About this role:The incumbent is responsible for maximizing recoveries and minimizing losses related to the recovery and remarketing of repossessed assets.
- Loss Recovery: Responsible for generating recovery dollars on written off accounts working with Bailiffs, Remarketers, Lawyers and Trustees
- Inventory Management: Maximize recoveries from sale of inventoried assets that originate from repossessions and end of lease returns. Manage relationships with third-party vendors, remarketing partners, and auction houses to ensure maximum recovery values.
Originations- Establish fair market value residual matrices for specific asset classes and vendor Within this, define the renewal strategy and set residual realization targets met for the unguaranteed programs.
- Support Sales and Credit by providing one-off asset valuations to facilitate credit underwriting
End of Lease- Work with customers on the return of assets at the end of the lease as Issue return authorizations with the view to minimizing losses on off-lease assets and maximizing our returns.
- Collaborate with Customer Service, Collections and Accounting on the disposition of end of lease contracts and the generation of end of lease income.
Account Management:- Work with Collections and Sales to determine appropriate remarketing channels for assets coming into.
- Work with law firms, Bankruptcy trustees to assist recover $.
- Ensure the timely sales of repossessed and off-lease.
- Maximize income and minimize expense associated with the sale of repossessed and off-lease.
- Verify and validate inventory values attached to repossessed assets on written off.
- Provide asset valuations on repossessed assets to aid Collections in establishing appropriate specific reserves on high balance assets (>$50k Net Investment).
- Provide expert judgment and advice to the Collections team to aid in recovery strategies for non-performing.
- Review and approve condition reports for assets to ensure readiness for liquidation.
- Collaborate with the marketing team to create targeted campaigns to promote remarketed assets through various channels.
- Responsible for KPI like recovery rate, inventory aging, recovery dollars collected.
- Solid grasp of the loss mitigation, remarketing and legal process from start to finish is a plus.
Vendor Channel Oversight- Identify remarketing, law firm and bailiff partners; negotiate terms of engagement (commission, costs, SLAs).
- Maintain Service provider list and add/remove partners as
- Ensure partners meet compliance, regulatory and insurance criteria as mandated by the Credit Union.
Knowledge, Skills, and Experience:- Minimum ten (8-10) years' experience in Asset Management, Collections, Loss Recovery and Finance and Banking Industry Experience.
- Strong grasp of leasing industry
- Full understanding of legal and regulatory rules governing account collection, asset disposal/remarketing and deficiency collections.
- Full understanding of security documentation and legal rights
- Highly developed problem solving and negotiating
- Completion of a post-secondary education program in finance would be an
- Experience with Microsoft operating systems including Word, Excel, Outlook and the Internet.
- Bilingual Skills (Fluency in both English and French) considered an asset.
This role represents an existing vacancy. Internal candidates are being considered as part of our standard process.
Salary Range: CAD $68,800.00 to $103,200.00Compensation for this role is based on a combination of skills, experience, and internal equity. Candidates with stronger alignment to the role's requirements may be placed higher within the range. Your recruiter will share more information about our total rewards package during the hiring process.
Office Location: Toronto Corporate Office. This is a hybrid opportunityMeridian OneCap has a remote work policy that allows flexibility for employees to work remotely but also requires regular time in the office for purposeful meetings to collaborate, innovate and build effective relationships with your team, your colleagues and your leader which is very important to us.
What's in it for you?- We have an inclusive and collaborative working environment that encourages creativity, curiosity, and celebrates success!
- You'll get to work with and learn from diverse industry leaders, who have hailed from top organizations around the world
- Hybrid work arrangements with in-person office time to collaborate, innovate and build relationships with your colleagues
