Collections Manager

Description

The Collections Manager is a pivotal role within our credit union, responsible for leading and managing the collections team to ensure efficient and effective collection activities. With a focus on optimizing performance and productivity, the Collections Manager provides guidance, support, and mentorship to team members while overseeing operations and vendor relationships. This role involves generating insightful reports for senior management, conducting quality assurance reviews, and handling escalated calls with diplomacy and expertise. Additionally, the Manager plays a vital role in administrative duties such as managing projects, updating procedures, and facilitating financial transactions. With strong leadership skills and a commitment to excellence, this role drives the success of the collections department by fostering collaboration, maintaining compliance, and achieving collection targets.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

1. Team Management:

· Provide guidance, support, and mentorship to collections team members to optimize collection efforts.

· Monitor work levels and manage capacity among team members to maintain optimal performance and productivity.

· Build and manage a high-performing team through recruitment, training, and leadership development.

2. Operations Oversight:

· Review and approve repossessions, ensuring compliance with internal policies and regulatory requirements.

· Escalate issues impacting invoice payment to facilitate timely resolution and minimize disruptions.

· Handle sensitive issues with tact and diplomacy, fostering positive relationships with members and stakeholders.

3. Vendor Liaison:

· Liaise with third-party vendors such as Manheim to facilitate remarketing of vehicles and SWBC to track skip, damage, and CPI claims.

4. Reporting and Analysis:

· Create monthly reports, including DQ, Repo, and charge-off reports, for senior management and the Board of Directors.

· Review CPI exceptions and negative share reports to identify trends and areas for improvement.

5. Quality Assurance:

· Conduct call reviews and perform annual performance reviews and quarterly Talent Reviews to ensure quality standards are met.

· Handle escalated calls and conduct extensive research to resolve complex issues effectively.

6. Administrative Duties:

· Manage project management duties as needed, ensuring timely completion of assigned tasks.

· Update and maintain procedures in the Collections section of the DR Manual to reflect current processes and best practices.

· Review and approve vacation requests, timecards, and shadow requests for team members.

7. Financial Management:

· Post repossession invoices and repo sale proceeds accurately to maintain financial records.

· Charge off approved loans monthly.

8. Communication and Collaboration:

· Conduct weekly staff meetings to provide updates, address concerns, and foster collaboration within the team.

9. Ad Hoc Responsibilities:

· Perform any other duties as assigned by management to support departmental objectives and organizational goals.

Requirements

Education:

· High school diploma or general education degree (GED) equivalent. Higher level education preferred.

Experience:

· 5 years of experience in a managerial role within Collections at a financial institution. Credit Union experience preferred. 

· Read and comprehend simple instructions, short correspondence, and memos. 

· Create accurate monthly reports to distribute to senior management and board of directors.

· Must have strong communication and negotiation skills

· Effectively present information in one-on-one situations to borrowers. Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals. 

· Knowledge of how to compute rate, ratio, and percent. 

· Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations. 

· Ability to mentor, counsel and lead a large team.

· Multitasking is a must.

Systems Knowledge:

· Ability to utilize credit union workstations hardware and software such as Microsoft Office (Word, Excel, etc.) along with company proprietary and/or financial software tools. 

OTHER CHARACTERISTICS OF THE POSITION: 

Physical Demands: 

• Sitting for long periods at a time. 

• Regularly required to talk or listen. 

• Occasional lifting of office supplies up to 20 lbs. 

• Vision abilities including close vision and ability to adjust focus.

 Mental Demands: 

• Must understand and follow a set of clear oral and/or written procedures without deviation. 

• Performs repetitive routine tasks. 

• Withstand moderate amounts of stress. 

• Must adhere to a provided work schedule to meet a set of qualitative production standards. 

• Perform tasks that vary little from day to day. 

• Implements others’ decisions/procedures with little judgment required. 

•  Must relay information orally. 

WORKING WITH US: 

We’re continually recognized as a top employer because we understand people like you want more out of your career. Like making a difference in people’s lives and in the community. Being part of a team that supports each other. Feeling good about the time you spend at work each day. And being able to balance your life while also earning a competitive base salary and benefits, including: 

• 401k

• Comprehensive medical, dental and vision coverage from leading insurance providers 

• Continuing education and up to $5,000 in tuition assistance annually 

• Generous vacation and sick pay 

• Paid parental leave and volunteer time off 

• Major holidays off including Federal holidays that many other industries don't observe 

• Credit union benefits including reduced consumer/mortgage loan rates, free checks, and other financial services discounts 

    
At Addition Financial, we accept you for who you are. We are an equal opportunity employer and do not discriminate based on race, color, creed, religion, national origin, sex, marital status, age, protected veteran status, or disability/handicap with regards to recruitment, selection, placement, promotion, wages, benefits, and any other areas of employment. Personal perspectives and beliefs are what helps our team members, and our company, grow as a whole and we seek to nurture that inclusiveness. We welcome our team member’s diverse viewpoints and work together so that everyone’s voices are heard. So, if you’re ready to take your career to the next level, Count Us In®.