Collections & Recovery Manager

VyStar Credit Union   •  

Jacksonville, FL

Industry: Accounting, Finance & Insurance

  •  

11 - 15 years

Posted 57 days ago

This job is no longer available.

ACCOUNTABILITY STATEMENT

Manages the Collections Department activities, strategies and programs to ensure that delinquency, charge-offs and recoveries are in-line with all corporate and strategic objectives. This must be conducted in compliance with all federal and state regulations. Incumbent isresponsible for the daily oversight, operational management and staff development of a large employee group which includes multiple teams with varied disciplines. These business units include the Collection Operations Supervisor, Collections Supervisor and the Sr. Consumer Loan Modification Coordinator. In addition, the role requires timely updates to multiple systemreports that are critical for strategic decisions andreporting requirements of the credit union. This encompasses collection activity, bankruptcy handling, legal processing, collateral liquidation, recovery strategies, vendor results and the consumerloan modification and troubled debt restructure (TDR) process. Responsibilities also encompass the management and oversight of posting and balancing payments from members and outside agencies on accounts handled by the Collections Department. Incumbent has direct oversight ofyear-end IRStaxreporting requirements and reconciliation process to ensure compliance with IRS regulations. This position will also beresponsible for the review prior to acceptance of all Consumer CreditCounseling accounts and the performance of these accounts. Oversees the monthly scheduling, processing and balancing of both negativeshare write-off andloan charge-offs on both the Smart Collector (consumerloans) and FDR (credit cards) systems, and the monthly processing in an extensive consumerloanportfolio. This includes actual analysis of collection activity by the various outside agencies. The incumbent isresponsible for the oversight of the Collections Department daily clerical functions including the processing of credit bureau corrections, balancing of the branch, vendor management, Collector Performance Report, and monitoring of collection, delinquency and recovery trends. The incumbent must be able to effectively drive project management initiatives and collaborate with Sr. Management, Vice Presidents of various business units and business operations analysts to achievedesired implementation and expected results. The incumbent must have a working knowledge of NCUA rules and regulations, statebanking regulations, Fair Debt Collections and Practices Act, The Fair Credit Reporting Act and Insurance Laws. This position will act as an interim Vice President for the Collections Department in the absence of the Vice President Lending Services Operations. Creates an environment whererisk ownership and empowerment is encouraged and where innovation in process improvements is fostered. This environment is also one that holds individuals accountable andresponsible for ensuring the goals and objectives of the credit union’s business plan, annual operating plan, mission statement and vision statement are achieved. Incumbent ensures compliance of all applicable regulations, policies, procedures, and statutes. Proactively pursues continued process improvements and identifies inefficiencies while ensuring all performance and service level objectives for the department are met. Effectively incorporates translating collections department intra-day process requirements into long-term direction. Works with other departments to identify and evaluate creative and innovation solutions to include the identification and exploration of alternative technology and systems integration techniques into daily information and data analysis to improve operating efficiencies.

ESSENTIAL FUNCTIONS

• Supervises Collection Supervisors (3), Collection Operations Supervisor (1), numerous department staff ensuring that the daily work is completed, and that all Collections department employees are adhering to policies and procedures and daily performance standards are being met.  Responsibilities also include year-end taxreporting for IRS and to ensure that comprehensive reconciliation processes are in place to ensure compliance. This requires strong familiarity with 1099C reporting, cancellation of debts as defined by the IRS and ensuring timely filing with IRS.

• Makes consumer loan collection action decisions as authorized by policy and in conjunction with regulations for TDR’s and modified loans through administration of loan workout solutions. Provides necessary reporting and documentation for consumer troubled debt restructures to be reported and included on the NCUA call report on behalf of the credit union. This reporting directly ties to company financials and loan loss provisions

• Responsibilities also include the approval and performance of all Consumer Credit Counseling Services accounts. Interacts with other departments of the credit union as necessary, reviews and approves accounts to be charged-off.  Responsible for the quality and accuracy of the monthly charge-off loans, consumer modifications/TDR reporting, negative share write offs, the daily branch balancing, and the screen prints for agency accounts.  Responsible for providing weekly updates on status of delinquent employee accounts to group Vice President and Chief Lending Officer as required.

• Incumbent serves as operational and technical liaison to staff, vendors and departments within the credit union to coordinate work related and daily operations and resolution of processing errors and member service enhancements, reviewing transactions, and resolving member issues that are escalated to Management for resolution. Vendor management skills are necessary, including managing the vendor to the responsibilities outlined in the contract and statement of work. Also includes collaborating with the Vendor Management group to review contract documents and ensuring necessary language in agreements to protect and mitigate the credit union’s risk.

• Responsibilities include the monthly rotation schedules.  Evaluating staffing levels within the areas of responsibility to ensure that adequate resources exist for daily operations.  Ensure that staff maintains sufficient training to perform job duties efficiently and effectively.  Coordinates with Supervisors to ensure schedule adherence.  Manages extensive inbound and outbound Call Management System (CMS) to closely monitor Average Speed of Answer (ASA), Average Handing Time (AHT) and After Call Work (ACW), Abandoned Rate (AR) and service level ratios along with other important measurement standards to meet business objectives with annual call volume of 650,000+ calls per year.  The incumbent determines what call volume adjustments should be as the result of marketing programs, other department activities, seasonal trends, etc.  Sound judgment must be used in the cost effectiveness of scheduling employees and staffing requests. 

• Reviews Regulation CC to stay informed of changes in respective areas and to ensure compliance with current regulations.  Performs analysis on needs and costs for procedural changes and/or processing enhancements. Incumbent will also be an active member of the corporate Compliance Committee that meets each month.

• Recommends department goals and objectives designed to drive collection and recovery performance to ensure adequate strategies for a $3B+ dollar loanportfolio. Works collaboratively with Chief Lending Officer, Vice President Lending Services Operations and Lending Services Operations Analyst to develop comprehensive strategies to deploy and implement changes, enhancements and new performance metrics as necessary related to collections, recoveries, and corporate loan growth objectives.  Performs the functions of project management for required programs and strategies.

• To ensure achievement of organizational and department goals and objectives provides leadership, direction, ongoing training and coaching of department supervisors and staff employees to encourage achievement of goals and objectives.

• Actively participates and assists with the monitoring of department service levels and productivity.

• Develops and implements strategies designed to maximize recovery, increase efficiencies and reduce loss.

• Manages recovery process with existing agencies, tracks performance and takes action to improve the performance and/or relationship with these agencies.  Also, provides monthly reports to the Vice President Lending Services Operations outlining recovery activities and ratios including but not limited to; settlement agreements accepted, repayment plans established and their current status, and outsourced collection agency activity recommendations.

• Maintains and revises as needed, periodic audit program of recovery and auction vendors to include site-visits and inventory of repossessed assets.  Manages and oversees the self-monitoring and compliance monitoring program for the Collections department.

• Investigate and define system capabilities, evaluate current and potential system technology use and the needs for improved performance. Works closely with departments to include, Information Technology Operations (ITO), Information System Development (ISD) and lending operations analyst to ensure that all system testing is performed as necessary prior to periodic vendor releases and platform upgrades and that expected results are achieved.

• Interacts with attorneys, outside credit union vendors and governmental agencies regarding account litigation, portfolio performance and account investigation, obtaining current information at least annually, reviewing performance monthly, and pro-actively developing or redefining existing relationships on an as-needed basis.

• Cooperates with state, federal, and internal examiners and/or auditors in routine credit union examinations and audits.

• Authorizes suit litigation and repossession that represents the best interests of the credit union. Prepares files and court documents for accounts taken to Small Claims Court.  Attends Small Claims Court and other collections related court hearings on scheduled court dates obtaining judgments or stipulation agreements.  

• Recommends and implements operating policies and procedural changes that support and enhance efficiencies, as well as, to ensure compliance with all pertinent regulations.

• Maintains integrity and ethics in all actions and conversations with or regarding credit union members and their accounts.  Ensures department employees comply with all applicable state and federal laws, company policies and procedures.

• Prepares and presents written reports, presentations, and recommendations to the Vice President Lending Services Operations.

• Develops bankruptcy procedures and processes to comply with all Bankruptcy Reforms and changes as dictated by state and federal laws, monitors compliance with existing ones.

• Ensures bankruptcy processes and actions are resulting in the most effective and least amount of loss for the Credit Union. 

• Performs weekly audit of transactions prepared by processors with Global Override authorization.

• Monitors and counsels staff to practice and embrace behaviors consistent with the credit union initiative for VyStar Excellence. Also, functions as hiring manager for the department with identifying and recruiting new employees for department.

• Makes recommendations to Vice President Lending Services Operations for enhancements and process improvements as deemed necessary. Review software needs, stays informed of changes within collections industry and make recommendations to maintain operating efficiencies. Coordinates with Lending Business Analysts and ITO staff as appropriate to develop, provide testing resources, and implement software changes.

• Collaborates with the Lending Services Operations Analyst to ensure integrity of data, performance metrics, analytics, and production of reporting.

Incumbent performs all other duties and responsibilities as assigned by Vice President Lending Services Operations or Chief Lending Officer 

VYSTAR EXCELLENCE

Incumbent is expected to demonstrate each of the following VyStar Excellence behaviors in performing the duties and responsibilities of their job:

• Focus  Focus your full attention by carefully listening to and observing client or member.

• Connect Consistently be friendly and approachable.  Demonstrate your care.

• Understand Listen empathetically and ask questions (70%/30% rule).

• Counsel Recommend solutions based on your  member’s needs and objectives.

• Advance  Ensure that member’s expectations were exceeded.

Verify necessary follow-up actions.

EDUCATION REQUIREMENTS

The minimum education requirement is an Associate Degree in a business-related area; experience can be substituted at a 2:1 ratio. BA degree in related business field is preferred.

JOB KNOWLEDGE, SKILLS & ABILITIES

Candidate must possess a minimum of ten years leadership experience in a financial setting, of which, a minimum of five years experience in a supervisory role is required.

Must be able to work in a team environment, handle member issues, exercise sound judgement, evaluate complex technical information, and make and communicate decisions effectively.  Good oral, written and verbal skills are required.  A good working knowledge of Excel and Word is required.

R0002735