What are the responsibilities and job description for the Director of Collections position at Northwest Bank?
Job Description
The Director of Collections is responsible to oversee and direct all collections activity and procedures, while ensuring compliance and developing and improving collections procedures. The Director of Collections is also responsible for managing consumer repossessions and legal processes, while mitigating losses to the bank.
Essential Functions
- Ensure compliance with Northwest policies and procedures, Federal and State regulations, FHA/VA/Rural Development policies, and with private mortgage insurance vendor’s policies. Ensure compliance with Fannie Mae and Freddie Mac guidelines and timelines.
- Develop use of Nautilus, Signature, Phone, and Collection Software
- Develop and direct annual departmental and employee goals
- Ensure total document and data integrity
- Maximize technology tools available
- Coordinate bankruptcy actions with the Loss Mitigation Credit Bankruptcy Officer
- Coordinate collection efforts with relationship managers, loan officers, and other management
- Develop improvements to collections procedures
- Ensure timely collection efforts on accounts
- Partner with legal and law enforcement agencies, and investigative vendors as appropriate
- Ensure timely repossession of assets, charge off on uncollectible accounts, and recovery efforts on charge off accounts. Ensure appropriateness of loan modifications, forbearances, renewals, extension, deferrals, and re-ages per bank and government regulations and guidelines.
- Mitigate losses to Northwest Bank. Ensure adequacy of credit reporting for collections' accounts. Provide effective recovery on losses.
- Analyze/Investigate to resolve questionable loans, payments or charges
- Meet delinquency expectations
- Minimize loss on asset disposition
- Ensure timely/cost-controlled disposition.
- Work with RSCA and Compliance to identify risk and create controls to mitigate risk. Work with compliance specialists to update policies, procedures, and letters/notices to stay in compliance with new or updated regulations. Attend compliance training events to stay current on new or updated regulations. Work with internal/external audit and government agencies for annual reviews.
- Review/Monitor and present monthly reporting for delinquency
- Develop cost effective approach to collections. Minimize departmental non-payroll costs.
- Identify and review tools and models for collections inventory
- Partner with Third Party Risk Management to establish vendors which meets the Bank's objectives. Monitor third-party relationships for compliance.
- Participate in Budgeting Sessions
- Manage work hours and FTE's to control costs and personal workloads.
- Possible work with Bank acquisition team
- Ensure compliance with Northwest’s policies and procedures, and Federal/State regulations
- Navigate Microsoft Office Software, computer applications, and software specific to the department to maximize technology tools and gain efficiency
- Work as part of a team
- Work with on-site equipment
Education Experience preferred
- Bachelor’s degree in business/finance
- 5-6 years of collections experience
- 5-6 years of call center collections experience
- Supervisory experience
- Mortgage and consumer lending experience
- Understanding of loss mitigation and loan work out
- Financial analysis and customer service
Northwest is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees.
