First Financial Federal Credit Union Job Description
Job Title: Collections & Loss Mitigation Manager
Department: Collections
Reports To: VP/CLO
Salary Grade(s): 14
EEO-1 Job Class: 1.2 - First/Mid-Level Officials and Managers
FLSA Status: Exempt
Full-time
Part-time
Temporary
Location: Admin Center
In office position with the opportunity to work a hybrid schedule after a probationary period.
Function:
Manages operational effort to minimize loan losses for consumer and mortgage loan portfolios. Ensures compliance with federal, state, and regulatory agency rules for collections, loss mitigation, and bankruptcy activities. Leads department to provide exceptional member service and problem resolution throughout all phases of the collection process in keeping with Core 4 values. Supports reporting of loan loss trends and activity to executive management.
Position Requirements:
GENERAL:
- Provides leadership, coaching and supervision to the Collections team
- Ability to work in a fast-paced environment
- Goal oriented with focus on protecting the Credit Union from losses
- Excellent problem-solving ability
- Knowledge of applicable legal and compliance regulations
EXPERIENCE: Minimum of 6-8 years of experience
EDUCATION: High school diploma or GED equivalent. Preferred: Bachelors or commensurate experience
An equivalent combination of education and experience may be accepted as a satisfactory substitute for the specific education and experience listed above.
Duties:
- Supervises daily operation of the Collections Department
- Ensures compliance with all federal, state, and regulatory requirements, including but not limited to FDCPA, FCRA, FACTA, TCPA, UDAAP & U.S. Bankruptcy Code.
- Designs, develops, and deploys effective and efficient collection strategies, policy, procedures, and workflows. Develops secure and compliant communication methods with Members and third parties.
- Ensures all Member collection activities are handled fairly, professionally, consistently and with dignity.
- Identifies trends and develops process improvements and system enhancements to improve department's effectiveness.
- Oversees employee pipelines/activities including contacting delinquent accounts through appropriate means, taking appropriate actions to cure delinquencies, analyzing financial situations of members, and management of collateral disposition.
- Support efforts to track and report department activity and metrics to enhance the transparency and efficiency of collections/loss mitigation activity.
- Oversees the loan workout programs and processes therein. Provides decisions for short-term workouts. Proposes long-term workout resolutions to the Loan Workout Committee.
- Corporate Officer appointed by Board of Directors to represent the Credit Union in legal proceedings. Assumes responsibility for a viable charge-off recovery program.
- Manages third parties and legal relationships for bankruptcy, foreclosure, and recovery activity.
- Manages collateral disposition efforts including repossession, foreclosure, repairs, and sale of all collateral surrendered for non-payment.
- Oversees negotiation of repayment terms and amounts with budgeting/loan repayment agencies.
- Creates continuity between the Lending and Collections Departments to identify underwriting trends and loan resolution methods. Reports suspected unfair, deceptive, or high-risk lending practices to the CLO.
- Chairs monthly charge-off review meeting with Executive Management.
- Performs duties related to hiring, staff development, and performance evaluations.
- Responds to all regulatory, internal, and external audit requests.
- Manages and responds to escalated complaints from members and agencies.
- Assists in the achievement of the strategic plan goals of the Credit Union.
- Adheres to regulations and organizational policies, maintaining awareness and knowledge required to perform the duties of the position including all aspects of the Bank Secrecy Act, Fair Lending, and Information Security.
- Performs other duties as assigned.
Equal Opportunity Employment
First Financial of Maryland Federal Credit Union is an Equal Opportunity employer with a strong commitment to hiring for our mission and diversifying our staff. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, age, sex, sexual orientation, gender identity, disability, marital status, protected veteran status or any other factor protected by law.
Compensation details: 00 Yearly Salary
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