How to Become a Mortgage Collection Supervisor
Step 1: Understand the job description and responsibilities of a Mortgage Collection Supervisor
What does a Mortgage Collection Supervisor do?
A Mortgage Collection Supervisor supervises a team of collectors who limit collection portfolio losses and delinquencies. Oversees collections procedures to ensure compliance with all policies and procedures. Being a Mortgage Collection Supervisor evaluates past-due accounts for accuracy. Provides reports to management with recommendations for improvement and referrals of complex accounts. Additionally, Mortgage Collection Supervisor may require a bachelor's degree. Typically reports to a manager or head of a unit/department. The Mortgage Collection Supervisor supervises a group of primarily para-professional level staffs. May also be a level above a supervisor within high volume administrative/ production environments. Makes day-to-day decisions within or for a group/small department. Has some authority for personnel actions. Thorough knowledge of department processes. To be a Mortgage Collection Supervisor typically requires 3-5 years experience in the related area as an individual contributor.
Supervise the collection activity of Collections Representatives.
Train and ensure that assigned Collections Representatives follow standardized collection procedures for all assigned accounts.
Ensure that Collections Representatives have followed standardized collection procedures for all assigned accounts and monitor objectives using standard management reporting systems.
Provide ongoing training and feedback (including call monitoring and quality reviews) to Collections Representatives to ensure that as many accounts as possible are brought to current status within established time frames, thereby reducing levels of delinquency, repossessions, foreclosures, non-performing assets and loan losses.
Provide ongoing training and development for Collections Team Leader.
Step 2: Learn best tips to become a Mortgage Collection Supervisor
Best tips for those who want to become a Mortgage Collection Supervisor
Here are some tips to become a Mortgage Collection Supervisor.
Step 3: View best colleges and universities for Mortgage Collection Supervisor
Best colleges and universities for Mortgage Collection Supervisor
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Mortgage Collection Supervisor
Is being a Mortgage Collection Supervisor Worth it?
BIG Points will be credited to the eligible BIG Member’s account within 30 days from the delivery or end collection date of the purchases.
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A minimum of 3 years experience in a supervisor/manager position in collections, law firm, banking or business field is required.
Administers collections programs, maintaining knowledge of legal requirements and regulations.
Step 5: Prepare relevant skills for being a Mortgage Collection Supervisor
What skills do you need to be a Mortgage Collection Supervisor?
A manager is often judged based on the success of their team and those working below them, as such, many skills are needed. Success in this role depends on a critical ability in the following: Loan Collections . Experience in the following is fundamental to this role: Banking Software, Credit and Collections Software. Skills may vary from job-to-job, but these skills are the ones most commonly associated with this role.
10 years of Mortgage Loan Servicing and 7 years of Management/Leadership experience.
Minimum of two years experience as a collector or working in a related position in the residential mortgage loan industry.
Maintains knowledge and adheres to all rules and regulations with respect to compliance issues, Fair Credit Reporting Act, Fair Debt Collection Practices Act, CFPB and other state and local regulations.
Advanced knowledge of federal, bank, investor, and private mortgage insurer servicing/collection requirements.
Advanced knowledge of Fannie Mae, Freddie Mac, FHA, VA, and private investor guidelines, Fair Debt Collection Practices and generally accepted accounting principles.
Step 6: View average salary for Mortgage Collection Supervisor
How much does a Mortgage Collection Supervisor make?
The average salary range for a Mortgage Collection Supervisor is from $50,758 to $69,266. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Mortgage Collection Supervisor jobs
- Mortgage Collection Supervisor II
- Mortgage Collection Supervisor I
- Mortgage Collection Manager
- Collection Supervisor
- Consumer Loan Collection Supervisor I
- Consumer Loan Collection Supervisor II
- Consumer Loan Collection/Recovery Supervisor
- Delinquent Mortgage Collections Supervisor I
- Delinquent Mortgage Collections Supervisor II
- Mortgage Collector III