VP Collections and Loss Mitigation - Financial Staffing Resources, Ltd.

Company Description

FSR is a leading provider of premier talent for credit unions (Direct -Hire) specifically recruiting for the credit union industry.  Our experienced placement professionals have an unparalleled understanding of our client’s business culture and candidate expectations. We expertly match our candidates talent to our clients need for any all staff levels within the credit union organization, from teller to CEO we can make it happen for you.

Job Description

Lead and strategically develop a high-performing collections department that protects the credit union while maintaining exceptional member service standards. This role focuses on identifying industry trends and implementing innovative solutions to minimize losses. The Director oversees all collection activities, bankruptcy reporting, and loss mitigation efforts, collaborates with legal counsel, and represents the credit union’s interests in legal proceedings.

Key Responsibilities:

• Stay informed on industry trends to proactively reduce delinquencies, repossessions, foreclosures, and charge-offs.
• Assess staffing needs and develop a best-in-class team of skilled negotiators within the Collections, Bankruptcy, and Recovery departments.
• Recruit, hire, train, and develop employees while ensuring professional growth, cross-training, and employee retention.
• Conduct employee performance reviews, manage disciplinary actions, and determine merit increases based on performance.
• Use data and metrics to inform decision-making, refine strategies, and identify improvement opportunities within collections.
• Oversee budgeting, forecasting, and financial analysis related to collections, while developing strategies to minimize bad debt and optimize recovery rates.
• Manage loss mitigation efforts, including repossessions and legal referrals, and ensure all activities comply with corporate policies.
• Supervise legal support functions, such as filing lawsuits and responding to garnishments.
• Develop processes for monitoring employee performance, documentation, and call quality, ensuring goals and objectives are met.
• Regularly review delinquency reports to ensure the efficiency of collection strategies, making adjustments as needed based on changing conditions.
• Ensure compliance with the Texas Collection Act and other applicable debt collection laws in all member interactions.
• Handle escalated member issues and resolve complaints when necessary.
• Collaborate with the Chief Operations and Chief Lending Officers to set and meet monthly departmental goals.
• Optimize current technology and explore new solutions to improve efficiency and collection efforts.
• Coordinate with finance, sales, and branch leadership to address trends and challenges.
• Develop creative, compliant strategies to reduce delinquency and charge-offs.
• Perform other duties as assigned.

Supervises: Collection Manager, Loss Mitigation Specialists

Qualifications

Required Skills and Qualifications:

• Must have experience in a call center, banking, and collections environment.
• In-depth knowledge of credit union lending programs, policies, and default enforcement clauses.
• Positive attitude, adaptability, and willingness to embrace change.
• Strong understanding of loan policies and procedures.
• Ability to work independently or within a team environment.
• Excellent judgment, problem-solving skills, and discretion in handling sensitive matters.
• Strong communication skills with the ability to collaborate with senior leadership across the organization.
• Strong analytical abilities to prioritize and meet deadlines.
• Previous experience in collections, repossessions, remarketing, negotiations, bankruptcy, and regulatory compliance is required.

Education:

• High school diploma or GED required. Bachelor’s degree or higher preferred.

Experience:

• Minimum 5 years of related experience required.

Additional Information

All your information will be kept confidential according to EEO guidelines.