Overview:
As the Director of Collections, you will play a pivotal role in ensuring timely member loan repayments, minimizing delinquencies, and maximizing recoveries, while ensuring compliance with applicable regulations and with OnPoint policies and procedures.
Essential Functions:
Lead and manage all aspects of the collections function:
- Oversee multiple collection disciplines (repossession, foreclosure, bankruptcy, etc.)
- Establish clear goals and objectives for the collections department, aligned with credit union strategies.
- Develop and implement efficient collection processes that optimize recovery rates while complying with all regulatory requirements.
Develop and maintain positive member relationships:
- Foster a respectful and professional work environment for the collections team.
- Ensure adherence to fair and ethical collection practices, complying with all federal and state regulations.
- Develop effective communication strategies to work collaboratively with members experiencing financial hardship, offering solutions and resources to help them get back on track.
Analyze and manage portfolio performance:
- Monitor key performance indicators (KPIs) such as delinquency rates, loss ratios, and recovery rates.
- Identify trends and root causes of delinquencies, developing proactive strategies for prevention and early intervention.
- Work closely with risk management and lending teams to develop strategies for mitigating credit risk.
- Prepare regular reports and presentations for senior management, outlining performance and key initiatives.
Stay current with industry trends and regulations:
- Actively participate in industry associations and training programs to remain updated on best practices in collections and compliance.
- Conduct and oversee regular training for the collections team on relevant regulations and compliance requirements.
Software Systems Management:
- Identify and implement technology solutions to streamline operations and improve efficiency.
- Manage software systems to support daily functions.
- Monitor and maintain system performance: Regularly monitor system performance and troubleshoot any issues to ensure optimal functionality.
- Stay informed about software updates and enhancements: Proactively track software updates and enhancements, evaluating their potential benefits and implementing them where applicable.
- Develop and utilize reporting tools: Leverage the software's reporting capabilities to generate comprehensive data reports on collection performance, identify trends, and track progress towards goals.
Contribute to the overall success of the credit union:
- Proactively identify and implement cost-saving initiatives for the collections department.
- Champion the credit union's mission and values, providing exceptional service to all members.
- Participate in cross-functional projects and initiatives as needed.
Qualifications:
- Bachelor's degree in Finance, Business Administration, or a related field is preferred.
- Minimum of 5-7 years of experience in collections management, with proven success in leading and motivating teams.
- Demonstrated expertise in collections strategies, compliance regulations, and best practices.
- Strong analytical and problem-solving skills, with the ability to interpret data and identify trends.
- Excellent communication, interpersonal, and negotiation skills.
- Commitment to ethical and fair collection practices.
- Proficient in Microsoft Office Suite and collections software.
At OnPoint, we believe a workplace that reflects the richness of the world fosters a welcoming and empowering environment for everyone. We're committed to equity and inclusion, and consider all qualified applicants embracing every race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, and your unique background.
We encourage you to apply if you're passionate about this opportunity and have the core qualifications. Your unique experiences and skills are what make you a strong candidate. Don’t let imposter syndrome hold you back! Our recruitment process is designed to be inclusive and accessible to all. If you need any accommodations during the application or interview stage, please let us know. We're dedicated to providing what's necessary to ensure a fair and inclusive experience.
Job Details
- Job Family
- Collections
- Job Function
- Collections
- Pay Type
- Salary