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Recovery Specialist

Lafayette Federal Credit Union
Rockville, MD
  • Posted: over a month ago
  • Full-Time
  • Benefits: life insurance, medical, vision, 401k, dental,
Job Description



*Work from home capabilities are available*


We are Lafayette Federal Credit Union, recognized in the S&P Global Market Intelligence Report as one of the Top 100 performing credit unions in 2021 for the second year in a row, securing the #12 spot out of over 1,700 qualified credit unions nationwide. Our organization is growing, and we are seeking top-notch individuals to provide support to our members. We want to be the premier financial partner for all our members. A critical component in achieving that success is our employees.

We are seeking a smart, organized, and resourceful professional to assist the Asset Recovery department in monitoring loans that are in default in the credit union loan portfolio as well as all tasks related to rehabilitation and sale of credit union owned assets (i.e. repossessions & REOs) to include valuation, insurance, utilities, release/recordings, purchase agreements, rental agreements, payment of insurance and taxes providing support services in managing the process of loan extensions, loan modifications and foreclosures.

The Recovery Specialist also:

  • Qualifies and assigns accounts that the collection team has approved for repossession and foreclosure.
  • Assigns accounts to foreclosure attorneys and repossession companies; voluntary, involuntary, abandoned and impounded assets.
  • Documents system and notifies all corresponding departments once vehicle has been secured and/or foreclosure has been completed.
  • Process mortgage reinstatements and vehicle redemptions according Federal and State guidelines. Assists in activities related to loss mitigation to include loan extensions, loan modifications and foreclosures.
  • Manage the process for disposing of any assets owned by the credit union, to include; rehabilitations, management, and resale of vehicles, (boats, RV’s etc.)
  • Ensures compliance with state laws regarding the right to cure (RTC), Strict Compliance Letter (SCL), Soldiers and Sailors Credit Protection (SSCRA), and any Bankruptcy protection requirements. Follow all guidelines Federal and local for foreclosures.
  • Establish and maintain effective, cooperative and collaborative working relationships with members, attorneys, vendors and staff.
  • Performs other duties as assigned by the Vice President of Recovery and the Principal Vice President of Default Prevention and Recovery.
  • Troubleshoots and resolves member and internal inquiries in a timely, friendly and professional manner. Ensures all written and verbal member correspondence and all related information are documented and/or scanned accurately and timely into the Collections system.
  • Responsible for understanding and complying in an accurate and timely basis with all Bank Secrecy Act/Anti-Money Laundering/OFAC requirements that pertain to your position at LFCU and as directed by management and/or the Senior Vice President of Risk Management.


The ideal candidate will:

  • Provide all members with professional support, accurate information, and friendly service.
  • Ensure all data entry for loans are made with minimal, non-recurring errors.
  • Contribute to the successful achievement of Organizational and Departmental goals as set by management and/or the Vice President of Asset Recovery.
  • Adhere to Lafayette Federal’s Service Standards Policy.
  • Maintains confidentiality at all times.
  • Maintain a dependable record of attendance and timeliness.
  • Ensure that consumer and mortgage collection queues are followed.


Qualified candidates will have the following:

  • A positive credit standing


  • Three to five years of similar or related experience


  1. A two-year college degree;
  2. Completion of a specialized course of study at a business or trade school or;
  3. Completion of a specialized and extensive in-house training or apprenticeship program.

Interpersonal Skills:

  • Courtesy, tact, and diplomacy are essential elements of the job. Work involves much personal contact with others inside and/or outside the organization for purposes of giving or obtaining information, building relationships, or soliciting cooperation.

Physical requirements and Work Environment

  • This position requires manual dexterity, the ability to lift files and open cabinets. This position requires bending, stooping or standing as necessary.
  • This job operates in a clerical office setting. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines. Office environment with job duties conducted via telephone, face to face meetings, and on the computer.


Lafayette Federal Credit Union is committed to the health and safety of our employees, volunteers, and members. As such, we will require that all newly hired members of our team be COVID vaccinated (including the booster if eligible) two weeks prior to their first day of work. In accordance with applicable laws, we may consider exemptions to this requirement.


*Lafayette Federal Credit Union is an Equal Opportunity and E-Verify Employer*


Company Description
Lafayette Federal is not only a great place to bank, but a great place to work too. As an institution, we are committed to the success of each employee and the betterment of our community. We are proud of our competitive pay and attractive benefits package that provides those with Lafayette Federal careers the resources needed to manage their health, promote their well-being, and help plan an exciting future.

Why work at Lafayette Federal?

When you choose a Lafayette Federal career, you choose to work in an environment where member focus is our bread-and-butter. We have a stable presence in the Washington Metropolitan area, a tenacious spirit and a genuine love for what we do — serving our members. If you seek a career in banking, our job openings offer you an excellent chance to learn and advance. We are a strong organization, poised for growth, and we are constantly broadening our reach.

We believe an inclusive, equal opportunity workplace reflects the communities we serve and leads to fresh ideas. Valuing diversity extends to the recruitment and ongoing engagement of employees to member cultivation. It’s part of who we are.

Consider a Lafayette Federal career if you want:

- An opportunity to make an impact in the lives of our members
- A chance to work with some of the best minds in banking today
- A forward-thinking benefits plan and competitive pay
- An environment that values differences in people

Employee Benefits:

We are committed to maintaining an attractive benefits package that gives those with Lafayette Federal careers the resources they need to effectively manage their health, promote their well-being and help plan an exciting future.

Here at LFCU we offer:
- 401(k) with Employer Match and Profit-sharing
- Generous Paid Time Off Package
- Competitive Group Health Insurance including Dental and Vision for Single and Family Coverage
- Flexible Spending Account
- Health Savings Account with Employer Funding
- Life and Accidental Death and Dismemberment Insurance
- Short and Long-Term Disability Insurance
- Commuter Benefits
- Educational Assistance
- And More!

In addition to the benefits listed above‚ LFCU fosters a great work environment. Just ask our employees!

*Lafayette Federal Credit Union is an Equal Opportunity and E-Verify Employer. *

Lafayette Federal Credit Union


2701 Tower Oaks Blvd.

Rockville, MD


Finance and Insurance

View all jobs at Lafayette Federal Credit Union

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