Consumer Loan Collection Manager Salary in Chicago, Illinois

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Average Salary for Consumer Loan Collection Manager in Chicago, Illinois

The average salary of a(n) Consumer Loan Collection Manager in Chicago, Illinois is $65,646.

The average hourly rate of a(n) Consumer Loan Collection Manager in Chicago, Illinois is $31.56.

The average bonus of a(n) Consumer Loan Collection Manager in Chicago, Illinois is $2,291.00.

Job Description:

Manages the delinquency control for the organization through collection and recovery activities. Oversees all complex collection matters, managing the in-house recovery process, and managing all account forwarding and litigation functions. Establishes and enhances policies and procedures to obtain operating efficiencies and to ensure optimum effectiveness. Leads improved efficiency and effectiveness of consumer collections through implementation and use of automation and loan portfolio analytics. Notifies cosigners regarding delinquent status of accounts. Oversees preparation and mailing of letter and notices on delinquent accounts and skip-tracing activities. Determines and recommends new repayment terms on delinquent accounts. Reviews and recommends accounts for legal action and initiates proper follow-up. Initiates and effects repossessions as authorized, advertises and negotiates prices for repairs, accepts bids, closes sales, and maintains records of action taken. Investigates and negotiates settlements on bankrupt accounts, contacts creditors, and consults attorneys as necessary. Reviews accounts to be recommended for charge-off, supervises the actual charge-off procedure, and reports to credit bureau. Reviews charge-off file periodically for possible collectability. Files necessary claims to government agencies to collect on insured loans. Retains working knowledge of the Fair Debt Collection Act, the Consumer Credit Collection Act, and State and Federal laws applying to collection activities. Manages the growth and development of collection and recovery staff. Less

Manages the delinquency control for the organization through collection and recovery activities. Oversees all complex collection matters, managing the in-house recovery process, and managing all account forwarding and litigation functions. Establishes and enhances policies and procedures to obtain operating efficiencies... More

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