Credit Union Collections & Risk Manager

First Northern Credit Union; Chicago (IL); On-site; USD 75,000 - 80,000; Full time

Benefits offered by this job

Medical insurance

Dental insurance

Vision insurance

Life insurance

Disability insurance

401(k) with company match

Job summary

First Northern Credit Union seeks a Collections & Risk Manager for its Chicago Loop office to oversee the Risk Management Department, including loan collections, collateral protection, negative shares, fraud prevention, credit loss estimation, and insurance-related programs. Primary responsibilities include supervising staff, overseeing ACD workgroups, and preparing delinquency and loan loss reports.

The role requires a Bachelor's degree and 3+ years in risk/collections; bilingual

Qualifications

• Bachelor's degree required.
• 3+ years of experience in collections, fraud, and/or risk management.
• Solid computer, analytical, math, and communication skills.
• Management experience preferred.
• Bilingual (English/Spanish) a plus.

Responsibilities

• Supervise a Collector and a Loan Servicing Representative.
• Oversee applicable Automatic Call Distribution (ACD) Workgroup(s).
• Provide resolution management for member service calls.
• Supervise all loan collections activities.
• Ensure collection activity is conducted in accordance with current collection policies and procedures.
• Prepare monthly delinquency and loan loss reports.
• Administration of bankruptcy and workout activities on accounts in a timely and consistent manner. Vendor management of legal counsel regarding account litigation. Coordinate with trustees.
• Management of the Negative Shares collection queues. Charge off approved negative shares per policy and procedures.
• Manage collateral/mortgage protection (CPI/MPI) programs to ensure proper insurance coverage and minimize collateral-related losses.
• Lead fraud resolution efforts, including investigation, recovery, and member communication, for new memberships and newly opened savings and loan products (including indirect vehicle loans).
• Implement and monitor fraud mitigation strategies to reduce identify theft and account takeover risks.
• Manage the credit union's Current Expected Credit Losses (CECL) methodology, assumptions, modeling, and reporting.
• Utilize software to monitor loan portfolio performance and trends to identify emerging risks and recommend corrective actions.
• Manage the processing and reconciliation of insurance refunds related to chargebacks and back-end refunds related to loan payoffs, charge-offs, or early terminations.
• Work as a leader of special or ongoing projects that are important to departmental development.
• Keep current on governmental regulations related to loan servicing repayment compliance, collections, member information, and record retention.
• Explain financial products and services to members, evaluating their needs, and recommending the credit union's best available options.
• Evaluate/review your staff's performance, including providing performance feedback and coaching.
• Develop, implement, and maintain department procedures and policies.
• Assist in auditing and reporting functions.
• Multi-task and receive and assign or complete work through a variety of channels, including online, telephone, in-person, mail, fax, etc.
• Maintain a thorough working knowledge of credit union history and philosophy, as well as policies and procedures.

Skills

Analytical skills

Communication skills

Leadership experience

Education

Bachelor's degree

Tools

MS Office

Loan portfolio monitoring software

Job description

Collections & Risk Manager a/k/a Risk Mitigation Manager

We are currently seeking a Risk Mitigation Manager for our Chicago-Loop (Monroe Street) office to oversee the Risk Management Department, including: loan collections, collateral protection, negative shares, fraud prevention and resolution, credit loss estimation, and insurance-related programs.

Our credit union membership base consists of ComEd/Exelon, Constellation, Northwestern Medicine, and Northwestern University employees and students, as well as a 14-county community charter including Evanston and Rockford.

Primary responsibilities include:

• Supervise/manage a Collector and a Loan Servicing Representative.
• Oversee applicable Automatic Call Distribution (ACD) Workgroup(s).
• Provide resolution management for member service calls.
• Supervise all loan collections activities.
• Ensure that FNCU's collection activity is conducted in accordance with current collection policies and procedures.
• Prepare monthly delinquency and loan loss reports.
• Administration of bankruptcy and workout activities on accounts in a timely and consistent manner. Vendor management of legal counsel regarding account litigation. Coordinate with trustees.
• Management of the Negative Shares collection queues. Charge off approved negative shares per policy and procedures.
• Manage collateral/mortgage protection (CPI/MPI) programs to ensure proper insurance coverage and minimize collateral-related losses.
• Lead fraud resolution efforts, including investigation, recovery, and member communication, for new memberships and newly opened savings and loan products (including indirect vehicle loans).
• Implement and monitor fraud mitigation strategies to reduce identify theft and account takeover risks.
• Manage the credit union's Current Expected Credit Losses (CECL) methodology, assumptions, modeling, and reporting.
• Utilize software to monitor loan portfolio performance and trends to identify emerging risks and recommend corrective actions.
• Manage the processing and reconciliation of insurance refunds related to chargebacks and back-end refunds related to loan payoffs, charge-offs, or early terminations.
• Work as a leader of special or ongoing projects that are important to departmental development.
• Keep current on governmental regulations related to loan servicing repayment compliance, collections, member information, and record retention.
• Explain financial products and services to members, evaluating their needs, and recommending the credit union's best available options.
• Evaluate/review your staff's performance, including providing performance feedback and coaching.
• Develop, implement, and maintain department procedures and policies.
• Assist in auditing and reporting functions.
• Multi-task and receive and assign or complete work through a variety of channels, including online, telephone, in-person, mail, fax, etc.
• Maintain a thorough working knowledge of credit union history and philosophy, as well as policies and procedures.

Qualifications include:

• Bachelor's degree.
• 3+ years of experience in collections, fraud, and/or risk management.
• Solid computer, analytical, math, and communication skills.
• Management experience is preferred.
• Bilingual (English/Spanish) is a plus.

Office address:
First Northern Credit Union
230 W. Monroe St. Ste. 2850
Chicago, IL 60606
(on Franklin between Monroe & Madison)

Typical work schedule: In-person, Monday through Friday, 7:45 a.m. to 4:45 p.m.

Compensation:

• $75,100 - $79,815 per year
• Full-time, 40 hours per week
• First Northern offers a generous benefits package including medical, dental and vision insurance; free life & disability plans; 401(k) with company match after 1 year of employment.

Please be advised that First Northern Credit Union conducts background and credit checks for all positions.

EOE
Drug-Free Work Environment
M/F/D/V