Mortgage Loss Mitigation Team Lead

GENERAL SUMMARY

Responsible for daily foreclosure, bankruptcy and litigation activity, which includes working with bank attorneys, borrowers, and third parties. Collection of residential mortgages, and Home Equity Lines of Credit minimizing potential losses on delinquent loans. In compliance with Fair Debt Collections Practices Act (FDCPA) and other regulations, initiate outbound loss mitigation efforts to resolve delinquency or assist the borrower with options available to bring the account current. Analyze customers' situations and collateral risks to present alternative solutions such as forbearance plans, repayment plans, payment deferrals, pre-foreclosure/short sales, and deed in lieu. Submission, tracking and reconciling of late-stage delinquent loans, including recommendation for foreclosure when appropriate. Provide technical and procedural support and direction to Mortgage Loss Mitigation team members.

ESSENTIAL FUNCTIONS

• Manage late-stage delinquent loan inbound, outbound, and follow-up calls with borrowers to ensure quick and effective solutions are provided to each borrower.
• Counsel and guide customers to achieve workout alternates based on their circumstances.
• Comply with the FDCPA and other local and federal regulations.
• Adhere to Cathay Bank's policies and procedures.
• Review Borrower Response Packages for assistance to determine if they are complete and perform pre-underwritten review of documents provided.
• Contact delinquent borrowers to review approved loss mitigation options as well as preparation of letters for approval, missing documents, and notice of action taken.
• Collaborate with the manager on recommended pre-foreclosure reviews as well as participate in monthly management meetings.
• Prepare foreclosure files for set-up on the core collection system.
• Provide attorney with accurate foreclosure figures, including reinstatement figures which will be provided to external parties by the attorney. In addition, provide the attorney with accurately executed documents as requested.
• Responsible for bankruptcy filing reviews, preparing transmittals to attorneys, and servicing or further legal actions.
• Assist with training new hires, as needed.
• Assist in processing successor in interest, short sales, seed in lieu, or any other legal issues.
• Prepare monthly reporting, including delinquency, foreclosure, bankruptcy and other activities.
• Assist in preparation of risk rating and accrual recommendations.
• Provide assistance and guidance to Mortgage Loss Mitigation Team members.
• Meet department standards as they relate to daily productivity metrics.
• Performs additional projects and duties as assigned by management.

QUALIFICATIONS

• Education: High school diploma or equivalent.
• 3-year experience in mortgage loss mitigation, foreclosure, and bankruptcy processing.
• Understanding of debt collections in any stage of delinquency.
• Familiarity with financial statements, tax returns, credit reports, home appraisals, title searches and other documents used to evaluate a pre-foreclosure remedy.
• Strong analytical, problem solving and mathematical skills.
• Proficient in Microsoft Word, Outlook, Access and Excel with a minimum level of Intermediate.
• Skills/Ability: Strong organizing and problem-solving skills; good written and verbal communication skills; must be able to adapt well in a fast-paced and constantly changing business environment; PC proficiency; demonstrated ability to work in a team-oriented environment and provide good customer service. Bilingual English/Chinese is a plus.

OTHER DETAILS

$30.29 - $35.10 / hour
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We believe in diversity, equity, and inclusion in the workplace. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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