Do you work well with others and work great under pressure? Then lenders can use your skills and natural talents. Collections is one of the most important departments of the loan industry. A successful company invests in its employees, hiring the best, and the area of accounts receivable, is particularly important to profitability.
A consumer loan collection/recover supervisor can refer to either a manager or a high-ranking representative operating in a supervisory capacity. However, most references of collections supervisors pertain to management. Lending companies and banks need strong managers who can lead a team and ensure success in a difficult economy. Supervisors can make over $75,000 a year if they remain consistent and keep the company’s profit up.
This is a job requiring skill and experience. You will learn much of this in college, taking a bachelor’s degree program in finance or a related banking field. Here, you will learn important subjects and skill sets that will help you guide others, whether that’s employees or borrowers. You train and oversee agents, who have the difficult task of requesting money from borrowers who are falling behind. Of course, the bank has the right to repossess vehicles and foreclose on houses, but these are always last resorts and these last resorts can come with their own set of obstacles. You want to find ways to help borrowers catch up their accounts, even while preserving your company’s investment.
Keeping in compliance is always an issue, as the state has rigid requirements that management is expected to know. You keep apprised of the newest technology and continuing education in your industry, as many of your competitors will be using this information. Finding an accredited university with a relevant curriculum is the best way to start your career.
Companies do expect managers to be experienced and about ten years worth of banking or loan experience before even considering hiring a new applicant. Many workers start in an entry-level positions and work their way up. Years of experience gives you the knowledge you need to run a department and supervise collections agents and other branch representatives.
In addition to work experience, you need a measure of creative thinking ability and communication skills so that you can elicit the best reactions out of people and motivate them to take action. You improvise and make changes in procedure that can improve the lender’s portfolio. Computer skills are a necessity, as well as the ability to problem solve and think critically. You are the one in charge of making decisions in special cases where there is no outlined procedure, and are evaluated for problem-solving abilities.
Does this sound challenging? It is and more importantly, it is a secure job and one that never changes in demand, even in times of recession. Companies rely on you to make decisions and govern their agents efficiently. This maintains profit and protects against catastrophic losses. This career track rewards persistence and attention to detail. You can do it with the proper education so let’s get started!