Director- Loss Mitigation
Who we are
Shellpoint Mortgage Servicing (SMS) is America’s 5th-largest third-party mortgage servicing company. What is mortgage servicing? Our clients are businesses that own mortgage loans (such as banks and real estate investment firms); on their behalf, we manage (or "service") their loan portfolios: We collect homeowners’ mortgage payments, pay homeowners’ tax and insurance bills, and help homeowners in default to get current
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.