Collections Manager

The collections manager is responsible for the management of the Collection Department's functions and the active oversight of the day to day operations of a collections unit including compliance with all legal and Bank standards. Utilizing effective skills to resolve delinquencies while maintaining the Bank's image. Manages and coordinates workouts, foreclosure actions, OREO’s and repossessions.

Key Result Areas:                              

  • Provide supervision, coaching and training of staff, to include conducting performance evaluations and insuring staff compliance with all Bank policies and procedures as well as State and Federal regulations.
  • Responsible for managing the collection system. Updating user access and collection letters as Federal and State requirements change.
  • Monitor the communication and engage with delinquent borrowers for Mortgages, Equities, and Small Business and Consumer loans while attempting to obtain late payments, using various means of contact.
  • Review delinquent mortgages and equities identifying loans that are to receive the State Regulated Right to Cure (35A) and Right to Request a Modified Mortgage Loan (35B) letters as required under Massachusetts Law, sending the required letters to all parties listed on the loan and monitoring the loans progress to ensure the Bank is in compliance under the law.
  • Ensure proper oversight & execution of all bank policies and procedures
  • Ensure prompt response to all credit disputes and debt validation requests
  • Request financial information, per Massachusetts Law, from borrowers that may be experiencing financial hardship. Pre-underwrite, using underwriting procedures, the loan to qualify borrower for a loan workout, modification or Deed in Lieu.
  • Responsible for monitoring loans in Bankruptcy (Chapter 7 and Chapter 13 Bankruptcies). Work with attorneys to ensure that the Bank’s as well as, PMI Companies and Investor loans serviced by CSB interests are covered under the Bankruptcy.
  • Responsible for updating PMI Companies regarding insured loans that are delinquent, being recommended for loan workouts, modifications, Deeds in Lieu or in foreclosure to insure these actions are being done within the insurer guidelines and to receive approval for the Bank’s action.
  • Oversee the ordering revaluations/appraisals for real estate loans that are on the Watch List, TDR’s and 60 days or more in arrears for principal and interest and/or real estate tax payments.                                                   
  • Oversee repayment arrangements with borrowers that do not qualify for a Hardship Modification as a way to remedy long term delinquencies.
  • Responsible delinquent Investor loans (Fannie Mae, Freddie Mac etc.) that are delinquent, recommended for loan workouts, modification, Deed in Lieu, possession or foreclosure to insure these actions are being done within the Investor guidelines, using an approved vendor for this process (attorneys, appraisers, etc.) and to receive approval for the Bank’s action. Responsible for updating Investors and changes occur with the loans.
  • Manage and coordinate loans that are to be assigned to attorney to commence foreclosure actions against borrowers. Work with Bank assigned Attorney, Investors, PMI Companies and Auctioneers in compliance with State and Federal regulations and Investor guidelines.
  • Responsible for the preparation of the Foreclosure Bidding Strategy, which will be reviewed and approved by the SVP of Residential, Consumer and Small Business Lending and the Loan Servicing Manager.
  • Manages all aspects of Deeds in Lieu and OREO properties by hiring Property Management Company, Real Estate Broker and possible Contractors for repairs.
  • Manage and coordinate the sales process for that properties that are acquired by the Bank through Deeds in Lieu and foreclosures.
  • Manage the collection process for delinquent Auto Loans. Monitoring customer contact, collection letter including the letter notifying borrowers of the Bank’s intent to repossess the vehicle.
  • Manage and coordinate the repossession of the automobile, reinstatement of the loan and or sale of the automobile.
  • Calculate and provide management with Loan Loss Reserve and Impairment Reserve information on delinquent loans.
  • Responsible for identifying and recommending loans for charged-off. Coordinate further actions to collect funds with Attorneys and Collection Agencies.
  • Responsible for the preparation of a variety of reports (Delinquency Report, Watch List, 90-Day Summary Report, Quarterly Charge-off) to be reviewed at the monthly Board of Directors meeting.
  • Conduct and prepare documentation for monthly delinquency meetings.
  • Participate on special projects and committees, as assigned.
  • Ensure department procedures are updated continuously as polices and regulations changes.
  • Ensure compliance with any federal, State and/or regulatory requirements.
  • Perform additional duties as necessary.      


  • High School education required, Bachelor Degree in business, accounting, or related field, highly desirable.
  • 8 to 10 years' experience as a collector/collection supervisor in a banking environment, with a solid understanding of compliance and legal matters in the collection process for Residential, Consumer Non-real Estate and Small Business.        
  • Minimum 5 years’ experience is preferable as a manager in collections.
  • Exceptional understanding of the Fair Credit Reporting Act and all Massachusetts and all other relevant States collection laws.
  • Strong knowledge of Residential, Consumer Non-real Estate and Small Business lending procedures and regulations.
  • Strong understanding of U.S. Bankruptcy code relating to consumer rights and Bank actions.
  • Strong understanding of FASB 114 loan loss reserve requirements.
  • Exceptional interpersonal communication skills, with the ability to handle situations involving conflicts of a sensitive nature flawlessly.                    
  • Must be able to lead team independently with limited supervision.                      
  • Ability to work independently to meet deadlines with excellent follow through skills.
  • Outstanding leadership skills with a strong ability to coach and develop staff.
  • Advanced knowledge of Excel, Microsoft Access and other reporting systems highly desirable.
  • Knowledge of secondary mortgage market investor guidelines as applicable to loan delinquencies and loss mitigation is mandatory.
  • Experience with regulatory exam preparations and requirements for documentation and regulations.
  • Experience with Carm Pro IBS Collection Management System highly desirable.
  • Experience with Fiserve/DNA highly desirable.

The above description covers the most significant major responsibilities but does not exclude other occasional responsibilities and accountabilities the inclusion of which would be in conformity with major purpose this job.


Arlington Center – Arlington, Massachusetts

About Cambridge Savings Bank:

Cambridge Savings Bank is a full-service financial institution with approximately $3.4 billion in assets that is committed to improving the quality of life in the communities it serves. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Cambridge, Arlington, Bedford, Belmont, Burlington, Concord, Lexington, Newton, and Watertown.      

Cambridge Savings Bank is an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law. We are a VEVRAA Federal Contractor.