VP, Default Mortgage Servicing Manager
Rosemead, CA, USA | Cathay General Bancorp
Industry:Banking / Investment Banking
Functions:Financial Services Professional
Job Description:58 people have viewed this job
The VP Default Mortgage Servicing Manager manages the team of collectors to perform day-to-day early collection and loss mitigation functions of residential mortgage loans and home equity lines of credit.Must be fully versed and compliant with all applicable laws and regulations.Manages the portfolio of defaulted loans including but not limited to Cathay Bank’s portfolio and investor loans in a manner that seeks to reduce loss and expense exposure, while ensuring compliance with Bank/investor requirements.
The incumbent manages a team.
Manages, develops, staffs, and evaluates the early collection and loss mitigation team.
Manages and reviews the work of the team to ensure compliance with Bank’s established policies and procedures and guidelines and regulatory requirements related to delinquencies, defaults, collections, and loan workouts are met.
Manages staff performance and workload volume to ensure proper coverage of all loans under the department.
Manages projects that ensure regulatory compliance, and to accommodate Investor and/or Bank’s changes and updates.
Writes and executes policies, procedures, and techniques related to the early collection and loss mitigation of past-due residential mortgage loans and home equity lines of credit, for the purpose of reducing delinquencies.
Manages the portfolio of defaulted loans, and determines alternative payment plans, and best work-out options based on financial and supporting documents provided by the clients.
Determines foreclosure status and/or develops strategies to limit foreclosures.
Handles escalated calls from borrowers with delinquent mortgages, using all attempts to cure the delinquent accounts using loss mitigation or other work-out options while complying with applicable laws and regulations.
Approves specific loss mitigation and/or work-out proposals for each client, and then ensures the approved plans are implemented.
Ensures department goals and metrics are met and within budget.
Works closely with Special Assets Department and other business partners regarding settlement offers on the borrowers’ property.
Writes performance evaluations on individual staff performance and provides recommendations for merit increases, promotions, or disciplinary actions.
Education: Bachelor’s Degree in business related field or a combination of education and required minimum experience in a collection call center/customer service/mortgage servicing environment.
Experience:Minimum 5-10 years’ experience in a collection call center/customer service/mortgage servicing environment with minimum of 5 years’ management experience.
Strong management and leadership skills.
Excellent written and verbal communication skills.
Demonstrated judgment, strong problem-solving skills and solid decision-making ability.
Competent use of loss mitigation tools and techniques.
Microsoft Office proficiency.
Familiarity with Investor and PMI practices.
Residential and consumer product knowledge.
Loan servicing knowledge.
Effective negotiating skills.
Ability to work independently.
Knowledge of FNMA, FHLMC, and various other investor/insurer loss mitigation requirements.
Must be knowledgeable concerning current mortgage lending regulations.
Bilingual in Chinese is a plus.
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