AVP - Collections Officer

Department:
Collections

Reports To:

Chief Credit Officer

OVERVIEW:

Responsible for identifying and recovering delinquent funds for a diverse portfolio, including auto loans, consumer loans, personal lines of credit and residential mortgages, while ensuring strict adherence to Federal and State regulations. This role requires high-volume outreach, negotiation of repayment plans, and coordination with loss mitigation and/or legal teams for late-stage defaults and foreclosures.

PRIMARY ACCOUNTABILITIES / RESPONSIBILITIES:

Perform any functions necessary, within the scope of authority and expertise, to provide the highest level of service and responsiveness to customers and the community in which we serve.

1. Manage assigned queues of past due consumer, Indirect business and real estate loans to reduce overall delinquency rates.

2. Perform daily inbound and outbound collection calls, emails and written correspondence to establish contact with delinquent borrowers.

3. Analyze borrower financial data to negotiate repayment plans, forbearance agreements, loan modifications or loan workout plans.

4. Manage secondary market (Fannie Mae, Freddie Mac) and government-guaranteed (FHA, VA, USDA) mortgage collections according to specific investor guidelines.

5. Coordinate with legal counsel and Bank management to coordinate legal collection efforts, to include the initiation of foreclosure or repossession when necessary. Oversee disposition and post-sale claims process for repossessed collateral.

6. Responsible for ensuring that any loss mitigation documentation is prepared in accordance with Bank policy.

7. Maintain precise and up to date records of all collection efforts and borrower interactions within the collections software module. Ensure proper documentation for attorney, appraiser, insurers, governmental authorities, regulators and loan file. Oversee tracking of bankruptcies and ensure the preparation of required documentation (to include proof of claims). Assemble proper documentation to submit mortgage insurance claims post-disposition.

8. Oversee the issuance of default, loss mitigation and foreclosure notices. Review notices for compliance with applicable State and Federal guidelines and regulations. Ensure notices are sent out via proper channels.

9. Ensure all activities comply with the Fair Debt Collection Practices Act (FDCPA), Real Estate Settlement Procedures Act (RESPA), Consumer Financial Protection Bureau (CFPB), Service members Civil Relief Act (SCRA), Federal bankruptcy laws and applicable State collections laws.

10. Facilitate the processing of Collection-related approvals, to include forbearance agreements, loan modifications, loan workout plans and/or loan charge-offs.

11. Prepare related collection reports.

12. Coordinate and attend foreclosure sales. Work with counsel to prepare post-closing accounting, produce foreclosure deed and prepare necessary approval and accounting documentation. Oversee residential other real estate owned (OREO) property management, to include the marketing and sale of OREO properties.

13. Keep abreast of regulatory compliance changes for assigned area and apprises staff of same. Recommends procedural changes as needed to support regulatory and legal requirements.

14. Responsible for proper training of new and experienced staff.

15. Contribute to a positive team environment through the department and the Bank.

16. Treat people with respect, keep commitments, inspire the trust of others, work ethically and with integrity, accept responsibility for own actions, uphold Bank organizational values and benefit the Bank through community activities.

OTHER ACCOUNTABILITIES / RESPONSIBILITIES:

Perform related and unrelated duties as may be required.

POSITION REQUIREMENTS:

Bachelor's or Associate's degree in finance, business or a related field preferred. Five or more years of experience in Bank collections or consumer loan servicing, with a strong focus on residential mortgages. Management experience is strongly preferred. Proven experience with servicing and collecting Government Sponsored Enterprise (GSE) loans, especially FNMA and FHLMC is required. Must have knowledge of all investor processes, procedures and guidelines regarding loss mitigation.

Proficiency with Microsoft Office Suite (such as Word and Excel) and experience with core loan processing/servicing systems required. Excellent verbal and written communication skills and the ability to interact professionally and empathetically with distressed borrowers. Strong negotiation, conflict resolution and problem-solving abilities are essential. In-depth knowledge of mortgage loan servicing policies, consumer collection laws, bankruptcy process and laws and banking regulations.

General knowledge of collecting VSI damage, GAP insurance, warranty and repossession fee claims. Must be detail-oriented, highly organized, able to manage multiple priorities and work independently in a fast-paced environment. Ability to prioritize workloads. Ability to…