Collections Manager

This individual is responsible for the development, implementation and maintenance of effective and efficient delinquency and recovery policies, practices, procedures and controls for the purpose of collecting past due loans, recovering on charged off accounts and safeguarding the interest and assets of the credit union in loan products and services extended to the membership. Must have advanced knowledge and expertise in lending collections and recoveries. Prevent losses through bankruptcy filings.  Ensure reaffirmations and proofs of claims are filed timely and accurately. Work with CPI vendor to ensure adequate insurance is in place for our loan collateral. Work with our Televox vendor to ensure early stage calls are being made. Work with TransWorld vendor on recoveries. Work with our attorneys for all legal action. Others duties as assigned.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

Collections and Recoveries

Perform fieldwork that may include bankruptcy and civil court, attorney offices, repossession auto lots, auctions, and collateral inspection. Handle all delinquent mortgage accounts until foreclosure is required. Review and approve all billings from attorneys/vendors and authorize legal proceedings. Develop and maintain validation controls to ensure that all data and information is accurate. Identify and resolve account discrepancies and input computer entries. Make managerial decisions on accounts that require immediate attention. Act as liaison and Custodian of Record for the credit union in matters involving accounts referred to the credit union's legal counsel or collection agencies for litigation, bankruptcy, foreclosure, or recovery. Assist with the establishment, negotiation and performance of business relationships with various vendors who provide services to the Credit Union through the Collection Department. Establish and coordinate the most efficient method of disposal of pledged collateral on secured loans in compliance with federal and state laws and the established credit union policy. Handle and resolve member concerns and complaints when escalated beyond the direct report level. Cross sell all credit union services and promote good will. Oversee the handling of bankrupt accounts.

Coaching and Training

Provide coaching and guidance to include supervision, directing, and monitoring of collection and recovery employees in the performance of job duties. Evaluate, prepare, and discuss job performance evaluations with department employees in accordance with credit union policy. Maintain a highly motivated, well-trained staff. Discuss, develop, and track personal develop plans for all direct reports on an annual basis. Develop and maintain job descriptions, departmental standards and needs-based individual development plans for staff. Hold staff meetings to discuss areas needing improvement, changes in procedures, new developments or services, present general information and to maintain effective team communication.

Analysis and Recommendation

Review and make loan recommendations for charge off with the Credit Union's Allowance for Loan Loss Committee.  Develop and present a summary of the accounts recommended for charge off and provide information as requested to the Allowance for Loan Loss Committee monthly. Analyze delinquency and repossession trends and loss ratio's to provide accurate feedback to senior level management. Review recommendations by staff to pursue litigation or third party collection action on defaulted loans or negative shares to ensure the completion of all due diligence prior to referral. Prepare loan rewrites and extensions for lender review.

Reporting

  Reporting Direct the preparation and review of the monthly delinquency and charge off reports in conjunction with the Board of Directors monthly meeting.  Prepare and review the appropriate sections of the monthly Lending Review report for staff. Prepare collection department business plan to include yearly accomplishments, goals and budget. Perform all collector duties.  

Communication

Keeps VP of Member Services informed of any matter which requires attention, action or awareness, or is outside of policy, standard, or departmental guidelines. Meets regularly and serves as a communication link between VP of Member Services and staff regarding department concerns, issues and activities that effect their department. Provide financial counseling when needed or requested by members. Communicate with and report to all examiners and auditors on behalf of the credit union regarding past due loans and return item losses. Serve as a consultant and resource specialist to other departments and branches. General Duties Develop policies and procedures for the collection and recovery areas. Keep up to date on technical advances and assists in the implementation of those beneficial to the collection/recovery department. Remain current on federal/state laws and court rulings regarding credit union collections and recoveries. Inform members and trains employees when necessary. Perform and assist when requested with any other duties as assigned.  

PERFORMANCE STANDARDS:                                                     

• Timely and accurate production of management and Board reports
• Routine monitoring of adherence to department standards and guidelines
• Routine inspection and coaching of individual performance.
• Routine performance-oriented evaluation of departmental activity; including but not limited to collection Queue reports, delinquency performance, repossession activity reports, sales and deficiency balance performance, bankruptcy activity and reaffirmations and recovery and segment performance.

Other Requirements

• Maintain credit union confidentiality as it pertains to all aspects of the credit union.
• Maintain a good understanding and adhere to OFCU policies and procedures, NCUA, Federal and State regulations and with management approval documents exceptions to policy.
• Keep updated on changing regulations as they relate to credit union products and services.

QUALIFICATIONS:  (To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.  The requirements listed below are representative of the knowledge, skill, and /or ability required.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE (Please indicate required or preferred)

• High school degree or equivalent.

• Minimum six years experience with at least three years management experience for a medium to large size credit union or other financial institution.

• Minimum five years experience in collections and recoveries field, or three years recent collections and recoveries experience in a reputable firm.
• Demonstrated experience with auto/vehicle recoveries (e.g., repossessions, skip tracing, auction, sale, valuation, and disposition).
• Demonstrated experience in effective processing and handling of bankruptcy accounts including debtor exams, reaffirmations, and administration.
• Demonstrated experience with recoveries, including experience with partnering with attorneys/3^rd party collections, garnishments, lawsuits, judgments, and skip tracing.
• Demonstrated experience with developing and tracking performance metrics, such as the ongoing performance in delinquency, charge offs, or recoveries.

• Demonstrated strong written, verbal communication, organizational skills with attention to detail
• Demonstrated coaching and leadership skills
• Demonstrated strong presentation skills
• Demonstrated strong analytical skills

ON-THE-JOB TRAINING:

• Completion of annual Security and Compliance Training (required).
• Completion of required BAI courses as assigned (required).
• Completion of Integrity Service & Selling Training (required).

MATHEMATICAL SKILLS:

• Ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals (required).
• Ability to calculate fractions, percentages, ratios and averages to create Collections and Risk Management Reports (required).