Loss Mitigation Department Supervisor - Collections (onsite) at Newtown Savings Bank

Newtown, Connecticut, United States -

Full Time

Start Date

Immediate

Expiry Date

09 Jul, 26

Salary

0.0

Posted On

10 Apr, 26

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Loss mitigation, Collections, Supervision, Loan servicing, Financial analysis, Foreclosure prevention, Regulatory compliance, Risk rating, Team leadership, Communication, Negotiation, MS Word, MS Excel, MS Outlook, Investor guidelines, Performance management

Industry

Financial Services

Description

Location: Newtown, CT Newtown Savings Bank is seeking an experienced collections professional to join our team as a Loss Mitigation Department Supervisor. This position is responsible for the daily activities of the Account Resolution Specialist(s). Ensure adherence to The Fair Debt Collection Practice Act. Assist the Account Resolution Specialist(s) with difficult or complex accounts and situations, utilizing experience of collections as well as procedural or legal guidelines. This is an onsite opportunity at our corporate office in Newtown, CT. The role has a remote option of one day per week. PRIMARY 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. POSITION REQUIREMENTS * 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. * Familiarity with the COCC Insight operating system and IBS CARM-Pro, as well as experience with internet search engines for research, is a plus. QUALIFICATIONS To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed above are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Any physical demands or work conditions described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Full time employees also receive a complete benefit package including a generous 401(k), medical benefits, paid time off, and short- and long-term disability programs. Newtown Savings Bank is an equal opportunity employer and complies with affirmative action programs for qualified veterans and individuals with disabilities. Newtown Savings Bank shall not discriminate against any employee or applicant for employment based on race, color, religion, gender, age, marital status, national origin/ancestry, sexual orientation, gender identity, disability status, protected veteran status, or any other legally protected status.

Responsibilities

The supervisor oversees daily collection activities and loss mitigation strategies for residential, consumer, and commercial loans. They provide guidance to account resolution specialists, ensure regulatory compliance, and manage investor loss mitigation packages.