Mortgage Loss Mitigation Lead - Foreclosure & Workout

Cathay Bank in; El Monte (CA); On-site; USD 46,000 - 60,000; Full time

Benefits offered by this job

Discretionary bonus

Full benefits package

Job summary

Cathay Bank is seeking a Mortgage Loss Mitigation Team Lead (Security) in California to oversee daily foreclosure, bankruptcy, and litigation activities. You will coordinate with bank attorneys, borrowers, and third parties to minimize losses on delinquent loans and present workout options such as forbearance and deed in lieu.

You will guide team members, review packages, and provide accurate foreclosure data to attorneys, supporting risk assessment and timely reporting in a fast-paced

Qualifications

• Education: High school diploma or equivalent.
• 3-year experience in mortgage loss mitigation, foreclosure, and bankruptcy processing.
• Understanding of debt collections in delinquency stages.
• 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.
• Bilingual English/Chinese is a plus.

Responsibilities

• Manage late-stage delinquent loan inbound, outbound, and follow-up calls with borrowers to ensure quick and effective solutions.
• Counsel and guide customers to achieve workout alternatives 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.
• 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.

Skills

Analytical skills

Problem solving

Communication skills

Teamwork

Bilingual English/Chinese

Education

High school diploma or equivalent

Tools

Microsoft Word

Microsoft Outlook

Microsoft Access

Microsoft Excel

Job description

Cathay Bank is seeking a Mortgage Loss Mitigation Team Lead (Security) in California to oversee daily foreclosure, bankruptcy, and litigation activities. You will coordinate with bank attorneys, borrowers, and third parties to minimize losses on delinquent loans and present workout options such as forbearance and deed in lieu.

You will guide team members, review packages, and provide accurate foreclosure data to attorneys, supporting risk assessment and timely reporting in a fast-paced