Position Title: Vice President, Collections/Loss Mitigation
Reports to: Senior Vice President, Consumer Lending
Location: Denver Area, CO
THE OPPORTUNITY
Reporting directly to the SVP, Consumer Lending, the newly created role of Vice President, Collections/Loss Mitigation offers a unique opportunity to shape the future of the collections department. Currently an outsourced function, these capabilities will be brought 'in-house', in alignment with our client's unwavering focus of an enhanced member experience. With full accountability for both the strategic and operational aspects of this critical department, this role provides the successful candidate the chance to build and lead a high-performing team (approximately 18) that will directly contribute to our client's mission of providing exceptional service.
The ideal candidate will be a strategic thinker with a deep understanding of mortgage and consumer loan collection strategies, recovery processes, and regulatory compliance coupled with excellent leadership skills. In this role, the Vice President, Collections/Loss Mitigation will oversee the day-to-day operations of the collections department, develop and implement innovative strategies, and drive performance excellence to meet organizational goals, as well as provide guidance and leadership to the team. Responsibilities will include managing all collection activities, organizing the workflow within the department, assisting with the development of policies and procedures, and minimizing losses from delinquent accounts.
This is more than just a job; it's an opportunity to make a lasting impact. Those who are passionate about creating efficient, member-focused solutions and have the expertise to create and lead a dynamic team are invited to join us in this exciting journey
RESPONSIBILITIES
Provide a valuable and enjoyable experience to both internal customers and members during interactions adhering to the company's Core Values and Behaviors.
Overall responsibility for the efficient servicing operations of collection business unit, according to investor and company guidelines.
Oversee portfolio activities including compliance, program/change management related to multiple products including but not limited to automobile, real estate, HELOC, credit cards, consumer loans, business loans and negative share accounts to ensure compliance adherence, portfolio optimization, minimize credit losses and exceeding member expectations.
Manage, monitor, and measure the performance of queues and processes.
Present periodic performance reports and metrics to the SVP, Consumer Lending, and other leadership.
Ensure collection activity is handled in a prompt, professional manner. Adhering to all state and federal regulations, as well as internal policies and procedures while controlling costs.
Develop, implement, and optimize a comprehensive collection and recoveries strategy aligned with the Company's overall business objectives mitigating the portfolio risk with a member-centric approach, minimizing negative impacts on member relationships.
Occasionally testify in court on behalf of the credit union regarding bankruptcies, repossessions, charge off accounts, fraud, forgery, theft, and embezzlement.
Empower and support your team by providing coaching, mentorship, and training to foster professional growth.
Conduct performance evaluations and offer timely feedback and implement strategic changes to drive success.
Responsible for staffing in partnership with Human Resources, which includes employee performance reviews, recommendations for salary adjustments, initiating disciplinary action in accordance with established procedures and hiring/termination of staff within the department.
Utilize knowledge of investor/agency and compliance guidelines for government and agency loans to ensure standards are consistently met.
Oversee development, enhancement and maintain documented policies and procedures ensuring operational efficiency and compliance across all asset loss management functions to achieve compliance with servicing, risk management best practices, and investor guidelines.
Develop an annual plan for asset loss management, ensuring adherence to budget guidelines.
Develop meaningful reporting to provide quantitative and qualitative results reflecting the state of performance and/or emerging risks.
Demonstrate strong leadership skills and strong inter-departmental collaboration.
Build and lead a high-performing team to provide timely, accurate and effective services that enhance the member experience.
Maintain a high-performing team of collection professionals capable of operating in an agile and growing environment.
Perform Additional Duties: Take on tasks and projects assigned to support the Company's mission and goals. This role requires full-time engagement, with flexibility to support critical business needs when required, regular and punctual attendance.
EXPERIENCE REQUIREMENTS
Bachelor's degree or equivalent experience.
Minimum 10 years of collections experience.
Minimum 5 years of collection management experience within mortgage.
Collection call center experience highly preferred.
Proven experience in driving key operational and strategic initiatives.
SKILLS
Knowledge of all state and federal laws pertaining to mortgage and consumer loans and the collection thereof.
Excellent skills in people management, coaching and development. Understanding and carrying out written and verbal directions.
Communicating clearly, concisely, and professionally both verbal and written
Ability to tactfully question or actively listen to members/employees/departments to determine specific needs/concerns and bring resolution.
Must be able to prioritize and manage multiple projects and effectively delegate.
Manual dexterity to input data on keyboard (computer, calculator, telephone, typewriter.)
Visual ability to interpret data from CRT screen or written documents.
COMPENSATION & BENEFITS
Base salary: 175k - 200k
Annual incentive bonus target: 20%
100% of health, dental and vision paid for employee
Competitive 401(k) plan with company match, health insurance, telehealth services, a health club reimbursement, and vacation, personal, and sick leave.
CONTACT INFORMATION
Search managed by Megan McQuay, Principal, LHH Recruitment Solutions. If you are interested in being considered for this meaningful opportunity, please contact:
Lindsay Millard - Sr Consultant, Lindsay.Millard@LHH.com, 416-928-4558