NewLane Finance Company ("NewLane") is a commercial equipment finance company, serving small and mid-size businesses nationwide. Our mantra is "business lending done right", and our strategy is to revolutionize small business lending by employing the latest technology and a motivated workforce to deliver fair and transparent equipment financing solutions to businesses with unmatched levels of speed, convenience, and customer service.
Our products and services are offered to businesses primarily through financing programs with equipment manufacturers, distributors, and dealers. NewLane is a majority-owned subsidiary of WSFS Bank, a $20+ billion financial organization.
NewLane Finance is immediately seeking an experienced Asset Recovery & Remarketing Specialist with strong skills in, but not limited to, asset valuations, repossessions, remarketing and equipment sales. The successful candidate will possess proven experience in asset recovery and remarketing and will exhibit an energetic and professional demeanor. This position will be reporting to the Director of Collections of NewLane Finance.
NewLane's Values:
• Integrity
• Passion
• Teamwork
• Commitment to Excellence
Essential Functions:
- Proactively review and evaluate delinquent and charged-off accounts to determine if it would be beneficial for NewLane to initiate repossession and remarketing efforts with respect to the financed equipment.
- Coordinate the repossession, remarketing and sale of NewLane owned equipment with third-party repossession/remarketing agents.
- Ensure repossession/remarketing agents are provided with all necessary and accurate information to successfully recover and promptly sell the collateral.
- Evaluate performance of repossession/remarketing agents with respect to (i) length of time it took the agent to recovery and sell the assets and (ii) proceeds realized by the agents on assets sales (as compared to initial valuation estimates provided by the agent).
- Proactively conduct frequent (at least monthly) Teams meetings with each repossession/remarketing agent used by NewLane to review their performance/results, using the info obtained from such meetings to assign/re-assign assets to the better performing agents.
- Track recovery realization rates by equipment type, agent, location, etc and proactively share such information with NewLane's Credit Manager to be considered when setting underwriting guidelines.
- Develop and maintain detailed reporting to be shared with senior leadership and used to evaluate current recovery strategies and develop new strategies as needed.
- Maintain up to date recording of all activity and information in the collections/recovery system.
- Perform skip-tracing as necessary to locate equipment if repossession agents are unable to locate equipment.
- Make customer contact to coordinate the prompt surrender of equipment.
- Handle all aspects of closings of assets sales, including asset sale agreements, titling matters, payment receipt, applying payment to account and disposing of account in system.
- Work with legal team and litigation paralegal as needed with respect to accounts that involve both asset recovery and litigation against the obligors.
- Complete other related duties as assigned.
Requirements:
- General knowledge of commercial equipment financing and the products thereof.
- Prior proven experience in asset recovery and remarketing, specifically with respect to commercial equipment.
- The successful candidate will possess a positive and "customer-centric" attitude, adhering to the core values of NewLane Finance.
- Candidate must have a "business" mindset, with an understanding of the financial services industry - including an ability to understand all facets of financial services, such as leasing, secured lending and asset management.
- Ability to prepare and use data and reports to guide decision making.
- Exceptional organizational skills.
- Ability to work autonomously while displaying excellent written and verbal communication skills.
- Ability to effectively negotiate settlements with respect to post charge off accounts.
- Detail oriented and ability to remain patient and professional when interacting with customers.
- Ability to work quickly and efficiently without sacrificing quality.
- Proficient computer skills including MS Office Suite and ability to learn various proprietary software programs.
- Ability to work with peers in other departments to assure proper transfer of info/knowledge gained in the equipment repossession/recovery/remarketing process.
- Must be willing to work in accordance with NewLane's hybrid work schedule (currently in the office Tuesday, Wednesdays and Thursday and remote on Mondays and Fridays (subject to change as needed .
- Must have legal right to work in the U.S.
The successful candidate will receive a competitive compensation package, excellent benefit package to include: Health, Rx, Dental, Vision, Life Insurance (Company Paid), AD&D Insurance, Additional Voluntary Life Insurance, Short Term/Long Term Disability Insurance, Flexible Spending, 401(k) with match, generous PTO and much more
NewLane Finance is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, gender expression, national origin, age, protected veteran or disabled status, or genetic information.
NewLane Finance will not be able to provide Relocation or Sponsorship