Vice President of Collections

Job Details

Description

Position Purpose and Objectives

Strategically develop and lead a high functioning collection department focused on protecting the credit union while also maintaining the member service standards of the credit union industry. Identify industry trends and implement creative solutions to reduce losses. Oversees collection activities, bankruptcy reporting and all loss mitigation efforts. Work with Credit Union attorneys regarding accounts in legal status and appear in court in order to protect the credit union’s interests.

Major Duties And Essential Functions

• Keep up with industry trends and implement strategies to proactively reduce or prevent upcoming delinquency, repossessions, foreclosures and charge off’s.
• Determine staffing needs based on the volume of delinquent or troubled accounts in the Collections, Bankruptcy, and Recovery Departments. Develop best in class team of highly skilled negotiators.
• Interview potential candidates. Responsible for hiring, training and assisting in the development of corporate behavioral skills. Ensure appropriate cross training of all personnel allowing for complete coverage of all job duties. Promote professional development and ensure high levels of employee engagement and retention.
• Responsible for appraising employee performance based on set criteria; reward and discipline based on performance. Perform employee annual reviews and determine merit increase as well as areas of improvement.
• Utilize data and metrics to drive decision-making and refine collections strategies. Identify trends and opportunities for improvement.
• Oversee budgeting, forecasting, and financial analysis related to collections. Implement strategies to minimize bad debt and optimize recovery rates.
• Supervises Loss Mitigation efforts by instituting repossession action, or by referral of account to Credit Union attorney for suit, sequestration, and foreclosure.
• Directs collection support activities in accordance with corporate policy and objectives. This includes filling lawsuits, responding to garnishments, and other support functions.
• Develop processes to review and monitor employee documentation, handling, and phone recordings for quality assurance. Ensure staff understand goals and objectives and are working toward improving the status of the organization.
• Monitor various delinquency reports daily to ensure efficiency and efficacy of collection strategies. Adjust strategies as needed based on economic, environmental and regulatory climates.
• Ensure the employees supervised follow the Texas Collection Act as well as other applicable regulations, and state specific debt collection laws on every call, member correspondence, and inquiry from a member.
• Handle escalated calls when necessary, regarding a member issue. Resolve member complaints concerning handling of their accounts if department staff or supervisors are unable to satisfy member.
• Coordinate with the Chief Operations and Chief Lending Officers regarding monthly goals for the department. This includes charge offs, delinquency, repossessions and payments.
• Develop, test and optimize departmental processes to ensure the highest levels of efficiency and synergy. Ensures staff members complete required regulatory training courses by annual deadline.
• Responsible for optimizing current technology to meet department goals while simultaneously researching and implementing new technology to improve service levels and collection efforts within the department.
• Coordinate with finance, sales and branch leadership to ensure all trends are being communicated and addressed.
• Develop creative strategies to reduce delinquency and charge off’s while remaining compliant.
• Other duties as assigned.
  
  

Positions directly supervised: Collection Manager, Loss Mitigation Specialists

Specific Knowledge, Skills, And Abilities Required For This Position:

MUST have experience working in a call center, banking, and collection’s environment.

• Understanding of Credit Union lending programs, policies, and default enforcement clauses
• Personality is extremely important in this position. To fit in with the team, it's important to have a positive attitude, not afraid to try new things, and the ability to adapt to change
• Deep understanding of loan policies and procedures
• An ability to work individually on a project or in a team environment
• Good judgment, problem-solving abilities, and discretion when dealing with sensitive topics
• Ability to communicate effectively with other senior leaders across the organization
• Analytic ability to organize and prioritize work to meet deadlines
• Previous experience including collections, repossessions, remarketing, negotiations, bankruptcy and regulations is required
  
  

Education: High school diploma or general education degree (GED) and one to two years related experience and/or training. Bachelor’s degree or higher is preferred.

Experience: Minimum 5 years or more of similar or related experience.

Physical Activities And Requirements Of This Position

CATEGORY

DESCRIPTION

Finger Dexterity

Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.

Grasping

Using fingers and palm on an object.

Talking

Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.

Repetitive Motions

Movements frequently and regularly required using the wrists, hands, and/or fingers.

Average Hearing

Able to hear average or normal conversations and receive ordinary information.

Average Visual Abilities

Average, ordinary, visual acuity necessary to prepare or inspect documents or products or operate machinery.

Sedentary Work

While performing the duties of this job, the employee will frequently talk or hear, sit, use hands to handle or feel, and reach with hands or arms. The employee will occasionally, stand and walk, climb or balance, and stoup, kneel, crouch, or crawl. The employee will occasionally lift and move up to 10 pounds.

Working Conditions of this Position

DESCRIPTION

None. No hazardous or significantly unpleasant conditions.

Mental Activities And Requirements Of This Position

Reasoning Ability: The ability to use common sense or logic.

Detailed

Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.

Mathematical Ability: The level of ability required to perform math skills and operations.

Basic

Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts of basic algebra and geometry.

Language Ability: The level of ability required to communicate and understand written and oral language.

Typical

Ability to use passive vocabulary of 7,000-9,000 words; read at a fast-paced rate; and define unfamiliar words in dictionaries for meaning, spelling, and pronunciation. Ability to write moderate to complex documents. Ability to communicate in complex sentences, using normal word order with present and past tenses and strong vocabulary. Ability to read, analyze, and interpret common scientific and technical journals, financial reports, and legal documents. Ability to respond to common inquiries or complaints from customers, regulatory agencies, or members of the business community. Ability to write speeches and articles for publication that conform to prescribed style and format. Ability to effectively present information to top management, public groups, and/or boards of directors.

Compliance requirement

The responsibilities contained within this job description remains compliant with Bank Secrecy Act / Anti-Money Laundering, Office of Foreign Assets Control and USA PATRIOT Act as they apply to the duties of the position

Disclaimer

The information in this job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities and qualifications required of employees assigned to this job, which may vary on the department or the assignment. The actual essential duties, responsibilities and qualifications may vary by department, reporting structure and other business needs. No inference should be drawn that a specific job duty, responsibility or qualification is non-essential by its absence from this description.