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Director - Loss Mitigation
Summary
Title:Director - Loss Mitigation
ID:1816
Department:Loss Mitigation
Location:Greenville, SC
Description
Summary:
Develops appropriate collection procedures, staffing levels, cost control, inventory management and process management to optimize recoveries on various types of distressed mortgage loans and other distressed assets.

Responsibilities:
  • Oversees the daily operations of Loss Mitigation to ensure compliance with all company, state, and federal guidelines.
  • Develops and implements all departmental processes and procedures to maximize resources and minimize expenditures. Reviews existing processes and procedures for same.
  • Develops ongoing and special project strategies as well as phone calling and mailing campaigns to minimize associated risk.
  • Coordinates, compiles and analyzes data for distribution and presentation to associated departments and Executive Leadership.
  • Reviews Workout Plans (i.e. Short Pay-offs, Loan Modifications and Deed-in-Lieu-of Foreclosures) for feasibility and compliance.
  • Reviews Security Covenants to ensure compliance.
  • Communicates potential risk exposure to Executive Leadership.
  • Assists in the development of unit Business Plans and Budgets to meet Company-forecasted future-growth requirements.
  • Creates and maintains job descriptions.
  • Develops and implements performance metrics and work standards.
  • Drafts and publishes formal guidelines and procedures.
  • Evaluates job performance and, as necessary, administers disciplinary action.
  • Provides training and develops career paths for all direct reports.
  • Interviews and hires all departmental staff.
  • Performs periodic Performance Reviews and recommending salary adjustments.
  • Develops various letters and solicitations to increase borrower response to Workout options.
  • Develops and tracks employee incentive plans for monthly performance.
  • Oversees and tracks all modified loans in Special Servicing. This includes mod completion data as well as mod performance data.
  • Performs detailed monthly analysis on various portfolios to forecast performance.
  • Reviews and tracks monthly expense reports to ensure departmental costs are correct.
  • Develops various cost to service models for Loss Mitigation to ensure profitability of the department.
  • Tracks departmental interaction with other Servicing Departments.
  • Acts as the key contact with other departments and divisions within the Company.
  • Undertakes Special Projects related to departmental activities.
  • Communicates and monitors complaints and irate customers.
  • Manages the timely notification of loans to Servicing Departments wherein the contract conditions have not been met.
  • When needed, carries out due diligence on potential portfolios to determine capability of arrears management and loss mitigation procedures.
Qualifications/Skills:
  • Self-motivation
  • Detail-orientation
  • Effective organizational skills
  • Excellent listening, comprehension and negotiation skills
  • Effective verbal and written communication skills
  • Ability to multi-task and follow-through to completion of assignments
  • Knowledge of Mortgage Banking and trends in Loss Mitigation—specifically as it relates to Financial Privacy, Fair Lending, Collections, Bankruptcy, Workouts, Foreclosure, Loan Modification Programs, Agency Regulations, etc…
  • Ability to conceptualize and establish operational and control enhancements for computer systems
  • Ability to assist Loan Counselors with training and question answering
  • Ability to assist with complaint and irate calls
  • Proven experience motivating, coaching, monitoring and evaluating staff performance
  • Advanced PC-skills—with knowledge of Microsoft Excel, Word and Access
  • Preferably 10 years combined experience in Mortgage Banking, Insurance, Loan Origination, Collections, Loss Mitigation, and/or other related fields
  • Preferably 5 years experience in Loss Mitigation
  • At least 3 years experience in management positions

Educational Requirements:
  • A 4 year college degree in Business Administration or other analytical field.
This opening is closed and is no longer accepting applications
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