Manager, Default Recovery - Collections

Fairstone Bank•Toronto, ON

1d•CA$80,000 - CA$100,000•Hybrid

About The Position

The Manager of Default Recovery Collection is responsible for overseeing all early-stage collection activities across all internally serviced product lines, ensuring adherence to industry best practices and company policies. This role involves managing and reporting on early-stage delinquency and third-party vendor performance for Residential and Small Commercial mortgages, as well as Credit Card portfolios. The Manager is tasked with implementing changes and improvements within the Default Recovery Collection process, focusing on operational considerations, employee training, and the implementation of controls, policies, and systems. As the primary point of contact for third-party vendor relationships, including collection agencies and service providers, the Manager is responsible for fostering and maintaining professional and effective relationships with these entities.

Requirements

Post secondary degree or diploma required (University degree preferred)
5+ years of previous People Leadership/ Management experience
5+ years of experience in Financial Industry, with Mortgage and credit card experience strongly preferred
Proven leadership skills focused on mentoring and motivating professionals.
Excellent interpersonal and relationship-building skills.
Strong written and verbal business communication skills.
Proven diplomacy, negotiation, conflict resolution, and people management skills.
Technical proficiency with Microsoft Office (Excel, Word, Teams, Outlook, PowerPoint).
Proactive, self-starter attitude.
Ability to multitask in a fast-paced, deadline-driven environment.
Exceptional time management and organizational skills.
Professional maturity and exceptional problem-solving/analytical skills.

Responsibilities

Lead and develop a team of highly capable and engaged Specialists to success in mitigating loss and reducing delinquency through applying recovery strategies, process change, industry insights, and coaching
Monitor productivity and workflow to ensure optimal team efficiency and effectiveness to mitigate continuing default
Take a hands-on leadership approach to ensure prudent handling of complex files
Review recommendations to management for critical escalation steps or work out solutions for completeness, accuracy and suitability and risk tolerance.
Provide guidance and/or advice pertaining to effective negotiations and forbearance/workout solution opportunities
Work collaboratively with third party business partners, specialists and clients to establish feasible payment arrangements that facilitate the recovery of funds. This may involve negotiating payment plans that align with the client's financial capabilities while ensuring the company's interests are safeguarded.
Optimize recovery rates while balancing customer outcomes and reputational risk
Develop and implement recovery strategies tailored to account risk levels
Lead team initiatives including policy and procedure maintenance.
Meet or exceed monthly, quarterly and yearly targets for cured files and loss reduction
Manage external partners and related costs and SLAs (collection agencies, service providers).
Monitor reports to ensure results are achieved and to identify trends concerns, performance issues.
Champion technical and process enhancements, working with key stakeholders both internal and external.
Establish as required and report on team KRI/KPIs and manage performance reviews.
Promote a culture of compliance, accountability, and customer-centric recovery.
Ensure SLAs are achieved and maintained.
Identify opportunities and champion for continuous improvements/solutions.
Prepare and deliver performance reports to senior leadership to display target/cure rate results, delinquency avoidance, resolution timelines for delinquent loans, including trends, early warning indicators
Actively participate and/or provide leadership on projects aligned with business plan and/or objectives, best practices, and/or system implementation initiatives.
Recommend and collaborate technical and process enhancements, working with key stakeholders both internal and external
Understand and ensure compliance with governmental, investor, and mortgage insurer guidelines.
Incorporates regulatory & compliance requirements into existing business processes & activities
Maintain consistent, objective and sound risk assessment in a high-volume customer centric environment
Identifies and champions opportunities to mitigate potential risk and to strengthen compliance activities, for the company in daily operational activities
Provide oversight to ensure proper implementation of policies, procedures, and adherence to controls to manage risk pertaining to enforcement activities including but not limited to, Anti-Money Laundering, Know Your Client, Privacy, Complaints Handling and Compliance Management, as required by regulations.
Proactively identify risks related to business; escalate and provide actionable recommendations. action where required.
Oversee Manage and motivate Team lead(s) and Specialists to complete their daily deliverables within established targets (with both accuracy and timeliness)
Ensure adherence to requirements and deliverables.
Offer effective leadership through coaching, guidance, feedback, and developmental opportunities via annual performance reviews and ongoing team monitoring.
Oversee training of new team members and ensure continuous training to keep standard operating procedures current and comprehensive.
Foster collaborative teamwork to encourage synergies, ensuring departmental and company objectives are met.
Oversee and refine work assignments to ensure healthy allocation, engagement, purpose, and team culture.
Conduct performance reviews and provide ongoing feedback
Set performance goals, KPI’s and productivity standards