Mortgage Loss Mitigation Team Lead
Location: El Monte
Posted on: June 23, 2025
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Job Description:
Are you enthusiastic, highly motivated, and have a strong work
ethic? If yes, come join our team! At Cathay Bank – we strive to
provide a caring culture that supports your aspirations and
success. We believe people are our most valuable asset and we
proudly foster growth and development empowering you to achieve
your professional goals. We have thrived for 60 years and
persevered through many economic cycles due to our team members’
drive and optimism. Together we can make a difference in the
financial future of our communities. GENERAL SUMMARY Responsible
for daily foreclosure, bankruptcy and litigation activity, which
includes working with bank attorneys, borrowers, and third parties.
Collection of residential mortgages, and Home Equity Lines of
Credit minimizing potential losses on delinquent loans. In
compliance with Fair Debt Collections Practices Act (FDCPA) and
other regulations, initiate outbound loss mitigation efforts to
resolve delinquency or assist the borrower with options available
to bring the account current. Analyze customers situations and
collateral risks to present alternative solutions such as
forbearance plans, repayment plans, payment deferrals,
pre-foreclosure/short sales, and deed in lieu. Submission, tracking
and reconciling of late-stage delinquent loans, including
recommendation for foreclosure when appropriate. Provide technical
and procedural support and direction to Mortgage Loss Mitigation
team members. ESSENTIAL FUNCTIONS • Manage late-stage delinquent
loan inbound, outbound, and follow-up calls with borrowers to
ensure quick and effective solutions are provided to each borrower.
• Counsel and guide customers to achieve workout alternates based
on their circumstances. • Comply with the FDCPA and other local and
federal regulations. • Adhere to Cathay Bank’s policies and
procedures. • Review Borrower Response Packages for assistance to
determine if they are complete and perform pre-underwritten review
of documents provided. • Contact delinquent borrowers to review
approved loss mitigation options as well as preparation of letters
for approval, missing documents, and notice of action taken. •
Collaborate with the manager on recommended pre-foreclosure reviews
as well as participate in monthly management meetings. • Prepare
foreclosure files for set-up on the core collection system. •
Provide attorney with accurate foreclosure figures, including
reinstatement figures which will be provided to external parties by
the attorney. In addition, provide the attorney with accurately
executed documents as requested. • Responsible for bankruptcy
filing reviews, preparing transmittals to attorneys, and servicing
or further legal actions. • Assist with training new hires, as
needed. • Assist in processing successor in interest, short sales,
seed in lieu, or any other legal issues. • Prepare monthly
reporting, including delinquency, foreclosure, bankruptcy and other
activities. • Assist in preparation of risk rating and accrual
recommendations. • Provide assistance and guidance to Mortgage Loss
Mitigation Team members. • Meet department standards as they relate
to daily productivity metrics. • Performs additional projects and
duties as assigned by management. QUALIFICATIONS • Education: High
school diploma or equivalent. • 3-year experience in mortgage loss
mitigation, foreclosure, and bankruptcy processing. • Understanding
of debt collections in any stage of delinquency. • Familiarity with
financial statements, tax returns, credit reports, home appraisals,
title searches and other documents used to evaluate a
pre-foreclosure remedy. • Strong analytical, problem solving and
mathematical skills. • Proficient in Microsoft Word, Outlook,
Access and Excel with a minimum level of Intermediate. •
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
proficiency; demonstrated ability to work in a team-oriented
environment and provide good customer service. Bilingual
English/Chinese is a plus.
Keywords: , Compton , Mortgage Loss Mitigation Team Lead, Accounting, Auditing , El Monte, California
