Collections |amp| Loss Mitigation Manager

  • Category: Bank Jobs
  • Location: Wayne, New Jersey
  • Job Type: Full Time / Part Time
  • Salary: Estimated: $ 24K to 35K
  • Published on: 2025/09/21

Job Overview

The Collection - Loss Mitigation Manager will supervise, direct, and evaluate all areas of mortgage and home-equity Collection, Foreclosure, and Loss Mitigation activity in accordance with Bank and Investor guidelines.

Expected work hours

40

Job Description

Responsibilities include but are not limited to:
• Responsible for administering all mortgage and home equity collection, loss mitigation, and impairment strategies in accordance with various bank, investor, and regulatory guidelines.
• Oversee, train, monitor and develop subordinates, particularly the Loss Mitigation Supervisor, Foreclosure Specialist, Bankruptcy Specialist, and Collection Floor Supervisor.
• Responsible for setting and directing Department goals while developing and implementing effective strategies to maximize resources, minimize expenditures, and mitigate losses.
• Manage the portfolios and default reporting for our investors (Fannie Mae, Freddie Mac, NJH, etc.) to ensure accuracy while mitigating potential fee assessments.
• Review and approve the handling of foreclosures, bankruptcies, work-out plans, deed-in-lieus, and any other loss mitigation activities pursuant to Investor and Bank guidelines to ensure compliance.
• Oversee and evaluate the performance of Department vendors, particularly foreclosure attorneys, to ensure that their efforts are fully compliant and that timelines are being followed in accordance with Investor guidelines.
• Keep well-informed of changes to local, state, federal, and regulatory changes in the collections, foreclosure, loss mitigation, and bankruptcy environment and ensure that staff members are trained accordingly.
• Evaluate job performance standards while completing periodic employee performance evaluations. Make recommendations in personnel changes, job descriptions, and/or job status while administering disciplinary action as needed.

Requirements

Required Skills:
• Excellent verbal and written communication skills.
• Ability to prioritize, organize, and delegate assignments.
• Ability to multi-task.
• Ability to assist borrowers with establishing financial priorities and ability to impart these skills on subordinates.
• Ability to handle customer conflict resolution.
• Intermediate PC skills using Microsoft office applications.

Required Experience:
• High School Diploma or GED and a minimum of five years' related experience in collections or loss mitigation, with two years in a managerial position.
• Knowledge of Fannie Mae and Freddie Mac investor guidelines.
• Bachelor's degree in related field preferred.

Pay Range Information

Exact compensation may vary based on skills, experience, and location.

Salary Grade Minimum - Annual

$81,400.00

Salary Grade Maximum - Annual

$140,500.00

Salary Grade Minimum - Hourly

$3+.13

Salary Grade Maximum - Hourly

$67.55


Company Name: Valley Bank

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