Manager - Collections & Recoveries

USALLIANCE Financial•Chelmsford, MA

4d•$82,915 - $105,717•Hybrid

About The Position

This position will provide leadership and operational direction for the Financial Assistance department. Review and recommend departmental policies, guidelines and procedures that support the strategic goals of the Credit Union.

Requirements

Three years of leadership/management experience in the area of collection in a financial institution or other financial services provider.
Extensive experience with legal matters relating to the collection of delinquent accounts.
Recoveries experience required.
Proficiency with all applicable state and federal lending laws and regulations.
Ability to resolve interpersonal conflicts and ensure consistent communication.
Strong knowledge of all requirements for repossessions, contract extensions, and contract rewrites.
Strong knowledge of all consumer and real estate loans.
Background in loan modifications (real estate) and familiar with Fannie Mae guidelines.

Responsibilities

Oversee all areas of collection and recoveries for the Credit Union.
Evaluate member accounts, handle escalated delinquent accounts, and manage department flow.
Review, update, and create all policies/procedures and ensure all department activities are compliant with all applicable state and federal laws and regulations.
Manage handling of charged-off accounts to promote a healthy recovery portfolio and minimize third party collection.
Creates payment solutions utilizing settlement options and long-term arrangements to increase revenue. Recommends suit when needed.
Handles all aspects of 1099 A & C.
Coordinates and implements collection policies and procedures.
Develops and implements telephone techniques for effective collection of accounts.
Support a strong legal negotiation and collection service culture within the department.
Collect, control loss, streamline and facilitate collecting of delinquent accounts.
Assist in developing strategic goals for the Financial Assistance department and facilitate the successful attainment of these goals.
Organize, train, and motivate the department staff to achieve the established annual and long-term goals of the department.
Responsible for hiring, training, evaluating, and developing Financial Assistance team.
Set targets for staff performance metrics and ensure their accountability.
Provide leadership for the daily operations of the Financial Assistance Department.
Liaison with HR regarding employee problem accounts.
Oversee vendor management for the Financial Assistance Department.
Establish and maintain budgets for the department.
Monitor and manage loan charge-offs.
Oversee recoveries program to ensure efficiency and reduce net charge off ratios across all portfolios.
Evaluate new strategies when implemented to determine overall impact and performance.
Coordinate with lending and servicing teams to complete maintenance of loans and recommend changes in lending practices to reduce risk to the Credit Union.
Work closely with Loss Mitigation Manager to identify high-risk loans and minimize default rates.
Promote honest and open communication, trust, leadership, and performance within the department.
Demonstrate behaviors that are consistent with the values, philosophies, and leadership characteristics of the Credit Union.
All positions must adhere to standard BSA/AML policies, procedures, and processes. Employees must demonstrate awareness of business functions and how business decisions affect financial and/or non-financial work results.