What are the responsibilities and job description for the Collections Manager position at Nizari Progressive Credit Union?
Position Summary
Direct and coordinate departmental employees' activities in collecting delinquent accounts of borrowers. Responsible for collecting all delinquent accounts of consumer, mortgage, MasterCard/Visa, and assisting with commercial loans and other loans as well as processing garnishments, levies, and other actions to recover past due accounts. Ensure that the credit union's credit and collection policies and procedures best serve the credit union and its members. Accountable for initiating, pursuing, and ensuring prompt recovery of all monies owed to the credit union that have been classified as past due or fraudulent.
Job Responsibilities:
- Assign, monitor, and supervise the workload in the Collections Department to ensure a smooth and efficient workflow.
- Ensure that credit and collection policies, procedures, practices, and documentation meet federal and state regulations.
- Contact delinquent accounts by phone and mail, meet with members to analyze their financial situation, find solutions to delinquency, and take appropriate action to recover collateral when necessary.
- Understand all loan type contracts, including knowledge of interest rates and dealer insurances.
- Understand and utilize the processes of bankruptcy, repossession, foreclosure, and credit reporting law
- Establish and monitor effective control procedures for late and/or delinquent or potentially delinquent loans. Identify when to charge to reserve.
- Conduct risk assessment to identify loans with a higher probability of default and provide projections for delinquency.
- Communicate and monitor the requirements of staff in collections procedures to protect the credit union’s interests and to handle members courteously.
- Develop and Implement strategies to increase the successful collection and recovery on accounts. Train staff on alternative collection techniques to resolve issues positively.
- Review accounts where action beyond routine collection procedures must be approved or implemented. Handle complex situations. Resolve difficult or non-routine member issues.
- Authorize legal proceedings. Review default notices, surrender notices, bankruptcy procedures, repossession and foreclosure notices, etc. for accuracy and completeness.
- Review and approve all billings from attorneys or agencies retained for collection work.
- Refer collateral loans in default (auto) for repossession and remarketing in a timely manner. Ensure procedures for handling such loans are followed accurately and all records are thoroughly maintained.
- Review accounts that are written off on an ongoing basis. Manage communication and maintain follow-ups on legal proceedings. Conduct skip tracing and asset searches and refer cases for garnishments.
- Conduct effective negotiations with debtors to establish repayment plans or settlements as required.
- Assist in credit union audits, including providing items and responding to examiners' questions or concerns in a timely manner.
- Prepare and examine reports for senior management, including, but not limited to, the delinquency ratio, the number of calls, and repayments of delinquent accounts.
- Conduct monthly delinquency loan committee meetings and board meetings for updates on delinquency cases.
- Prepare, implement, and supervise the department's budget, which must be consistent with the credit union's overall strategic plan and budget.
- Evaluate subordinates' job performance to ensure quality work and service to members.
Education & Qualifications
- Bachelor’s Degree or similar certification
- 5 years of Collection or applicable experience is required
Skills and Abilities
- Self-motivation with the ability to effectively prioritize work
- Detail oriented and accurate
- Strong technical capacity and thoroughness
- Courtesy, tact, and diplomacy are essential elements of the job. Work involves much personal contact with others inside and/or outside the organization for purposes of giving or obtaining information, building relationships, or soliciting cooperation
- Ability to apply logical thinking to define problems, collect data, establish facts, and draw conclusions
- Ability to be mindfully flexible and willing to go with the flow