Director - Loss Mitigation (On-Site)

Servicing•Houston, TX

11d•Onsite

About The Position

Exceed the expectations of our residential mortgage borrowers & business partners through superior service, simple processes, and effective communications. We deliver on this mission by empowering our employees by encouraging and recognizing superior performance and innovative solutions, by promoting teamwork and divisional cooperation. Primary Function 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. Principal Duties 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 Payoffs, 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 recommends 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. Performs related duties as assigned by management.

Requirements

Bachelor’s degree in Business Administration or another analytical field.
8+ 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.
Proven experience motivating, coaching, monitoring, and evaluating staff performance.
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.
Advanced PC-skills—with knowledge of Microsoft Excel, Word, and Access.
All employees are required to have smart phones that meet Company security standards with the ability to install apps such as Okta Verify and Microsoft Authenticator.
Employment will be contingent on this requirement.
By applying to this position candidate acknowledges that this is not a remote role and is required to be on-site.

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 Payoffs, 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 recommends 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.
Performs related duties as assigned by management.

Benefits

Medical, dental, and vision insurance
Health Savings Account with employer contribution
401(k) Retirement plan with employer match
Paid Maternity Leave/Parental Bonding Leave
Pet insurance
Adoption Assistance
Tuition reimbursement
Employee Loan Program
The Newrez Employee Emergency and Disaster Fund is a new program to support our team members
Newrez NOW: Our Corporate Social Responsibility program, Newrez NOW, empowers employees to become leaders in their communities through a robust program that includes volunteering, philanthropy, nonprofit grants, and more
1 Volunteer Time Off (VTO) day, company-paid volunteer day where all eligible employees may participate in a volunteer event with a nonprofit of their choice
Employee Matching Gifts Program: We will match monetary employee donations to eligible non-profit organizations, dollar-for-dollar, up to $1,000 per employee
Newrez Grants Program: Newrez hosts a giving portal where we provide employees an abundance of resources to search for an opportunity to donate their time or monetary contributions