Collections Manager

Money-One Federal Credit Union
Manage, supervise, and coordinate the day-to-day operations of the Collections Department to increase the percentage of successful repayments, reduce and minimize delinquency and financial risk, and maximize recoveries.

Position Title: Collections Manager FLSA: Exempt
Department: Collections Effective: April 2021
Reports to: President/CEO Revised: April 2021

Manage, supervise, and coordinate the day-to-day operations of the Collections Department to increase the percentage of successful repayments, reduce and minimize delinquency and financial risk, and maximize recoveries. Ensure compliance with state and federal regulations and Money One Federal Credit Union policies and procedures to achieve target delinquency goals. Perform all the duties of a Collector including follow-up on delinquent loans, legal actions, bankruptcies, repossessions, and charge-offs, communicate with attorneys, generate reports, and perform analysis. Monitor the work and workload of staff while evaluating the operations of the department and recommending changes to create a proficient and efficient department, providing superior customer service. Manage filing of insurance claims to realize the recovery of money and minimize losses. Reinforce Money One Federal Credit Union’s mission, core values and service standards and promises and motivate employees to achieve higher standards and promote a commitment to excellence.

A. Collections Responsibilities
1. Minimize the credit union’s financial losses. Develop and implement collection strategies and procedures to increase the number of successful collections that reduce delinquency. Recommend process enhancements to improve and automate the Collections area.
2. Prepare and deliver Collection Department progress and statistics reporting. Gather and analyze data for presentation to management, review with Collections department, and observe for trends, on a regular basis. Prepare monthly ALLL spreadsheet and Board of Director’s delinquency reports.
3. Ensure documentation meets federal regulation and credit union needs. Periodically review and update collection policies, workflow diagrams/practices and procedures to meet federal and state regulations, as well as the credit union and the member’s needs.
4. Provide oversight and management of third-party vendors. Communicate with attorney, collection agency, insurance companies, credit bureaus (and other third-party vendors) to assess productivity and efficiency as stated in contract to ensure expectations are being met.
5. Collect delinquent loan & credit card accounts, including negative savings and checking accounts. Council members using specific knowledge of MOFCU guidelines and regulatory policies, as well as the Fair Debt Collection Practices Act to maintain good relationships with delinquent members and avoid losses. Perform acts to repossess and take possession of collateral of secured loans from repossession through sale of the collateral and collection of the deficiency balance, if applicable. Represents the credit union in court concerning legal processes connected with collection, bankruptcy, and other creditor/debtor situations. Attends hearings concerning bankruptcy and presents testimony on behalf of the credit union. Forward loan and account documentation to attorneys and collection agencies for legal action. Work with escalated accounts and lending staff to renegotiate terms, rewrite, or restructure accounts according to policy in effort to encourage repayment of delinquent debt while not incurring additional risk to the credit union. Act as the back-up all collection tasks assigned to Collection Specialist (see job description for detailed list).
B. Managerial Responsibilities
6. Manage collection department personnel. Responsible for interviewing and hiring staff members, training and coaching, creating work schedules, assigning tasks, observing, and reviewing employee performance, and performing disciplinary actions. Ensure the staff is providing quality member service to internal and external members and vendors. Provide all the necessary tools and resources for the staff to efficiently perform their job functions. Monitor internal and external associates’ calling queues and volume to ensure accounts are worked according to business strategy.
7. Train and mentor Collections staff. Remain informed of any legislative or procedural training regarding Collections. Lead by example to ensure the smooth and efficient workflow. Ensure all policies and procedures are being followed in the collection process.
8. Handle Escalation of member concerns, and issues, as necessary.
C. Performs other Collection and/or Administrative duties as assigned by the President/CEO.

Bachelor’s degree, or equivalent, with 3 – 5 years of experience in collections. Management experience. Strong leadership skills, financial acumen, and ability to respect confidentiality. Excellent interpersonal skills and the ability to adjust and interact with all levels of personnel. Excellent verbal and written communications skills. Proficient in Microsoft Office and Excel. Strong understanding of state and federal collection laws and regulations. Thorough knowledge of loan collection techniques, policies, procedures, and principles of credit lending. Strong problem-solving and negotiation skills and ability to deal with difficult members to resolve problems. Must work well under pressure. Exceptional analytical and decision-making skills. Travel may be required for court appearances. Ability to function in a financial institution branch environment and utilize standard office equipment including but not limited to: PC, fax, copier, telephone, etc.

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