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Recovery Specialist

Lafayette Federal Credit Union

Location: Rockville, MD

Schedule: Full-time

Position Overview

Welcome to Lafayette Federal Credit Union Careers! Our organization is growing, and we are seeking top-notch individuals to provide support to our members. Our employees are a critical component in in our endeavor to be the premier financial partner for every one of our members.


  • Are you a smart, organized, and resourceful professional?
  • Do you have experience monitoring loans that are in default in the credit union loan portfolio?


If so, then Lafayette Federal may have the perfect opportunity for you! We are currently seeking a Recovery Specialist to join our dynamic team!


About us:


Our Difference: What makes Lafayette Federal cutting-edge? Lafayette Federal Credit Union is not only a great place to bank, but also a great place to work! We have been recognized nationally by (1) Newsweek’s America’s Best Bank’s list, (2) we’ve received a 5-star rating from Bauer financial, and (3) we’ve also ranked #12 in S&P Global’ s Top Performing Credit Union’s in 2022 for the second year in a row!


Our Culture: Lafayette Federal is about inclusion, diversity, high performance, and new opportunities. Teamwork and our sense of community also make Lafayette Federal a great place to work. Each person is valued for his or her unique set of skills. We share a common devotion to the people we serve, participating in charity events throughout each year and giving back to the community.


Our Opportunities: Professional development, training, and certification is a priority for our employees. We want you to reach your career goals and provide support that leads to opportunities of advancement within the industry.


About the role:


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.





A day in the life of a Recovery Specialist will include:

  • 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.


Top benefits or perks:

Joining Lafayette Federal comes with perks to support you in your personal and professional journey.

We provide employees with a generous benefits package including:

  • Employer paid (99.9%) health insurance premium for single and family coverage (HMO Plan)
  • Fully funded deductible (HMO Plan)
  • 401k employer matching contribution
  • Income protection with life insurance, short and long-term disability
  • Paid time off & holiday leave
  • Educational assistance
  • Commuter benefits program and more


 The job posting highlights the most critical responsibilities and requirements of the job. It is not all-inclusive. There may be additional duties, responsibilities, and qualifications for this job.

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



Education & Experience

Three to five years of similar or related experience


Our 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.

How to Apply

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