Collections & Loss Mitigation Manager Job Listing at Valley Bank in Wayne, NJ (Job ID 24-945)

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.