Mortgage Loss Mitigation Specialist

Cathay Bank in; El Monte (CA); On-site; USD 34,000 - 39,000; Full time

Job summary

Cathay Bank is seeking a Collections/Claims Specialist to manage mortgage loss mitigation efforts and the collection of residential mortgages, HELOCs, and consumer loans. The role involves contacting borrowers, documenting interactions, and applying loss mitigation options in compliance with investor guidelines and federal/local law.

Key duties include following FDCPA, maintaining delinquency reports, and delivering strong customer service while performing related clerical tasks.

Qualifications

• Education: High school diploma or equivalent.
• Excellent communication and problem-solving abilities.
• Ability to work in a fast-paced environment and in a team.

Responsibilities

• Manage inbound, outbound, and follow-up calls related to Mortgage Loss Mitigation and collections.
• Follow FDCPA and Cathay Bank policies for delinquencies and collections.
• Ensure effective collection of delinquent loans to minimize losses.
• Contact delinquent customers and document account information.
• Inform borrowers about loss mitigation options when appropriate.
• Monitor mortgage delinquent report activities and document actions.
• Provide excellent customer service with Loan Servicing in a timely manner.
• Perform general clerical duties as needed.

Skills

Organizational skills

Problem-solving

Communication skills

Teamwork

PC proficiency

Bilingual (nice to have)

Education

High school diploma or equivalent

Job description

People Drive Our Success

Are you enthusiastic, highly motivated, and have a strong work ethic? If yes, come join our team! At Cathay Bank – we strive to provide a caring culture that supports your aspirations and success. We believe people are our most valuable asset and we proudly foster growth and development empowering you to achieve your professional goals. We have thrived for 60 years and persevered through many economic cycles due to our team members' drive and optimism. Together we can make a difference in the financial future of our communities.

Responsible for the collection of all residential mortgages, Home Equity Lines, and consumer loans. In compliance with FDCPA, will attempt to contact borrowers when a mortgage payment is missed to determine the reason for the delinquency and to assist the borrower with making payments or discuss the options available to bring the account current, such as forbearance agreements, or other loss mitigation programs available. They will also handle the ordering and reviewing of delinquency inspections and preservation actions, in compliance with investor guidelines and federal/local law. The Collections/Claims Specialist will also handle the submissions, tracking and reconciling of claims to investors or MI companies, on behalf of the investors.

ESSENTIAL FUNCTIONS

• Manage inbound, outbound, and follow up calls related to Mortgage Loss Mitigation and collection efforts to ensure quick and effective solutions are provided to each borrower.
• Follow the Fair Debt Collections Practices Act (FDCPA) and comply with Cathay Bank's policies and procedures related to mortgage delinquencies, defaults, and collection.
• Ensure effective collection of an assigned group of delinquent loans to minimize losses to the Bank, including escalated or large payment delinquencies.
• Contact delinquent customers for repayment and accurately document customer account information.
• Promptly provide information about the availability of loss mitigation options to borrowers who express adverse changes in their financial circumstances that is likely to cause them to experience a long-term delinquency for which loss mitigation options may be available.
• Monitor and manage mortgage delinquent report activities. Recording details of comments, inquiries, complaints, and actions taken.
• Provide excellent customer service by researching payment delinquency related questions with Loan Servicing Department in a timely manner.
• Perform general clerical duties as needed.

QUALIFICATIONS

• Education: High school diploma or equivalent.
• 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 proficient; demonstrated ability to work in a team-oriented environment and provide good customer service. Bilingual is a plus.

OTHER DETAILS

$25.53 – $28.13 / hour
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.

Cathay Bank offers itsfull-timeemployees 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 Affimative Action Employer. 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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