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Career Insights for Collections Manager
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Based on Pennsylvania data
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What they do
A Collections Manager manages staff that record and process collections at a bank or financial services company. Ensures that checks presented to a bank clear and the amount is debited to the bank and credited to a customer account. Manages collection accounts for a bank, creditor loan company or collections agency. Tracks the amounts owed by a customer that has fallen behind on bill payments and negotiates re-payment.
$76,676 / year median in Pennsylvania
-12% projected decline
Job Description
Responsibilities:
- Guide the administration and ongoing improvement of practices governing delinquent loan recovery, foreclosure activity, default resolution, and related collection operations.
- Review and authorize collection strategies developed by team members, including repayment plans, workout structures, and other solutions for past-due borrowers.
- Monitor reporting for active and recently resolved residential and commercial loans to maintain accurate records and support compliance with credit reporting standards.
- Lead foreclosure actions for accounts with limited resolution options, ensuring documentation is complete and loan system information is updated correctly.
- Coordinate with outside and internal legal partners on litigation and foreclosure matters, and represent the institution at hearings or proceedings when required.
- Oversee real estate owned and foreclosed asset activity, including property inspections, upkeep coordination, and tracking of tax and insurance obligations.
- Supervise collections staff, provide direction on daily priorities, and support strong performance across the function.
- Work collaboratively with colleagues across the organization to advance departmental objectives and contribute to broader portfolio management goals.
- Participate in ongoing development activities such as training sessions, meetings, and industry seminars, while taking on additional assignments as needed.
- At least 5 years of experience in collections, credit, mortgage servicing, banking, loan workouts, or a closely related area.
- Strong working knowledge of residential mortgage and commercial loan collection practices, delinquency management, and foreclosure procedures.
- Understanding of banking compliance requirements, including fair credit reporting expectations and broader regulatory standards.
- Ability to interpret financial information and apply sound judgment in credit-related decision-making.
- Demonstrated leadership capability, with prior experience overseeing staff or guiding the work of others preferred.
- Effective written and verbal communication skills, with the ability to work constructively with borrowers, attorneys, and internal stakeholders.
- Strong analytical, organizational, and problem-solving skills in time-sensitive and sensitive borrower situations.
- Bachelor's degree in finance, business, accounting, or a related field preferred, or an equivalent combination of education and relevant experience.
Benefits
- 401(k) Plans
- Health Insurance
- Dental Insurance
- Vision Insurance