Description
The successful candidate in this position will lead a team of recovery professionals and oversees all activities pertaining to the collection function. Work involves proactively minimizing credit loss for the credit union through collection efforts including maximize collection productivity and effectiveness, maximize recovery, increase efficiencies through automation and standardization, continuous improvement on internal controls, collaborate with cross-functional groups (especially lending and finance) to build relationship and alignment on collection efforts and results, and building an effective organization through strong people management skills. Resources to do the job require effective coaching, performance and talent management skills in addition to a thorough understanding and application of credit union policies and procedures. General direction is received from the Director of Finance and Loss Prevention & Recovery.
Responsibilities of the position will include:
Drives a performance-based recovery team by providing, monitoring and tracking effective production statistics on a consistent basis.
Leads, controls and oversees annual department 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 insource and outsource teams 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.
Analyzes, negotiates, recommends and executes all Collateral Protection Insurance matters regarding collections.
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.
Cooperates with state, federal and internal examiners and/or auditors in routine credit union examinations and audits. Conducts quarterly asset disposal and/or vendor audits to ensure GLBA requirements.
Performance 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 Collections staff and branch personnel to ensure uniform practices and compliance to regulatory requirements, internal policies and procedures.
Requirements
Qualifications:
Minimum of 7-10 years in leading a team of collection staff to effectively minimize credit loss.
Thorough knowledge of federal and state regulations relating to collections and privacy.
Ability to multi-task and deal with heavy volume period with tight time parameters.
Must possess strong analytical, people, written and oral communication skills, and be sound of moral character and above average judgmental capabilities.
Proficient with mainframe accounting system and computer literate.
Ability to work effectively with associates at all levels within the organization.
Previous financial institution experience preferred.
