Loss Mitigation Specialist Jobs

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GENERAL SUMMARY
Responsible for the collection of all residential mortgage, Home Equity Lines, and consumer loans. In compliance with FDCPA, will attempt to contact borrowers when a mortgage payment is missed to determine the reason for the delinquency and to assist the borrower with making payments or discuss the options available to bring the account current, such as forbearance agreements, or other loss mitigation programs available. They will also handle the ordering and reviewing of delinquency inspections and preservation actions, in compliance with investor guidelines and federal/local law. The Mortgage Loss Mitigation Specialist will also handle the submissions, tracking and reconciling of claims to investors or MI companies, on behalf of the investors.
ESSENTIAL FUNCTIONS

• Promptly provide information about the availability of loss mitigation options to borrowers who express adverse changes in their financial circumstances that is likely to cause them to experience a long-term delinquency for which loss mitigation options may be available.
• Contact delinquent customers for repayment and accurately document customer account information.
• Ensure effective collection of an assigned group of delinquent loans to minimize losses to the Bank, including escalated or large payment delinquencies.
• Follow the Fair Debt Collections Practices Act (FDCPA) and comply with Cathay Bank’s policies and procedures related to mortgage delinquencies, defaults, and collection.
• Manage inbound, outbound, and follow up calls related to Mortgage Loss Mitigation and collection efforts to ensure quick and effective solutions are provided to each borrower.
• Monitor and manage mortgage delinquent report activities. Recording details of comments, inquiries, complaints, and actions taken.
• Provide excellent customer service by researching payment delinquency related questions with the Loan Servicing Department in a timely manner.
• Perform general clerical duties as needed.

QUALIFICATIONS

• Skills/Ability: Strong organizing and problem-solving skills; good written and verbal communication skills; must be able to adapt well in a fast paced and constantly changing business environment; PC proficient; demonstrated ability to work in a team-oriented environment and provide good customer service. Bilingual is a plus.
• Experience: Minimum 1-2 years’ experience in a collection call center/customer service/mortgage servicing environment.
• Education: High school diploma or equivalent.

OTHER DETAILS
$19.23 – $24.04 / hour
Pay determined based on job-related knowledge, skills, experience, and location.
Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).
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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We believe in diversity, equity, and inclusion in the workplace. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.
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