Job Description
Job Overview
The Collection - Loss Mitigation Manager will supervise, direct, and evaluate all areas of mortgage and home-equity Collection, Foreclosure, and Loss Mitigation activity in accordance with Bank and Investor guidelines.
Expected work hours
40
Job Description
Responsibilities include but are not limited to:
• Responsible for administering all mortgage and home equity collection, loss mitigation, and impairment strategies in accordance with various bank, investor, and regulatory guidelines.
• Oversee, train, monitor and develop subordinates, particularly the Loss Mitigation Supervisor, Foreclosure Specialist, Bankruptcy Specialist, and Collection Floor Supervisor.
• Responsible for setting and directing Department goals while developing and implementing effective strategies to maximize resources, minimize expenditures, and mitigate losses.
• Manage the portfolios and default reporting for our investors (Fannie Mae, Freddie Mac, NJH, etc.) to ensure accuracy while mitigating potential fee assessments.
• Review and approve the handling of foreclosures, bankruptcies, work-out plans, deed-in-lieus, and any other loss mitigation activities pursuant to Investor and Bank guidelines to ensure compliance.
• Oversee and evaluate the performance of Department vendors, particularly foreclosure attorneys, to ensure that their efforts are fully compliant and that timelines are being followed in accordance with Investor guidelines.
• Keep well-informed of changes to local, state, federal, and regulatory changes in the collections, foreclosure, loss mitigation, and bankruptcy environment and ensure that staff members are trained accordingly.
• Evaluate job performance standards while completing periodic employee performance evaluations. Make recommendations in personnel changes, job descriptions, and/or job status while administering disciplinary action as needed.
Requirements
Required Skills:
• Excellent verbal and written communication skills.
• Ability to prioritize, organize, and delegate assignments.
• Ability to multi-task.
• Ability to assist borrowers with establishing financial priorities and ability to impart these skills on subordinates.
• Ability to handle customer conflict resolution.
• Intermediate PC skills using Microsoft office applications.
Required Experience:
• High School Diploma or GED and a minimum of five years' related experience in collections or loss mitigation, with two years in a managerial position.
• Knowledge of Fannie Mae and Freddie Mac investor guidelines.
• Bachelor's degree in related field preferred.
Pay Range Information
Exact compensation may vary based on skills, experience, and location.
Salary Grade Minimum - Annual
$81,400.00
Salary Grade Maximum - Annual
$140,500.00
Salary Grade Minimum - Hourly
$3+.13
Salary Grade Maximum - Hourly
$67.55
The Collection - Loss Mitigation Manager will supervise, direct, and evaluate all areas of mortgage and home-equity Collection, Foreclosure, and Loss Mitigation activity in accordance with Bank and Investor guidelines.
Expected work hours
40
Job Description
Responsibilities include but are not limited to:
• Responsible for administering all mortgage and home equity collection, loss mitigation, and impairment strategies in accordance with various bank, investor, and regulatory guidelines.
• Oversee, train, monitor and develop subordinates, particularly the Loss Mitigation Supervisor, Foreclosure Specialist, Bankruptcy Specialist, and Collection Floor Supervisor.
• Responsible for setting and directing Department goals while developing and implementing effective strategies to maximize resources, minimize expenditures, and mitigate losses.
• Manage the portfolios and default reporting for our investors (Fannie Mae, Freddie Mac, NJH, etc.) to ensure accuracy while mitigating potential fee assessments.
• Review and approve the handling of foreclosures, bankruptcies, work-out plans, deed-in-lieus, and any other loss mitigation activities pursuant to Investor and Bank guidelines to ensure compliance.
• Oversee and evaluate the performance of Department vendors, particularly foreclosure attorneys, to ensure that their efforts are fully compliant and that timelines are being followed in accordance with Investor guidelines.
• Keep well-informed of changes to local, state, federal, and regulatory changes in the collections, foreclosure, loss mitigation, and bankruptcy environment and ensure that staff members are trained accordingly.
• Evaluate job performance standards while completing periodic employee performance evaluations. Make recommendations in personnel changes, job descriptions, and/or job status while administering disciplinary action as needed.
Requirements
Required Skills:
• Excellent verbal and written communication skills.
• Ability to prioritize, organize, and delegate assignments.
• Ability to multi-task.
• Ability to assist borrowers with establishing financial priorities and ability to impart these skills on subordinates.
• Ability to handle customer conflict resolution.
• Intermediate PC skills using Microsoft office applications.
Required Experience:
• High School Diploma or GED and a minimum of five years' related experience in collections or loss mitigation, with two years in a managerial position.
• Knowledge of Fannie Mae and Freddie Mac investor guidelines.
• Bachelor's degree in related field preferred.
Pay Range Information
Exact compensation may vary based on skills, experience, and location.
Salary Grade Minimum - Annual
$81,400.00
Salary Grade Maximum - Annual
$140,500.00
Salary Grade Minimum - Hourly
$3+.13
Salary Grade Maximum - Hourly
$67.55
💡 Quick Summary
Seeking a career-building opportunity? The Collections Loss Mitigation Manager position is now open for candidates interested in the Bank Jobs sector. This role in Wayne offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in Bank Jobs is a plus.