This role is hybrid-remote with in-office days required in Laurel, Maryland. The starting salary is $178,683 - $223,354, in addition to a comprehensive benefits program which includes medical, dental, vision, company-paid short and long-term disability, company-paid life insurance, a pension plan, and a 401(K) retirement plan. Tower pays 90% of the premiums for employee coverage on most PPO options.
ABOUT TOWER
For more than 70 years, Tower Federal Credit Union has been empowering members with leading technology and products, exceptional value, and trusted expertise. Tower serves members across Maryland, Virginia, and Washington, D.C., delivering personal banking solutions through digital channels and branch locations. Technology plays an important role in making those experiences simple, convenient, secure, and dependable.
Position Overview:
The Vice President, Collections is responsible for managing and directing Tower Federal Credit Union's (Tower’s) Collections Department that is responsible for both Real Estate and Consumer Lending activities. The Vice President ensures the effective and regulatory compliant execution of the full breadth of collections strategies, systems and operations. Performs a variety of tasks to include management of account extensions, modifications, foreclosures, repossessions, bankruptcies, REO, loss mitigation, delinquency reporting, vendor coordination and project management across Tower’s lending spectrum. Leads, directs, and continuously improves the work of an efficient, high functioning collections team, to assure internal controls are in place to protect assets from loss. This position is also responsible for ensuring compliance with all Tower guidelines, policies and procedures, and the full array of regulatory operational requirements, standards and guidelines. The Vice President, Collections is responsible for ensuring attainment of annual and quarterly financial goals of the credit union, working with VPs in Lending and Finance on Tower’s Loan Workout Committee. The incumbent is responsible for developing and managing collections projects to ensure Tower is positioned for success with the identification and implementation of effective contemporary collections systems and strategies.
Work involves extensive personal contact with others and is usually of a personal or sensitive nature, and will involve motivating, influencing or training others. Outside contacts become important and fostering sound relationships with other entities (companies and/or individuals) becomes necessary and often requires the ability to influence and/or sell ideas or services to others. The incumbent is responsible as a Team Leader/Member for specific functional legal/regulatory compliance, as outlined and maintained on TowerNet, under the Compliance Home Page. In the role as Team Leader, the incumbent provides an annual attestation regarding the effectiveness of applicable compliance related policies and procedures for assigned regulations and laws.
Job Functions:
- Directs, manages and controls the operation of the Collections Department to effectively meet the Lending Division’s objectives, collaborating with the Lending Vice Presidents on related matters.
- Plans collection strategies and directs the collection unit operations and functions including the application of knowledge, research and analysis of issues;
- Performs complex analyses and research; evaluates alternatives and develops sound conclusions and recommendations.
- Resolves operational and member problems that cannot be resolved by the managers.
- Prepares and analyzes monthly department reports and oversees the preparation and maintenance of the annual budget for the Department.
- Hires, motivates, evaluates, audits and develops department Managers and staff to ensure professional and quality service is provided to members, understanding their challenging circumstances.
- Communicates daily with staff to resolve questions or to interpret policies and procedures. The position is also responsible for reviewing, updating and informing staff of changes to Tower policies and procedures, new services and government regulations as they pertain to collections.
- Recommends and implements improvements for productivity and continuity and have the ability to foster change and lead the unit through growth periods.
- Manages the daily operation of collections programs and relationships.
- Oversees, develops and maintains third party relationships and monitors performance.
- Contribute to the growth of Tower by providing research, planning, project management, implementation and maintenance of effective collections systems and strategies that meet Lending’s goals and objectives.
- Manages ongoing relationships with third party vendors and technology systems providers.
- Oversees the development and maintenance of department goals and measures, and employee career paths.
- Prepares monthly, quarterly, annual reports as needed on risk based pricing activity including loan production and loan performance.
- Arranges the disposition of collateral in the best interest of the member and the credit union.
- Responsible for preparation, review, and distribution of clear, concise, and comprehensive management studies and reports.
- Monitors productivity of third party collection agencies and establishes performance measures, being mindful of member relationships.
- Coordinates the introduction of new systems and manages/negotiatesaccount relationships with third party strategic partners and other Tower departments who support those systems.
- Recommends policy updates and develops procedures to ensure daily departmental compliance with government regulations, Tower policies and procedures, internal audit controls, electronic security procedures, to maximize the security of member transactions and protect assets from loss.
- Monitors the service utilization and industry trends in delivering collections’ services electronically or through other communication media (voice, Internet, mail, fax, IVR, etc.) and develops and maintains short term and long term strategic action plans in conjunction with peer VPs and Senior Management.
- Provides project management leadership for the implementation of new processes and systems. This includes selecting and overseeing project team members, coordinating and monitoring project tasks, ensuring key project benchmarks are met, resolving issues and obstacles, communicating status to Senior Management and ensuring that projects are implemented in a timely, effective and efficient manner.
- Recommends action items and projects to meet Tower strategic goals.
- Monitors progress and reports status to Senior Vice President Lending, members of Senior Management and the Board of Directors, as required.
- Makes presentations to Vice Presidents, Senior Management and the Board of Directors as needed.
- Ensures compliance with all state, federal and NCUA regulations and laws.
- Maintains sensitive and confidential information; exercises tact and diplomacy in dealing with highly sensitive, complex and confidential issues and situations.
- Accepts Team Leader accountabilities or responsibilities, for new and existing legal regulatory compliance activities. This responsibility may include but is not limited to, a range of actions (i.e.: compliance monitoring and reporting, developing materials and communications, serving as liaison to external authorities, providing education to employees, conducting audits participating in training updates, etc.) as determined by the position level or delegated authority from Senior Management
- Provides annual reporting attesting to the effectiveness of assigned compliance related policies and procedures.
- Performs related tasks, as assigned.
Required Qualifications:
- Bachelor's degree in Business Administration, Finance, or related field.
- Minimum of eight years of progressively responsible collections management experience.
- A minimum of five years of supervisory/management experience.
- A minimum of three years of project formation and implementation experience.
- Intermediate to Advanced Proficiency in Microsoft Office Suite.
- Familiarity with GSE reporting and default management guidelines.
- Strong analytical skills.
- Exceptional oral and written communication skills.
Competencies:
- Ability to work with mathematical concepts that apply to profitability, trend analysis, variance analysis, and correlation.
- Ability to create and format word processing, PowerPoint presentation, and spreadsheet documents, including graphs and charts.
- Ability to understand and analyze financial, technical and operational data and develop reasonable conclusions/recommendations based on analysis.
- Ability to apply basic accounting rules and procedures.
- Ability to operate PC in an Internet environment and to assist others with such operations.
- Ability to become proficient in the front and back end operations and administration of core software vendor, Internet, electronic services, and telephone technologies and service delivery platforms.
- Current knowledge of principles, procedures, methods and techniques for optimizing Tower’s loss mitigation results.
- Current knowledge of principles, procedures, methods and techniques in the real estate and consumer lending industries to include underwriting, automated credit scores, risk management, credit bureaus and lending networks.
- Ability to read, analyze, and interpret business periodicals, professional journals, technical procedures, statistical reports, legal contracts, government regulations and emerging issues to support department decision making and operations
- Ability to write proposals, reports, business correspondence, and procedure manuals (technical and operational) for a diverse audience.
- Ability to provide explanation or instruction on operational and technical issues in one-on-one situations either in person over the phone or via the Internet.
- Demonstrated ability to motivate staff, maintain and reinforce morale and build a collaborative work team environment.
- Ability to lead a diverse project team, manage multiple project tasks concurrently and effectively coordinate and control cross-functional implementation plans.
- Ability to establish, negotiate and maintain productive relationships with multiple third party vendors.
- Ability to make persuasive presentations on controversial or complex topics to the team, Senior Management, and the Board of Directors.
- Ability to identify cause and affect relationships to evaluate risks versus potential return.
- Ability to promptly resolve member/staff issues and problems related to collections systems.
- Ability to successfully conduct research into project related issues and products and formulate practical recommendations.
- Ability to understand problems, the impact to the entire credit union, assess problem solving alternatives and implement completion.
- Ability to allocate and manage resources effectively, within budget parameters.
- Ability to develop action plans and organize workload to accommodate competing deadlines and projects.
- Ability to assess project goals, understand their impact to various operating environment and implement projects in a timely, efficient and successful manner.
- Ability to work effectively under stress and to arrive at work routinely and promptly.
- Ability to motivate and influence others to take action.
- Ability to interact professionally with members, outside vendors, auditors and regulators.
- Ability to interact effectively and establish collaborative working relationships with staff, peers, and managers.
- Ability to effectively represent Tower to members and with industry groups.
- Ability to facilitate group discussion and gain consensus.
- Has knowledge of and adheres to credit union policies and procedures and all regulations related to the Bank Secrecy Act, the USA PATRIOT Act and OFAC.
Working Conditions:
- Ability to sit, stand and walk for extended periods and demonstrate sufficient dexterity and vision to operate a variety of office equipment.
- Ability to lift up to 20 lbs. with or without assistance.
- Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate
- Red Corridor Clearance Required.
Tower Federal Credit Union provides equal opportunity to all qualified applicants and employees and does not discriminate based on national origin, race, ethnicity, religion, disability, gender or any characteristic protected by law.
