Director- Loss Mitigation
Develops appropriate collection procedures, staffing levels, cost control, inventory management and process management to optimize recoveries on various types of distressed mortgage loans and other distressed assets.
- Oversees the daily operations of Loss Mitigation to ensure compliance with all company, state, and federal guidelines.
- Develops and implements all departmental processes and procedures to maximize resources and minimize expenditures. Reviews existing processes and procedures for same.
- Develops ongoing and special project strategies as well as phone calling and mailing campaigns to minimize associated risk.
- Coordinates, compiles and analyzes data for distribution and presentation to associated departments and Executive Leadership.
- Reviews Workout Plans (i.e. Short Pay-offs, Loan Modifications and Deed-in-Lieu-of Foreclosures) for feasibility and compliance.
- Reviews Security Covenants to ensure compliance.
- Communicates potential risk exposure to Executive Leadership.
- Assists in the development of unit Business Plans and Budgets to meet Company-forecasted future-growth requirements.
- Creates and maintains job descriptions.
- Develops and implements performance metrics and work standards.
- Drafts and publishes formal guidelines and procedures.
- Evaluates job performance and, as necessary, administers disciplinary action.
- Provides training and develops career paths for all direct reports.
- Interviews and hires all departmental staff.
- Performs periodic Performance Reviews and recommending salary adjustments.
- Develops various letters and solicitations to increase borrower response to Workout options.
- Develops and tracks employee incentive plans for monthly performance.
- Oversees and tracks all modified loans in Special Servicing. This includes mod completion data as well as mod performance data.
- Performs detailed monthly analysis on various portfolios to forecast performance.
- Reviews and tracks monthly expense reports to ensure departmental costs are correct.
- Develops various cost to service models for Loss Mitigation to ensure profitability of the department.
- Tracks departmental interaction with other Servicing Departments.
- Acts as the key contact with other departments and divisions within the Company.
- Undertakes Special Projects related to departmental activities.
- Communicates and monitors complaints and irate customers.
- Manages the timely notification of loans to Servicing Departments wherein the contract conditions have not been met.
- When needed, carries out due diligence on potential portfolios to determine capability of arrears management and loss mitigation procedures.
- Effective organizational skills
- Excellent listening, comprehension and negotiation skills
- Effective verbal and written communication skills
- Ability to multi-task and follow-through to completion of assignments
- Knowledge of Mortgage Banking and trends in Loss Mitigation-specifically as it relates to Financial Privacy, Fair Lending, Collections, Bankruptcy, Workouts, Foreclosure, Loan Modification Programs, Agency Regulations, etc
- Ability to conceptualize and establish operational and control enhancements for computer systems
- Ability to assist Loan Counselors with training and question answering
- Ability to assist with complaint and irate calls
- Proven experience motivating, coaching, monitoring and evaluating staff performance
- Advanced PC-skills-with knowledge of Microsoft Excel, Word and Access
- Preferably 10 years combined experience in Mortgage Banking, Insurance, Loan Origination, Collections, Loss Mitigation, and/or other related fields
- Preferably 5 years experience in Loss Mitigation
- At least 3 years experience in management positions
- A 4 year college degree in Business Administration or other analytical field.