Job Ref: 13693
Collections and Recovery Manager
Reports To: Vice President, Loan Administration
Job Summary: Responsible for managing the Collections and Recovery Departments, by ensuring effective collection of delinquent amounts while minimizing losses. Manages the recovery activities on all charge off loans and shares in accordance with established policies, procedures, and legal requirements. Responsible for overseeing and protecting the Company’s interest from potential losses of property on foreclosure, legal and bankruptcy matters. Oversee the obtaining of judgments, garnishments, liens and other legal procedures.
- Oversee the collection activities for consumer loans, VISA accounts, commercial, student loan, mortgage, and share accounts.
- Oversee the repossession procedures and all responsibilities of Repossession Specialist
- Oversee FDCPA and FCRA procedures and all responsibilities of Collections Compliance Specialist. Prepare the required periodic reports on collection activities and any additional reports/analysis required by management.
- Make recommendations to the Vice President, Loan Administration, regarding improving the effectiveness and efficiency of department procedures.
- Review, accept, decline and re-age consumer credit counseling proposals.
- Develop, implement, and assign a training program for new employees to the Collections or Recovery Department.
- Review, coach, train, and motivate staff using productivity statistics and measurements to achieve goals and improve efficiencies. Set departmental and staff goals.
- Follow the company charge off policies by identifying, tracking, and preparing monthly charge off accounts.
- Manage the recovery process and personnel to maximize the recovery of money owed the Company while minimizing losses. Recovery functions include legal, foreclosure/Owned Real Estate (ORE), bankruptcy, and probate matters.
- Research, prepare and approve delinquent mortgage loans referred by collections for possible legal/foreclosure action. Answer foreclosure complaints.
- Assign accounts and forward all necessary documents to attorney. Oversee all post-foreclosure activities including public notifications, bids, sheriff sales and evictions. Maintain and update status of foreclosures in the appropriate reports and systems.
- Oversee property maintenance and preservation of all abandoned and ORE properties. This may involve on-site visits and/or drive-bys.
- Request, record and properly manage expenses related to loss mitigation.
- Oversee the liquidation of assets and ensures proper reporting of all ORE properties of the Company.
- Ensure legal efforts will maximize recoveries.
- Follow up with outside counsel to determine suit status, hearing dates, etc. and update collection system and spreadsheets accordingly.
- Ensure compliance with applicable internal policies and procedures and regulatory requirements as they relate to the collection and recovery function.
- Assist with all applications and functions of the collections software.
- Review collector queue volumes and make assignment adjustments.
- Monitor collector call status, make adjustments when needed, and assist with peak call volumes when warranted.
- Tracks, submits and ensures that invoices for repairs and services have been rendered before submission of payments.
- Coordinates special projects as assigned.
- Manages the overdraft privilege program. Courtesy Pay Program and the Courtesy Pay Administrator responsibilities.
- Back-up other positions in the department as necessary and appropriate.
- Make recommendations to the Vice President, Loss Prevention and Recovery regarding improving the effectiveness and efficiency of the recovery and legal efforts of the department.
- Complete and properly close out all foreclosed/ORE files once the property is liquidated.
- Attend court when necessary and keep record of all required appearances.
- Administer insurance matters pertaining to the foreclosures and ORE’s
- Minimum of seven years of collections experience, with at least three years in recovery experience.
- Minimum of three years of management experience.
- Minimum of three years of real estate collections experience including foreclosure, bankruptcy, loss mitigation solutions and various insurance claims.
- Has working knowledge of laws, regulations and rules governing recovery and collections.
- Ability to communicate professionally in writing and orally to the standards commensurate with the legal profession.
- Thorough knowledge of collection procedures.
- Obtain an acceptable score on Microsoft Excel assessment.
- Excellent oral and written communication skills; strong interpersonal skills.
- Ability to keep sensitive information confidential.
- Familiar with typical collection and lending software, Microsoft Office or comparable software, especially Excel.