Apply on Employer Site

Municipal Credit Union · 2 months ago

Manager, Loss Mitigation

Cortlandt Street, New York, NY, US

Full-time

Hybrid

Senior Level

$78K/yr - $98K/yr

7+ years exp

Municipal Credit Union is a financial institution that has been serving its members for over a century. The Manager, Loss Mitigation is responsible for leading mortgage collections and foreclosure loss mitigation activities, ensuring compliance with regulations while managing a team and developing strategies to assist members in distress.

BankingFinanceFinancial Services

Responsibilities

Manage the end-to-end loss mitigation process for delinquent mortgage loans, including repayment plans, loan modifications, short sales, deeds-in-lieu, foreclosures, and REOs

Monitor delinquency and foreclosure pipelines, ensuring timely action and compliance with regulatory timelines

Oversee foreclosure processes from referral through completion, ensuring compliance with state-specific foreclosure laws

Manage REO inventory, coordinating property preservation, valuation, marketing, and liquidation efforts to minimize loss severity

Ensure all activities comply with federal and state regulations, investor guidelines, and internal policies

Stay current on regulatory updates impacting foreclosure, bankruptcy, and loss mitigation activities

Maintain audit-ready files and oversee quality control reviews

Direct and oversee performance of foreclosure attorneys, trustees, property preservation vendors, and real estate agents

Negotiate and enforce service-level agreements to ensure timelines, accuracy, and cost-effectiveness

Supervise and develop a team of loss mitigation specialists, foreclosure processors, and support staff

Set performance goals, conduct training, and provide coaching to ensure productivity and compliance

Prepare and present monthly reports on delinquency trends, foreclosure pipelines, REO performance, and recovery rates

Reviews all real estate bankrupt accounts and determines need for legal assistance and forwards documents to attorneys

Effectively communicates with Sr. Leadership, default support groups, members, and investors during foreclosure proceedings

Communicates with assigned attorney/trustees to obtain regular updates regarding delays and/or pending inquiries needed to see the foreclosure process to completion

Provision timely and accurate figures, information, documents, or instructions to assigned attorney/trustee/vendor within SLA as outlined in foreclosure and/or default procedures

Process all fee/cost/figure related inquiries within SLA; to ensure proper loan dispositioning, system coding, investor reporting and/or funds’ processing

Ensures all attorney fees/costs and foreclosure costs are within Investor, Fannie Mae, Freddie Mac, FHA, VA, or USDA allowable fees schedules

Ensure strict compliance with state and federal collection rules and regulations in all collections/foreclosure practices

Perform other related duties as requested and special projects as assigned

Qualification

Mortgage default servicingForeclosure laws complianceLoss mitigation strategiesMicrosoft Office SuiteTeam leadershipEthical standardsCommunication skillsTime managementAdaptabilityRelationship building