Description
The incumbent in this position leads the recovery team and oversees all activities pertaining to the Recovery function bankruptcies, foreclosures, repossessions - and the Credit Unions Credit Loss Portfolio. Work involves proactively minimizing credit loss with compliant and effective recovery efforts, increased efficiencies through automation and standardization, continuous improvement on internal controls, collaboration with cross-functional groups (especially lending and finance) to build and foster relationships and alignment on collection and recovery efforts, and building an effective team through strong people management skills.
Recovery:
Drives a performance-based recovery team by providing, monitoring and tracking effective production statistics on a consistent basis.
Leads, controls and oversees budget and operation planning process and execution of initiatives.
Responsible for providing consistent and effective reporting that communicates current credit loss conditions, forecasts and financial plans.
Continuously improves policies, processes and procedures that would proactively minimize credit loss, maximize recovery, and minimize risks, protecting the assets of the credit union.
Continuously improves operating policies and procedures for partners, vendors and business departments to ensure internal controls, compliance with regulatory guidelines, and proper segregation of duties.
Partnering with Lending, responsible for recommendation and resolutions on loan modification requests within the Credit Committee review process.
Proactively manages vendor relations and complies with Vendor management policy and processes.
Responsible for Credit Bureau, Illinois Department of Financial and Professional Regulations, and BBB complaints pertaining to collections.
Collaborates with legal team when appropriate and manages outside attorneys and governmental agencies regarding account litigation. Authorizes and manages suit litigation that represents the best interests of the credit union.
When and where appropriate, testifies in court proceedings as a credit union representative in civil collection cases.
Credit Loss Mitigation:
Develop and implement liquidation and/or charge-off strategy
Audit accounts recommended for charge-off to ensure maximum efforts have been taken to mitigate loss.
Supervise and monitor the monthly preparation of delinquency and charge-off reports.
Coordinate and prepare the monthly account reconciliation for charge-offs and negative shares.
Personnel Management:
Coaches and develops direct reports through performance management, consistent feedback and re-direction, and establishes and executes development plans.
Responsible for the hiring, corrective action and terminations when needed.
Collaborates with Training Department to develop and maintain a well-structured training curriculum for staff and branch employees to ensure uniform practices and compliance to regulatory requirements, internal policies and procedures.
Project Management:
Researches and evaluates the need for process and product changes and makes recommendations for improvement.
Serve as primary contact for vendors in testing new systems releases.
Maintains effective communication with all credit union employees to ensure constant exchange of information and to promote cross training.
Develops on-going 90-Day Priorities Action plan with Director.
Requirements
Completion of a Bachelors degree and minimum five years specialty collections experience to included bankruptcy, repossessions and foreclosures; or an equivalent combination training and experience. Considerable knowledge of regulations relating to specialty collections as described. Must possess strong analytical, people, written and oral communication skills, and be sound of moral character and above average judgmental capabilities. Demonstrated ability to work effectively with associates and vendor partners at all levels within and outside the organization. Two years supervisory experience preferred. Previous financial institution or credit union experience preferred.
