POSITION PURPOSE
Responsible for organizing, planning, directing, and controlling all operations of the Collections Department. Oversees all collections functions including the control of credit accounts that are late, potentially delinquent, delinquent, or charged off. Assists in the resolution of difficult and complex account situations. Performs periodic evaluation of collections policies and procedures and modifies as needed. Ensures established policies, procedures, and legal requirements are followed. Coordinates activities, ensuring all subordinate areas of responsibility support credit union objectives. Trains, directs, and appraises personnel. Ensures services are delivered professionally and efficiently.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
- Ensures that all credit and collection policies, procedures, and documentation comply with federal and state regulations, and incorporates changes in legal requirements into current practices.
- Establishes and monitors effective control procedures for late, delinquent, or potentially delinquent loans. Identify when to charge to reserve.
- Authorizes legal proceedings. Reviews default notices, surrender notices, bankruptcy procedures, foreclosure notices, etc. for accuracy and completeness.
- Prepares, implements, and supervises the budget for the department that is consistent with the overall strategic plan and budget of the credit union.
- Assumes responsibility for the development and implementation of Collections Department policies, procedures, and planning.
- Assists the Vice President of Lending in developing short and long-term goals and plans.
- Executes established operational goals and ensures that corporate-wide plans are complemented and supported.
- Assists in developing and reviewing department policies, reporting and procedures. Conducts periodic reviews of existing policies and procedures to ensure maximum efficiency and service delivery. Prepares and examines the reports for senior management and/or the board.
- Assumes responsibility for the effective and efficient administration and performance of Collections functions.
- Monitors and evaluates work quality, efficiency, and productivity. Provides suggestions for improved service delivery and arranging the courteous and considerate interface with members at all times.
- Ensures that collections functions are completed in accordance with established credit union policies and procedures and applicable legal requirements. Ensures confidentiality is maintained.
- Provides assistance with complex and sensitive collections activities. Reviews accounts where action beyond routine collection procedures must be approved or implemented or that are to be written off as uncollectable.
- Oversees charge-offs, repossessions, and various court collections actions. Makes recommendations for action.
- Ensures collections actions are thoroughly documented. Ensures accurate accounting for and collection of accounts that are charged off.
- Effectively supervises staff, ensuring optimal performance.
- Provides leadership through effective objective setting and communication.
- Ensures high quality work and efficiency in operations are maintained. Determines work methods and flow through assigning, directing, coordinating, and reviewing tasks.
- Ensures personnel are well trained in all phases of their respective jobs. Completed orientation of new employees in department specific procedures.
- Tracks individual progress and conducts performance appraisals on each employee. Formulates and implements corrective actions as needed. Recommends promotions for employees as appropriate. Provides leadership training to employees seeking management opportunities.
- Approves all sick leave, vacation, overtime, and timecards for each employee.
- Assumes responsibility for ensuring that professional business relationships are established and maintained with clients, the community, and with trade and government organizations.
- Represents the credit union in contacts with clients and trade or governmental professionals.
- Ensures requests, questions, and problems are courteously and professionally resolved. Ensures communications are effective and efficient.
- Works with delinquent clients to reach suitable arrangements to restore accounts to current status. Utilizes effective human relations skills and persuasion to resolve negative situations. Discusses possible financial arrangements, informs clients of possible legal actions, and provides or suggests financial counseling as means to arrive at suitable payment arrangements.
- Maintains and conveys the credit union’s professional reputation by executing its brand standards.
- Assumes responsibility for establishing and maintaining effective communication, coordination, and working relations with credit union personnel and with management.
- Keeps management appropriately informed of area activities and of any significant problems.
- Attends and participates in meetings as required.
- Coordinates collections efforts with related departments.
- Assumes responsibility for related duties as required or assigned.
- Reviews all billings from attorneys retained for collection work.
- Stays informed regarding changes in collections practices and trends.
- Ensures work area is clean, secure, and well maintained.
- Performs miscellaneous clerical functions and special projects as assigned.
QUALIFICATIONS
Education/Certification:
- High school graduate or equivalent.
- College coursework in business and finance strongly preferred.
Knowledge:
- Thorough knowledge of collections, servicing, bankruptcy procedures, and legal requirements.
- Understanding of credit union default enforcement clauses.
Experience:
- Three to four years of collections experience required.
- Five to seven years of progressive collections experience preferred.
- Supervisory experience preferred.
Skills/Abilities:
- Excellent communication and public relations skills.
- Ability to work in stressful, high-pressure situations.
- Solid analytical and negotiating skills.
- Strong leadership and supervisory abilities.
- Able to operate computer applications, financial calculator, and other basic business equipment.
