Collateral and Insurance Specialist
Role
The primary purpose of the Collections and Resolution Assistant position is to assist Beacon Credit Union to live out our mission, "Dedicated to Our Member's Financial Success."
The primary purpose of this position is to assist Beacon Credit Union to live out our mission, "Dedicated to Our Member's Financial Success, " by delivering outstanding service to both internal and external members. Performs all duties associated with the preparation and monitoring of vehicle titles, insurance and claims. Work with branch staff to provide efficient, accurate and timely requests on all loan questions.
Major Duties and Responsibilities
Responsible for maintaining vehicle tracking program (Currently VINTEK). Ensures that titled vehicles have the credit union’s lien recorded on the title at the Department of Motor Vehicles. Ensure that titles are promptly and accurately requested when needed for repossession and bankruptcy purposes and insuring the system is updated accordingly. Ensure that all incoming titles are received in a timely manner with our lien procured precisely to protect our lien interest. Report to management any exceptions in a timely manner as stated in the Collateral Procedures regarding loan officers' responsibility. This would include procedures for loan demands due to lack of collateral insufficient liens. Must have a thorough knowledge and understanding of DMV procedures in the state of Virginia and NC, and would also, research in other states where these state titles are linked to our loan portfolio to perfect our liens to protect BCU. Would also procure liens on collateral that would involve the VA and NC Game and Inland Fisheries and the State Corporation Commissions for UCC filings. Within Vintek, work the pending titles report, track incoming titles, apply for lost in transit titles, release titles.
Handle all total loss claims for any collateralized loans. Work with processing Letters of Guarantee to insurance companies for members who have filed claims with their insurance company and posting insurance company claim payments. Work with member to resolve any outstanding issues with loans/collateral.
Assist with filing GAP claims; includes gathering necessary information, completing forms and communication with our GAP vendor. Contacting or directing members to applicable dealerships to file or cancel GAP insurance. Apply insurance refunds/proceeds and or maintenance products (backend products) to applicable auto loan balance.
Understand the importance of collateral position and releases, including Certificates of Satisfaction. Assist loan department with processing certificates of satisfaction for real estate loans. Coordinate with loan staff to ensure accurate, professional service is provided to members.
Assist members in filing insurance claims with TruStage (debt protection).
Along with the mortgage department, provide mortgage payoff information to members, insurance companies, title companies, and other necessary entities.
Attends Business Loan Committee Meetings. Responsible for coordinating and providing all meeting minutes to management.
Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control.
Follows all applicable regulations, including Bank Secrecy Act, and Anti-money Laundering.
Deliver outstanding service to internal and external members in alignment with the credit union's service standards.
All other duties as assigned.
Knowledge and Skills
Experience6 months to 2 years of similar or related experience, including preparatory experience
Education/Certifications/LicensesHigh school education or GED
Interpersonal SkillsA significant level of trust, credibility and diplomacy is required. In-depth dialogue, conversations and explanations with customers, direct and indirect reports and outside vendors can be of a sensitive and/or highly confidential nature. Communications may involve motivating, influencing, educating and/or advising others on matters of significance. Typically includes subject matter experts as well as first level to middle managers.