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Collections Manager
Career Insights for Collections Manager
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Based on Texas 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.
$67,364 / year median in Texas
-7% projected decline
Job Description
- Hire, train, and sustain high-performance teams through shared goals, shared leadership and clear role expectations
- Provide direction, measure performance, establish goals for on-site, remote and offshore team members
- Establish collection goals and metrics to ensure portfolio performance is maintained to organizational goal and standards
- Develop new processes for collections to achieve maximum productivity
- Present weekly, monthly, and quarterly reports on collections performance
- Keep abreast on industry trends, best practices, and regulations
- Collaborate with internal business and technology teams
- Resolve customer complaints in a respectful, compliant and effective manner
- Ensure staff is meeting the goals assigned and Key Performance Indicators (KPI)
- Review accounts in order to provide feedback to their team
- Participate in the interviewing and hiring process
- Participate in appraising performance, rewarding and disciplining employees
- Review employee timecards for accuracy for approval
- Analyze performance and operational data to identify trends
- Mentor the collections team, ensuring adherence to servicing policies and procedures
- Compliance with company policies, procedures, and regulatory requirements, including the Fair Debt Collection Practice Act.
- Negotiations with borrowers to establish viable payment arrangements.
- Review accounts under modification agreements to ensure compliance.
- Handle escalated customer inquiries and complaints in a professional and timely manner. Skills and Qualifications
- Bachelor's degree in finance, management
- Minimum of 2 years management experience, in a call center environment, preferably in auto collections
- Knowledge of management principles and familiarity with company products, services, and policies.
- Strong coaching and leadership skills, ability to motivate employees
- Proficiency with the necessary technology, including computers, software applications, phone systems, etc.
- Proficient in
MS Office:
Word, Outlook, and Excel- Highly skilled in negotiations
- Strong written and oral communication skills.
- Shows great care and attention to detail.
- The ability to adapt to change easily.
- Ability to take ownership for meeting individual, team and departmental goals
- Bilingual (Spanish) is a plus