance with applicable laws and regulations under guidance.
• Maintain detailed documentation of levy requests, actions taken, and funds remitted.
• Support communication with members and applicable government agencies regarding levy status and requirements.
• Follow policies and procedures to ensure all collection, levy, and recovery activities comply with FDCPA, UDAAP, UCC, and internal policy.
• Maintain detailed and organized records of collection efforts, levies, and payments.
• Support internal and external audits with necessary documentation and explanations.
• Perform other duties as assigned by management.

Requirements

Qualifications:

Experience and Education

• Minimum 2 years of related experience in collections, charge-off recovery, skip tracing, or a similar financial services environment.
• Associate’s degree in business or a related field OR an equivalent combination of education, coursework, certification, and related work experience providing foundational knowledge of collections or lending practices.

Knowledge

• Foundational understanding of consumer lending, charge-off policies, levy processing, and recovery procedures, with willingness to build deeper expertise through training.
• Emerging familiarity with collection systems, vendor processes, or skip tracing platforms.
• Knowledge of MS Office (Excel, Word) and basic data reconciliation.
• Awareness of (or willingness to learn) legal collection processes and terminology, FDCPA, UCC, levy regulations, and consumer protection laws.
• Bilingual skills (English/Spanish) a plus.

Skills/Abilities

• Developing skills in negotiation and conflict resolution, with openness to feedback.
• Ability to follow legal and regulatory compliance procedures accurately.
• Emerging ability to support vendor oversight and relationship management tasks under guidance.
• Analytical thinking and attention to detail when processing, reconciling, or documenting information.
• Effective time management and follow-through on assigned tasks.
• Professional communication with members, vendors, and team members; respectful and empathetic approach to sensitive situations.

Physical Requirements/Work Environment

• This position is performed primarily in a professional office environment with extended periods of sitting at a desk, working on a computer, and using standard office equipment such as phones, copiers, and printers.
• Regular use of keyboard, mouse, and other data entry tools is required; ability to view and interpret data on screens for extended periods.
• Work is generally performed during standard business hours; however, the position may occasionally require evening hours to complete outbound member contacts, coordinate with vendors, or handle urgent levy processing.
• The role operates under a hybrid or in-office schedule based on business needs and may require flexibility in reporting location.
• Minimal lifting (up to 10 pounds) of files or office supplies may be required.
• Noise levels are typically moderate and consistent with a standard office environment.