Accounts Control Director

SUMMARY:

Reporting to the Chief Risk Officer, the Director drives collection activities and loss mitigation strategies that meet the Credit Union's strategic vision. This role will leverage data and advanced analytics to control losses while keeping the member experience at the forefront. Forecasts and identifies trends spearheading solutions to mitigate current and evolving trends that negatively might impact effective collections and loss mitigation efforts. Develops best practices and successful strategies, writes guidelines, and develops proposals to mitigate losses. This individual will plan and direct the development of collections and loss prevention programs that provide maximum protection of the organization's assets at the most economical rates and ensure compliance with applicable regulations. As the incoming leader, the Director will deploy strategies that ensure losses are effectively managed and appropriately utilizing budget and forecasting tools. The incumbent will provide a practical apparatus in place for the management and escalation of delinquent loans/accounts, including workout loans, extensions, and charge-off recommendations. 

The Director is the senior liaison to legal counsel relating to delinquent accounts and related repossession activities and accountable for managing all third-party service providers and product lifecycle for collections and loss mitigation. 

Must have ability to juggle multiple competing priorities and adapt to constantly changing business environment. Demonstrates ability to apply a broad and integrated perspective when planning, problem-solving, and assessing impact across functional areas. Interacts with co-workers, supervisors, members and outside contacts in an appropriate, professional manner and projects a positive image of the department and according to the SAFE Brand Manual.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

• Set credit policy, continuous monitoring of collection strategies utilizing credit management techniques to manage and control the credit union’s credit risk and quality.
• Coordinate predictive modeling and analysis to rate the collectability of overdue accounts, to segment portfolios, and to allocate resources accordingly.
• Ensure delinquency and charge-off ratios are appropriate to achieve credit union strategic goals as set by the Board of Directors. Creates the criteria for recovery and disposal of collateral that minimizes the loss and preserves remedies for effective collection of deficiencies.
• Build understanding and expertise in collection systems, date sources, uses, and reports to continually improve and enhance business insight as well as ensure a strong controls framework. 
• Supervises the development of the weekly, monthly, quarterly, and annual delinquency reports (various).
• Facilitate an efficient budget / forecast process that is effective in achieving financial goals / targets.
• Ensure all first mortgage servicing functions are completed daily, monthly, and annually to maintain compliance with all investor and regulatory guidelines including Freddie Mac.
• Monthly ensure all department General Ledgers are balanced in accordance with generally accepted accounting principles (GAAP).
• Develop and implement a new recovery tracking program. Work proactively with the Chief Financial Officer (CFO) and/or other designee to accurately track and report any mitigation of credit union losses.
• Develop, create, monitor, and administer Collateral Protection Insurance (CPI) program, ensuring all reports and financial transactions are reviewed and balanced daily.
• Engage with control colleagues across the firm, business, operations management, legal, compliance, risk, audit, regulators, and technology control functions including Chief Information Officer, Chief Lending Officer, Chief Risk Officer, Controller, and VP of E-Services to proactively communicate any possible risk issues and trends.
• Maintains a system of controls that indicates progress, payments received on delinquent accounts, more stringent collection actions that need to be taken, legal processes to be initiated or alternative collection methods that need to be initiated.
• Train, manage, and mentors the Accounts Control Manager/Assistant Manager in conjunction with Human Resources Department. Establish clear individual objectives, provide coaching to employees through their personal growth in functional expertise, communication skills, and ability to interact.
• Develop, Manage, Monitor, and Maintain first- party and/or third- party collector relationships (including CPI vendor) in accordance with the regulatory guidance of the CFPB and 12 CFR § 1006.6(d),
• Leverage data and advanced analytics to control losses while keeping the member experience at the forefront.
• Responds to internal and external audit exceptions with action plans to correct deficiencies in policies and procedures.
• Consults and direct legal counsel concerning accounts in litigation regarding the repossession and sale of assets (including OREOs). Manages all insured real estate loans in compliance with state, federal and local laws, and vendor contractual obligations.
• Performs risk remediation analyses on insured real estate loan portfolios including forbearance.
• Deploys strategies that ensure losses are effectively managed and appropriately utilizing forecasting tools.
• Causes the submission of all loan files on insurance claims to be paid on delinquent/foreclosed properties.
• Attend real estate closing on behalf of the Credit Union. May have to back -up the Accounts Control Manager when appropriate to ensure adequate representation in court in judgements, master in equity sales, lawsuits and all other legal proceedings as warranted. Escalates to the CRO as appropriate.
• Conducts periodic reviews of department telephone and call monitoring systems and procedures to ensure maximum operational efficiency.
• Meet regularly with staff to discuss ideas, changes, problems, policies, procedures, and guidelines. Make recommendations and/or implement collection procedural changes.
• Give authorization (overrides) of computer transaction on sensitive accounts (i.e., deceased, delinquent, dormant, bankrupt, negative shares etc.).
• Provide support for internal audits and assessments, external and regulatory exams, including responsive materials and engagement with Compliance and testing functions.
• Accurately and annually track and report tax forms (e.g., 1099-C) to Internal Revenue Service in compliance with federal regulations.
• Serves as the final escalation of delinquent loans/accounts, including workout loans, promise to pay, complaints etc.
• Develop, design, and implement a complaint management program to track and resolve disputes and complaints that originated from the credit union or a third-party agency.
• Develop and implement a compliant FCRA program for accurate reporting of bankruptcy plan requirements and risk mitigation of issues directly resulting from insurance services (including ancillary warranty and gap products).
• Monitor performance scorecards, operational meetings, and identify and communicate operational issues.
• Optimizes as an administrator the credit union’s debt collection management software platform to automate, enhance, and upgrade its qualitative and quantitative effectiveness.
• Demonstrates judgment and discretion within the framework of all applicable regulations and policies. 
• Negotiate Settlements in accordance with policy and procedure. Reviews settlements with management and to determine if feasible (including payoffs, and restitutions).
• Develop continuous benchmarking with other credit and collections risk managers and competitors to support the ongoing development of the credit and collections processes.
• Lead and build out an enhanced control framework which supports a continuous and integrated approach to ensure the team assists in top-down risk analysis, real time control issue detection, escalation, root cause analysis and remediation.
• Performs such other duties and functions as might be required for the efficient and effective operation of the credit union, or as might be assigned from time to time by the Chief Risk Officer.

SUPERVISORY RESPONSIBILITIES:

Directly supervises management in the collections department. Direct reports 1-3. Carries out supervisory responsibilities in accordance with the organization’s policies and applicable laws. Ultimate responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems.

PERFORMANCE STANDARDS:

Persistent in daily and weekly collection routines regarding delinquent account identification and follow up. Able to attain the goals and objectives of the collection function. Ability to draft detailed reports and correspondence. Professional attitude and appearance as well as the ability to communicate effectively and persuasively with delinquent borrowers and fellow staff members.

QUALIFICATION REQUIREMENTS:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Bilingual -preferred

REGULATORY REQUIREMENTS: 

Your position has specific procedures that must be followed to comply with FDCPA, The  (title 11, United States Code) and the ,  Privacy Act, Servicemembers' Civil Relief Act (SCRA),  Office of Foreign Assets Control (OFAC), and Bank Secrecy/Patriot Act and related Regulations. You will receive annual training to keep you current on any changes to these policies/procedures to assure compliance. Failure to comply with procedures may cause termination of your position as well as possible monetary penalties from the federal regulatory agency.

EDUCATION and/or EXPERIENCE:

• Bachelor’s degree in business or a related field from an accredited university preferred.
• Must have seven (7) to ten (10) years’ of similar or related experience, including preparatory experience leading outsourced and internal collections and recovery operations, including evidence of strategic planning and fulfillment of organizational goals.
• Requires five (5) years minimum related experience working in a financial institution and/or training, or equivalent combination of education.
• Five (5) to seven (7) years’ experience with Temenos or other collection software. Experience working with/managing 3rd party vendors and implementing vendor oversight.
• Three (3) years’ experience or knowledge of Bankruptcy Chapters 7, 11, 12, and 13
• Credit and/or AR specific certifications preferred
• Experience to include successfully analysing and negotiating settlement proposals.
• Must have excellent organizational and time management skills in efforts to meet strict deadlines.
• Advanced negotiation skills and independent critical thinking required.
• Strong collaboration skills including effective verbal and written communication skills. Must exhibit exceptional staff and member relation skills.
• Initiative-taking and able to perform effectively and accurately with minimal supervision.