Collections Director

: : PRIMARY FUNCTION: This position manages resolving delinquency on active loans and credit cards as well as charge off processing, loan extensions, debt management and the collection on Estate accounts. Additional responsibilities include develop and implement strategies which will streamline our collection processes, develop goals to drive performance and minimize delinquency and loan losses. The incumbent is responsible for implementing and maintaining the methodologies necessary to ensure that collection system changes are planned and introduced to the production environment with minimal negative user impact. JOB DUTIES AND RESPONSIBILITIES:

• Responsible for all Collection functions at the Credit Union.
• Manages deceased and third party debt management processes for the Credit Union.
• Creates and implements innovative Collections Strategies.
• Utilizes statistical reports to set goals and drive performance.
• Evaluate accounts recommended for charge off to ensure accuracy and minimize loan loss if possible
• Review reports and data used by accounting to report delinquency to the Board to ensure accuracy
• Create Collections budget for approval by SVP
• Collections lead in projects, automation and process improvement
• Ensure all Collected monies are balanced from attorneys as well as frontline
• Collections lead for vendor management of Cenlar's delinquency and foreclosure strategies
• Partners with VP Facilities to determine remarketing strategies for foreclosed properties
• Collections lead on decisions regarding loan modifications and restructures on Mortgage Committee.
• Owns Collections queue strategy and system administration for Collections and Recovery
• System administrator for JAWS- partners with Vendor regularly to ensure system is able to support the needs of blind employee and comply with ADA
• Creates test cases/scripts for system release testing
• Manage escalation calls and follow up with members to reduce further escalation.
• Approves assignment of accounts to outside counsel, validating and approving costs and payment application.
• Approves accounts for repossession, legal action or assignment to attorneys, extensions, debt management programs, and workout loans as appropriate.
• Represents the Credit Union in court or at public auctions when necessary.
• Manages Collection Team Lead and Collection Specialists and ensures Collectors and Senior Collectors are fully supported and coached in the collection of active loans and credit cards.
• Create and manage strategy for maintaining a positive work environment and drive employee engagement in Collections.
• Manages collection support specialists in maintenance pertaining to charge off processing.
• Oversees the hiring process for Collection staff.
• Directs maintenance and deployment of department training plans for new and existing department team members.
• Determine and approve within authority accounts for settlement.
• Responsible for development and coaching of leaders and teams
• Lead audit efforts for Collections
• Provide recommendations and approvals to mortgage loan sub-servicer as outlined in delegated authority.
• Communicates strategies with staff to support change management
• Guarantees staff has a complete knowledge of collection guidelines, systems and stays up to date with all policy, procedure and system changes.
• Monitors and analyzes performance statistics and makes changes as needed.
• Conducts monthly team meetings to discuss department updates.
• Ensures staff receives training as necessary.
• Coordinates tests and update Business Continuity Plan
• Responsible for the writing of and the conducting of performance evaluations for collection staff.
• Schedules leave for assigned staff and approve timesheets
• Monitors productivity of collection department staff acting as a coach and motivator.
• Monitors collection activity by reviewing transaction maintenance reports.
• Maintain a high level of knowledge and comply with all VACU policies and procedures.
• Sets the culture to inspire others to achieve department and Credit Union goals.
• Inform, Educate and Guide members, regardless of the individual circumstances.
• Ensures teamwork within the department and promotes internal Quality Service with other areas of the Credit Union.
• Provides excellent quality service as indicated in the Member Experience guidelines while assisting members with inquiries.
• Acts as a resource for Recovery and Collection Department personnel on collection matters.
• Recommend accounts for charge off.
• Responsible for overseeing the periodic update and maintenance of department procedure manual.
• Utilizes all available methods of collection under the terms of the loan contract, depending on the feasibility and applicability of each case, if initial collection attempts fail to secure the required payment.
• Other duties may be required and assigned by the Manager.

EXPECTATIONS:

• Create strategic direction for Collections functions and drive optimal results through team leadership and collaboration.
• To comply with Federal laws, regulations and credit union policies and procedures related to collections and consumer lending, particularly with the limits set by the Fair Debt Collection Practices Act, Bankruptcy Reform Act, and Regulation Z (Truth in Lending).
• Comply with all published enterprise level policies and procedures including, but not limited to, Risk Management policies.
• Complete all required, ongoing enterprise level training including, but not limited to BSA, OFAC, and Information Security.
• Report all Risk Management Policy violations in accordance with policy.
• Attend training sessions as directed by Manager to keep skills current.
• Create a supportive culture by collaboration and teamwork, both internally and externally.
• Actively contribute ideas and suggestions to improve efficiency and service to members.
• Maintain confidentiality of all member and credit union account information.

JOB QUALIFICATIONS: Knowledge and Experience: Must have significant supervisory or management experience at a credit union or other financial institution. Word processing and spreadsheet software experience required. Must have knowledge of legal collection laws and bankruptcy laws. Must have experience that demonstrates working knowledge of Federal regulations relating to collections and consumer lending and ability to proactively research industry standards, recommend and implement best practices for the Collection/Recovery Team. It is vital to have the ability to handle difficult situations and support staff accordingly. Skills: Essential to have exceptional written and verbal communication skills combined with the ability to make sound decisions. Must be skillful when working with details and be able to work in a difficult or stressful environment while being flexible and professional. Must have excellent PC knowledge and ability to learn and help implement new collection systems as needed. Must have strong reasoning, time management, organizational and motivation skills. Abilities:

• To support every team member ensuring they receive immediate coaching and feedback and timely results to their performance.
• To maintain the highest level of professionalism through all member and staff interactions.

• To demonstrate excellent knowledge of products, services, policies and procedures.
• To attend training sessions to increase collection and management knowledge.

• To create a supportive culture through collaboration and teamwork.
• To effectively lead a cross-functional team
• Must be able to work independently in a changing environment.
• Must be able to lead, motivate and coach.
• Ability to prioritize needs and to manage resources.
• Ability to accommodate flexible schedules including Saturday, overtime hours.

Minimum Education: High school diploma or equivalent required. College degree is preferable or significant equivalent work experience in Collection process required. PHYSICAL REQUIREMENTS: Must be able to sit for long periods of time. This job requires infrequent lifting or carrying of objects up to 10 pounds.