Overview
Asset Recovery Specialist Jobs in Toronto, ON at Vault Credit Corporation
Full job description
Who we are:
Vault is a non-bank owned private lending company offering a wide array of financial services such as mortgages, business loans, equipment leasing as well as many other lending products. Vault has a devoted team of experts with years of experience in both financial services and real estate. We deliver products and services that meet our borrowers’ diverse needs quicker and easier than any traditional sources!
Purpose:Working with our Asset Recovery Team and responsible for all assigned accounts placed for repossession, by seeking and recovering company assets using effective tools available. In addition, this role requires collection of payments on past due accounts, including late charges, payment penalties, interim rent, restructures, payment plans and settlements through verbal and written contact with lessee. Under general supervision and in compliance with established policies and procedures, resolve the bad debt through various negotiation techniques, skip tracing efforts, and a thorough analytical review of the lessee’s financial information.
Reports to:Collections and Asset Recovery Manager
Essential Job Duties and Responsibilities:
Responsible for accounts received for repossession.
Responsible for repossession on accounts with communication with customers that want to pay to avoid repossession.
Locate lessee through various skip tracing techniques if no contact with lessee.
Confirm the asset location and best time for recovery/return.
Research and determine the recovery fees (including but not limited to bailiff, transport, towing, storage, and sale commission)
Research the fair market/current value of the asset to determine the best course of action (returning the asset to vendor, auction, remarketers) for best recovery (sale proceeds).
Assign the closest bailiff to the lessee’s location to repossess the asset.
Send notifications to customers regarding (Notice of Sale) the sale of the asset.
Calculate deficiency balance once the asset has been sold and sale proceeds have been received and send deficiency letters in a timely manner.
Overcome lessee’s stalls and objections and suggest money sources for debt payment.
Negotiate pay off balances, settlements, or payment arrangements on past due and charged off accounts.
Analyze lessee’s financial information by reviewing credit bureau (Equifax) reporting if no response to the deficiency letter and prepare the file for possible legal action/collection agency.
Monitor payment arrangements placed by the Litigations Manager
Maintain and update accurate account records, including accurate notes in Aspire for every account activity or conversation held.
Prepare notes before collections team weekly meeting and review accounts, progress, and recommendations.
Assist the collections department with accounts that are not yet in repossession.
Assist the insurance department by contacting customers/insurance brokers to obtain insurance renewals and contact customers upon receipt of an insurance cancellation for client to avoid repossession.
Identify accounts which need to become non-accrual or charged-off early.
Answer and respond to all incoming calls on assigned queues.
Maintain daily and monthly performance standards set by management.
Other duties and special projects as assigned.
Supervisory Responsibilities:None
Knowledge, Skills, and Experience required (unless otherwise no…
Title: Asset Recovery Specialist
Company: Vault Credit Corporation
Location: Toronto, ON
Category:
