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Newtown Savings Bank · 2 months ago

Loss Mitigation Department Supervisor

Newtown, CT

Full-time

Onsite

Mid, Senior Level

4+ years exp

Newtown Savings Bank is seeking an experienced collections professional to join our team as a Loss Mitigation Department Supervisor. This role is responsible for overseeing the daily activities of the Account Resolution Specialist(s) and ensuring compliance with debt collection practices while providing guidance and support to the team.

Financial Services

Responsibilities

Provide guidance and support to help the Account Resolution Specialist(s) develop skills and overcome any challenges they may encounter. Meet with the department Manager weekly or as needed to discuss outcome

Perform daily collection functions, as needed, on Residential, Consumer and Commercial loans as well as investor calls commencing when the account becomes delinquent

Negotiate workout strategies and successful counterproposals. Analyze financial statement to determine restructure options for workouts

As a quality control function, review the following account types on a weekly basis to ensure collection and loss mitigation efforts are being upheld: Residential, Consumer and Commercials loans. Report findings weekly to the department Manager

Ensure Account Resolution Specialist(s) are adhering to Loss Mitigation for various investor guidelines, employing collection and foreclosure prevention strategies that are designed to meet the goal of bringing delinquent mortgage loans current in as short a time as possible

Review all Investor Loss Mitigation packages prior to submission to Fannie Mae, Freddie Mac, FHLB MPF and other Investors for financial assistance and/or modification approval

Oversee all Investor Loss Mitigation options (e.g. Short Sale, Deed in Lieu and Repayment Plans)

Assist Account Resolution Specialist(s), when necessary, by generating Loss Mitigation letters, delivering Borrower Response Packages (BRPs), preparing Demand letters, and Write-Down analyses in accordance with departmental procedures

Collaborate with Legal Counsel during the Foreclosure process by monitoring legal proceedings and by completing Statement/Affidavit of Debt, Supplemental Judgment, etc. Prepare the Monthly Forecasting Delinquency Report and discuss the monthly delinquencies with the Account Resolution Specialist(s). Provide initial and final reports to Loss Mitigation team along with Senior Management

Prepare the monthly Residential and Consumer loans charge-off recommendations report for the department Manager prior to delivering and receiving approval from Loan Servicing and Retail Lending Managers. Once dual approval is received, complete and submit a charge-off memorandum to the Loan Servicing Department to record the appropriate entries to the loan system. The monthly charge-offs are reviewed by the Board of Directors on a monthly basis

Prepare monthly Risk Rating Downgrade Report and quarterly Risk Rating Upgrade Report. Review report with department Manage prior to submitting to CCO & CFO for concurrence and sign-off. Then forward to Loan Servicing Programmers to perform loan maintenance

Support function includes employee cross-training, reviewing/updating departmental processes and procedures and by identifying/implementing efficiency ideas to support the bankwide Efficiency Strategic Objective

Administrator for various websites/programs including IBS Carm-Pro, Investor Loss Mitigation portals, Mortgage Insurance Claims portals, etc

Establish SMART goals, performs quarterly goal assessment and annual performance evaluations of direct reports, coaches and motivates them, recommends personnel actions and ensures that assigned tasks are completed within required timeframe and align with the bank’s Habits of Success

Participate in various civic and community functions to further enhance the image of the bank and to network for continuous new business opportunities

Provide prompt and courteous service to all external and internal customers

Qualification

Collections experienceLoss Mitigation knowledgeSupervisory experienceMS Word proficiencyMS Excel proficiencyMS Outlook proficiencyTactDiplomacyEfficiency improvementCustomer serviceCross-trainingCommunity engagementSMART goalsPerformance evaluationLegal collaborationCharge-off recommendationsRisk rating reportsInvestor guidelinesInternet researchCivic participationOral communicationWritten communicationAttention to detailTeamwork

Required

High School Diploma with 4-7 years of experience in a Collections/Loss Mitigation related position, preferably in the Residential/Consumer Lending environment with at least two years in a supervisory/lead role

Must have strong oral and written communication skills; be able to communicate with customers professionally, with tact and diplomacy

Must pay attention to detail, work within deadlines, be able to work independently or in a team environment

Proficient MS Word, Excel and Outlook skills