Director of Collections & Recovery at Wsfs Financial in Philadelphia, Pennsylvania

Job Description:

Job Description



NewLane Finance is a commercial equipment finance company, serving small and mid-size business nationwide. Our mantra is "business lending done right", and our strategy is to revolutionize small business lending by employing the latest technology and a motivated workforce to deliver fair and transparent financing solutions to businesses with unmatched levels of speed, convenience and customer service. Our products and services are offered to the business community primarily through financing programs with equipment manufacturers, distributors, and dealers.


Summary:
This position is responsible for designing, implementing, improving and executing on NewLane's collections and recovery processes, ensuring timely collection of delinquent payments and an effective recovery process for charged-off accounts. The Director manages the overall operations for all aspects of the collections and recovery functions. The position will place emphasis on continuous improvement and ongoing focus on building an organization that effectively and efficiently manages these critical back-end
processes.



Essential Functions and Responsibilities:

• Develop, implement and revise formal policies and procedures for Collections and Recovery functions


• Develop, implement and refine best practice strategies and tactics to manage the collection and recovery processes to minimize delinquencies and charge-offs and maximize recovery dollars


• Develop and implement an internal litigation strategy and process to pursue recoveries in the most efficient and effective manner possible


• Develop a nationwide network of equipment repossession and remarketing agents


• Develop and implement an equipment repossession and remarketing strategy and process to assure the prompt sale of repossessed equipment at the highest possible price


• Proactively manage relationships with outside collections agencies, repo and remarketing firms and law firms (as needed). Hold frequent (at least monthly) meetings with all outside partners to hold them accountable to expected performance metrics.


• Actively assist teams in collection and recovery efforts (by making calls or sending emails), focusing on accounts with larger balances or more complex issues


• Develop collection and recovery strategies and processes that use the optimal mix of technology solutions and human capital


• Manage each area to achieve critical KPIs (early and late-stage delinquency levels, charge-offs, recovery realization, etc..) and deliver on plan goals


• Develop and review management reports to (i) evaluate performance of collections and recovery team members, (ii) assess effectiveness of current collection and recovery policies, procedures and practices, and (iii) identify trends in the results and devise strategies to address the trends


• Work closely (through weekly meetings) with leaders in Credit Underwriting and Sales to discuss delinquency and charge-off trends and to seek their assistance in collections matters as needed.


• Work with technology team to identify and implement the best technology systems and solutions for areas of responsibility.


• Proactively monitor delinquency and loss trends and effectively communicate these trends to executive management


• Hire (as needed), train, develop and manage best-in-class collection and recovery teams


• Ensure compliance with all federal and state laws and regulations and company collection and other policies and procedures

Qualifications:

• Bachelor's degree in related field or ten (10) years of progressive experience in Collections and/or Recovery capacities in a B2B environment.


• Knowledge of creditors rights, enforcement remedies, asset repossession/remarketing processes, litigation processes and court procedures


• Good understanding of equipment financing contract terms and conditions


• Demonstrated strong leadership and managerial skills. Proven ability to assemble, train and motivate work force to achieve company's goals


• Experience and aptitude in driving high level technology advancements for the business and teams, creating ongoing automation of services and processes


• Excellent verbal and written communication and interpersonal skills


• Experienced in MS Office including Word, Excel, PowerPoint and various company software programs. Experience with Aspire a plus.

The successful candidate will receive competitive compensation, excellent benefits including Health, Dental, Vision, 401k) with match, flexible spending, Life Insurance, Short Term and Long-Term Disability Insurance, generous PTO, and much more...


NewLane Finance is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, gender expression, national origin, age, protected veteran or disabled status, or genetic information.


NewLane Finance will not be able to provide Relocation or Sponsorship


WSFS Bank is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the WSFS Bank Careers website or submission process, please contact us via email at careers@wsfsbank.com.


WSFS is an equal opportunity employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics. Apply Now