What are the responsibilities and job description for the Collections Manager position at CommonWealth Central Credit Union?
Collections Manager
At CommonWealth, we serve the financial needs of more than 40,000 people who live or work in Santa Clara County. We are seeking candidates who share our value and commitment to building stronger communities through financial health – one member at a time. In addition to a competitive base salary, our compensation package includes:
- 13 paid holidays
- 17 days of Paid Time Off (PTO) during first year of employment
- Up to 2% discounts on loans--including first mortgages*
- 401(k) Plan with Company Match
- Medical, dental, vision insurance
- Long-term disability insurance
- Life insurance
- Voluntary insurance
- Employee assistance program
- Financial Wellness benefits and resources
- Tuition reimbursement and more
We are currently accepting applications for a Collections Manager based in our San Jose Corporate Office.
As our Collections Manager, your major responsibilities will include:
- Managing the daily operations of the collections department to include delinquent loan collection, title perfection, repossession, collateral liquidation, skip tracing, and bankruptcy administration.
- Develop and implement collection strategies to achieve delinquency and loan loss objectives.
- Perform scheduled and un-scheduled call monitoring reviews to ensure collection calls are conducted in accordance with established standards.
- Oversee fraudulent title investigation, file bond claims, and take enforcement actions against third parties to protect the Credit Union’s lien interests.
- Supervise the sale of repossessed collateral; determine additional investment to be made in preparing the collateral for sale in an effort to maximize recovery.
- Handle all areas of loss mitigation including: determining suitability of work-out plans for members experiencing financial hardship in meeting their monthly credit obligations; working with members directly to better understand financial hardship cases and accurately assess character, collateral, and overall risk elements; diagnosing opportunities for mitigating losses, including creative and sound restructuring plans, utilizing creative, strong, and sound underwriting skills necessary to be able to effectively perform reinstatements, payment plans, and short sales; correspond with members, brokers, title companies, appraisers, and attorneys to facilitate delinquency and problem resolution, completing necessary work-out loan system entries and documentation for successfully mitigated relationships; administratively making calls, complete system notes, complete proper documentation, and provide regular reports to the Chief Lending Officer; updating the Chief Lending Officer and CFO on potential loss accounts; attending seminars and meetings to stay current on changing laws and policies; composing policies and procedures relating to loss mitigation; seeking and promote innovative ideas on loss mitigation techniques.
- Ensure monthly loan loss, delinquency, charge-off, and collection Board reports are completed timely and accurately.
- Maintain relationships with outside vendors such as those used for disposal of repossessed collateral, collection agencies, credit bureaus, credit counseling services, attorneys and collateral insurance coverage.
- Represent the Credit Union in court proceedings as required.
Our ideal candidate will have a minimum of five to ten years of collections experience with a minimum of three years in a collections management role. Solid understanding of collections laws and regulations, in addition to industry best practices. General knowledge of lending practices including extensions, workout loans and loan modifications. Demonstrated ability to manage and lead employees and effectively communicate (written and verbal). Ability to maintain confidentiality and conduct oneself with a high level of diplomacy and tact.
Pay Range: $110,000 - $138,000; based on skills and experience.
For immediate consideration, apply now!
CommonWealth is an equal opportunity employer
Salary : $110,000 - $138,000
