Identify, track, and recover assets secured by collateral to settle defaulted loans.
Perform asset inventory checks and ensure accurate documentation of all assets involved in the recovery process.
Coordinate and oversee the execution of asset recovery plans to maximize the value of recovered assets.
Negotiate with borrowers to facilitate voluntary asset turnover, where possible, to avoid further legal action.
Legal Coordination
Work closely with legal advisors to initiate and manage legal actions related to asset recovery, including foreclosure, repossession, or other processes in accordance with the loan agreement.
Ensure that all asset recovery actions are legally compliant with applicable laws and company policies.
Maintain proper documentation of all legal actions, communications, and outcomes related to asset recovery.
Asset Valuation And Disposal
Collaborate with appraisers or asset evaluators to determine the fair market value of recovered assets.
Manage and coordinate the sale, auction, or liquidation of recovered assets to achieve optimal recovery.
Ensure the proper valuation and disposal of assets in compliance with internal policies and market conditions.
Reporting And Documentation
Maintain accurate records and documentation of asset recovery efforts, including details of each asset, transaction history, valuation reports, and sale or liquidation outcomes.
Prepare and submit regular status reports on the progress of asset recovery and disposal activities.
Provide accurate and timely updates to management on recovery performance, including challenges or issues faced during the recovery process.
Risk Management
Identify potential risks related to asset recovery and ensure that proper measures are taken to mitigate such risks.
Monitor asset condition and market trends to assess the potential for recovery and take appropriate action to prevent asset depreciation.
Safeguard the companys interests by ensuring that assets are properly protected, stored, and maintained until recovery or disposal.
Collaboration And Stakeholder Management
Work closely with internal teams, such as finance, collections, and legal departments, to ensure effective asset recovery and seamless coordination.
Engage with external vendors, including auction houses, third-party evaluators, and legal service providers, to facilitate asset recovery and disposal.
Ensure effective communication with borrowers, explaining the recovery process and seeking resolutions or agreements when possible.
Customer Interaction And Negotiation
Communicate with borrowers to understand their circumstances, explain their options, and seek mutually agreeable resolutions to avoid further collection or legal actions.
Negotiate settlements or repayment plans with borrowers to minimize the need for asset recovery.
Assist in mediating disputes related to asset recovery and collaborate with management to develop viable solutions.
Additional Responsibilities
Other duties as assigned to ensure the smooth execution of asset recovery and disposal processes, including assisting with ad hoc tasks or supporting other departments in related activities as needed. Maintain flexibility to adapt to changing needs and priorities of the business.
Key Requirements
Educational Requirement: Bachelors degree in Business Administration, Finance, Law, or a related field.
Experience: At least 2-3 years of experience in asset recovery, collections, or related fields, with a focus on managing collateral assets and loan default cases.
Skills
Knowledge of asset recovery processes, including valuation, repossession, and liquidation strategies.
Understanding of legal and regulatory requirements related to asset recovery and foreclosure.
Strong negotiation, communication, and interpersonal skills.
Ability to work under pressure and handle complex situations involving sensitive financial matters.
Detail-oriented with excellent organizational and documentation skills.
Technical Skills
Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint).
Experience with asset tracking software or loan management systems.
Familiarity with financial reporting tools and databases.
Job Competencies
Strong analytical and problem-solving abilities to evaluate and manage recovery opportunities.
Ability to handle complex negotiations and manage difficult situations with professionalism and tact.
Proven ability to work both independently and as part of a team.
High level of integrity and ethics, with the ability to handle confidential and sensitive information.
Working Conditions
Full-time position, primarily in an office environment, with occasional field visits for asset inspections or recoveries.
Occasional travel may be required for asset retrieval or collaboration with external partners.
