Vice President, Special Assets Team

Job Type

Full-time

Description

Job Summary:

This role will oversee Special Assets Team, managing Loss Mitigation and Asset Recovery teams, driving performance while upholding our commitment to member service and regulatory compliance. In addition to oversight of these teams, the role will be instrumental in building out programs to minimize loss of all products including mortgage, small business and all consumer loans, while effectively providing oversight to support all aspects of the past-due and non-performing loan accounts.

Leadership

• Liaise with managers/ supervisors, HR and OD to recruit, onboard, develop, and retain high-quality staff.
• Oversees managers’/ supervisors’ processes related to daily workflow of the departments (i.e., Loss Mitigation and Asset Recovery).
• Provides constructive and timely one-on-ones and performance evaluations to department managers/ supervisors.
• Effectively coaches, mentors, motivates, and manages staff to ensure delivery of communications to employees in a timely and accurate manner while maintaining the Credit Union’s high standard of quality.
• Ensures Special Assets Department fosters a productive, rewarding work environment that provides for the development of employees; meets all established goals and metrics; and operates within the Credit Union’s core values.
  
  
  

Main Responsibilities

• Where relevant, participates in the Credit Union’s strategic planning process, while building out a comprehensive Special Assets Team.
• In conjunction with managers/ supervisors, develops and implements comprehensive loss mitigation strategies to minimize delinquencies and bad debt while maintaining member goodwill.
• Responsible for watching emerging trends in the market while being proactive in developing and implementing strategies to minimize delinquency in accordance with our strategic and financial goals and member needs.
• Oversee the process of problem loan modifications and liquidation plan submissions for loan products (e.g., SBA) to seek the best possible outcome for the CU and borrower, while abiding by SOP rules of NCUA / SBA, where applicable.
• Maintains, and develops where needed, policies / procedures for the department including desktop manuals and training guides.
• In conjunction with managers/ supervisors, manages vendors to ensure execution of department deliverables to meet overall strategic objectives.
• Recommends new vendors for debt collection practices, asset recovery services, sale of bad debt and related legal actions.
• Oversees managers’/ supervisors’ daily operations of the loss mitigation and asset recovery departments, ensuring compliance with company policies and applicable legal requirements.
• Monitors and analyzes collections metrics to assess efficiency and effectiveness of processes and staff performance. Maintains the Special Assets Team dashboard.
• Provides oversight to processes for monitoring and reporting on aged accounts, past-due accounts, delinquencies and charge-offs through various analytical tools and dashboards.
• Develops and provides executive level monthly reports with analytics demonstrating enhancements to underwriting, dealer compliance and risk management of credit portfolios.
• Ensure timely and accurate reporting to loan officers, management, and the Board including reporting for the weekly past-due, monthly problem loans, quarterly asset quality, Loan Committee, and other reporting as necessary.
• Develops Quarterly Business Reviews showing business performance relative to business plans and strategic initiatives.
• Builds out, as volume increases, other teams within Special Assets for mortgage loan workouts and other consumer product workouts (e.g., hardship programs) in compliance with laws, rules and regulations.
• Responsible for Special Assets teams in the compilation of pertinent data, placement of contractors/ auditors, and management of expenses in workout situations.
• Analyzes data to report to Finance /Accounting on the financial deficiencies of non-performing loans and maintain/retain data and records on non-performing loans in Pass, Special Mention, and non-Performing status to support CECL and Call Reporting.
• Coordinate information flow between Special Assets teams and other CU personnel and/or departments as needed to manage problem accounts, primarily Portfolio Management and Loan Operations.
• Supports asset recovery teams’ supervisor /managers in the repurchase of collateral and liquidation of assets on non-performing loans. Report results and problems to management to minimize loss.
• With asset recovery teams’ supervisor /manager, manage internal and external resources required in the sale of repossessed assets, including personal property, business assets, vehicle inventory, and REO.
• Coordinate process for interaction with attorneys, business principals, and outside agents to limit exposure, fulfill requests for information, and communicate to all parties involved with non-performing loans.
• Ensure adherence to policies, procedures, and other appropriate compliance measures in handling Special Assets accounts.
• Distribute reporting to outside loan pool investors and act as primary contact regarding portfolio performance.
• Leads, motivates, and supports a large team within a time-sensitive and demanding environment.
• Oversight of negotiating delinquent accounts to secure payment arrangements in accordance with company policies.
• Collaborates with cross-functional teams, including risk, compliance, retail service, lending, and finance, to improve the member experience and address issues that contribute to payment delinquency.
• Establishes and maintains relationships with third-party collection agencies and legal counsel as necessary.
• Prepares and manages the department’s budget, ensuring cost-effectiveness and resource optimization.
• Lead risk reviews with Sr. Management addressing portfolio performance and collections efficiency metrics
• Develops and enforces internal controls to reduce fraud and ensure adherence to collections policies and procedures.
• Creates and presents regular reports to executive management on the status of collections activities, including detailed analyses of high-risk accounts and recommendations for improving credit and collections processes.
• Performs other duties as assigned.
  
  
  

Requirements

Required Skills/Abilities:

• Excellent negotiation and conflict resolution skills
• Excellent organizational skills and attention to detail.
• Strong proficiency with Microsoft Office applications. Familiar and comfortable with information technology, particularly digital means of communication.
• Strong organizational skills in managing multiple initiatives.
• Strong analytical and problem-solving skills.
• Proven ability to develop and implement effective collections strategies to maximize recoveries and reduce delinquencies.
• Thorough knowledge of consumer lending and SBA financing
• Solid understanding of liquidation aspects of SBA SOP.
• Strong knowledge of consumer lending, and related collection practices
• Extensive knowledge of accounting, financial statement analysis, cash flow, and credit workout/collections
• Knowledge of financial and legal processes of all aspects of commercial lending
• Solid sense of compliance needs, as they relate to FDCPA, SCRA and other regulatory requirements.
• Expertise in creating and presenting ideas to executive management.
• Three or more years in a management role, providing leadership, coaching, guidance and training, and contributing to staff development.
  
  
  

Other Skills

• Sense of urgency and understanding of timeliness on value to company
• Works well with all team members and seeks holistic opportunities for continuous improvement.
• Ability to manage multiple projects/processes simultaneously and can act judiciously in ambiguous situations.
• Ability to make sound business decisions based on policies and procedures.
• Excellent oral/written communication, interpersonal, persuasive communication and presentation skills
• Ability to lead by example and to motivate a team to reach a common goal.
• Ability to interface with all levels of management.
• Excellent organizational skills
  
  
  

Knowledge

• Strong knowledge of federal, state, and local laws and regulations related to debt collection
• Strong financial acumen with experience in budgeting, forecasting, and P&L management
  
  
  

Education And Experience

• Minimum 12 years’ experience in collections, debt recovery, leadership or a closely related field
• Minimum bachelor’s degree in business administration, or related field, or more than 12 years of related experience.
  
  
  

Salary Description

$140,507.25-$187,343.00 (Depending on Experience)