Mortgage Loss Mitigation Team Lead

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

MORTGAGE LOSS MITIGATION TEAM LEAD (SECURITY)

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.

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

$33.65 – $43.27 / 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-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).

Cathay Bank may collect personal information from potential job candidates and applicants. For more information on how we handle personal information and your applicable rights, please review our California Job Applicant Privacy Policy .

Cathay Bank is an Equal Opportunity and Affivative 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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