What are the responsibilities and job description for the Manager, Foreclosure Loss Mitigation position at Municipal Credit Union?
About MCU:
At Municipal Credit Union, we believe that an incredible culture helps create a happy and motivated team that works hard to achieve the best results for themselves and their members. For more than 100 years, MCU has provided affordable financial products and convenient services to a membership base that is now comprised of over 600,000 individuals. With each new generation we have the pleasure of interacting with, we maintain the credit union promise of people helping people.
Our Mission:
To help hard-working New Yorkers build better tomorrows
Our Vision:
Be New York's most loved financial institution by helping our members build their best financial futures
Overview: The Manager, Foreclosure Loss Mitigation provides leadership and oversight of mortgage collections and foreclosure loss mitigation activities on all real estate loan accounts. They are responsible for assisting with the creation and execution of the departments short and long term strategy, including department goals, initiatives and resource allocation. Partners with other business unit’s partners to develop customer strategies resulting from new systems processes and or retention plans.
Responsibilities:
Specific duties include, but are not limited to, the following:
- 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
Requirements:
- Bachelor’s degree required or equivalent working experience.
- 7 years of experience leading teams in mortgage default servicing operations including Collections, Foreclosure, Loss Mitigation.
- Expert knowledge of OCC, CFPB, FDCPA, RESPA and state law servicing guidelines
- Ability to work independently and take initiative, while multi-tasking in a fast paced environment
- Ability to prioritize and manage time effectively to meet strict deadlines
- Well-versed in information gathering techniques.
- Proficiency in Microsoft Office Suite.
- Highly ethical.
- Compliant with current Foreclosure and Bankruptcy laws rules and regulations.
- Demonstrated success in planning, organizing, leading people and activities. Ability to motivate, direct and coach staff.
- Ability to perform in a high-volume environment and meet deadlines while maintaining exceptional attention to detail.
Why you'll be a good fit:
Our Core Values are an integral part of who we are and who we hire. By living our Core Values, every day, we continue to attract the best and brightest talent, achieve unsurpassed results and continuously challenge ourselves to be better than yesterday. These values are at the heart of our organization and within every teammate. To be a great fit, you’ll bring the following
Results - We are passionate about winning.
Agility - We proactively anticipate, respond and pivot to ensure MCU wins.
Integrity - We operate with the highest ethical standards and highest degree of honesty.
Belonging - We cultivate a culture of inclusion and teamwork.
Ownership - We take personal responsibility and hold ourselves accountable for the results.
What we can offer you:
Competitive compensation, medical and dental benefits.
401K with employer match
Flexible paid time off
Please note that the pay range provided is a good faith estimate for the position at the time of posting. Final compensation may vary based on factors including, but not limited to knowledge, skills and abilities, as well as geographic location. Incentives and/or benefits packages may vary depending on the position.
Municipal Credit Union (MCU) is an Equal Opportunity Employer. Municipal Credit Union provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by applicable federal, state or local laws.
We are committed to hiring, training, cultivating, promoting, and celebrating an environment where we have a welcoming and fulfilling place for all people to call home. Diversity of race, thought, sexual orientation, age, veteran status, religion, and disability will empower us to thrive as individuals, as teams, and as an organization.