VP Mortgage Servicing & Loss Mitigation

At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement--available to all full and part time employees. Part time positions start at a minimum of 30 hours per week.

We encourage you to become a part of VyStar Credit Union's family of employees.

VP Mortgage Servicing & Loss Mitigation

The Vice President of Mortgage Servicing & Loss Mitigation is responsible for providing strategic and operational direction in conjunction with the corporate business plans and objectives for the Mortgage Loan Servicing and Loss Mitigation Department. The VP, Mortgage Servicing & Loss Mitigation will develop policy and procedure related to their area of responsibility and set the overall direction for the department and manage all facets of mortgage loan servicing and loss mitigation including sold loans, general mortgage servicing, collections, and default including bankruptcy, foreclosure, and loss mitigations.

Recommends, develops, and implements short and long-term strategies to ensure that VyStar maintains and balances a sound mortgage portfolio. Creates a professional, positive work environment where innovation in process improvement and excellent service delivery is required. Actively assists in the support and successful implementation of programs, products, and software which may include training.

It is imperative the incumbent ensures all servicing and loss mitigation functions are handled appropriately as errors can be a potential for poor member service, damage VyStar’ s reputation and regulatory action. All loans must be serviced in accordance with VyStar, secondary market requirements, regulatory requirements, policies, and procedures. The incumbent must stay abreast of federal and state regulations pertinent to all aspects of mortgage loan servicing, collections, and loss mitigation.

ESSENTIAL JOB DUTIES

Develop robust portfolio management framework.

Drive portfolio management strategy in support of the corporate goals.

Develop strategies in support of portfolio retention and maximization.

Identify areas of opportunities and design solutions to optimize risk/reward tradeoff.

Conduct in depth portfolio review to discern emerging trends, opportunities, and risk.

Lead the handling of all loss mitigation activities for the real estate portfolio.

Identification and analysis of negative performance trends.

Coordination and communication with the SVP, Real Estate Lending regarding credit quality issues.

Proactive implementation of measures to reduce or control losses.

Work with multiple business areas to identify and implement new products and services related to mortgage lending.

Works with the Loan Servicing Managers to define expectations for all servicing staff with respect to work assignments and member service (internal and external).

Resolves escalated loan servicing, mortgage loan collection and loss mitigation issues as authorized by policy and in conjunction with secondary market, private mortgage insurance, and federal/state regulations. The incumbent must be cognizant of the potential for and avoid reputation risk and damage to VyStar’ s public image.

Prepares and makes budget recommendations annually for the mortgage servicing and loss mitigation department to the SVP, Real Estate Lending.

Develops, recommends, and operates within budget for department. Monitors expense for cost efficient operation for department.

Ensures mortgage loans are serviced to VyStar and secondary market standards. Ensures all taxes and insurance are paid in a timely manner so the members and the Credit Union are not exposed to undue risk or loss.

Ensures all reporting (secondary market reporting, call report, regulatory, etc.) is completed on time and is accurate.

Supervises the loss mitigation process, foreclosure process and resale process of all real estate owned. Periodically reviews all short sale and loan modification processes. Makes necessary revisions to ensure these functions are being handled in a timely and cost-effective manner.

Monitors and reports the number of loan modifications done monthly as well as any emerging trends related to short sales, delinquency, or foreclosures to the SVP, Real Estate Lending.

Monitors trends and provides updates to the SVP, Real Estate Lending on any emerging trends/issues/opportunities.

Excellent interpersonal, communication, analytical and organizational skills combined with the ability to condense technical subject matter into clear and effective communications to the SVP, Real Estate Lending.

Ensure that the overall operations of the Member Solutions Department meet federal and state regulations such as but not limited to:

Unfair, Deceptive, Abusive Acts and Practices (UDAAP),

Regulation B & Regulation Z

Fair Debt Collection Practices Act (FDCPA)

Florida Consumer Collection Practices Act (FCCPA) and

Consumer Financial Protection Bureau

HAMP, FHA, VA, USDA and GSE program modification guidelines

VyStar policies.

Ensure the collection of accounts through the pre and post charge off lifecycle are handled appropriately.

Ensure accuracy and timeliness of all reporting, to include, but not limited to all year-end tax reporting.

Merger and Acquisitions

Oversee VyStar’s interests as they pertain to future mergers and acquisitions specific to the member solutions, claims, and recovery related technology integration, and prospective merger portfolio analysis. Collaborate across multiple business sects to ensure a smooth and seamless member experience both internally and externally as project lead for the lending areas. Leverage subject matter expertise, knowledge of internal processes, and system limitations to progress merger projects expeditiously and provide executives within the organization with progress updates at key points in the acquisition process to ensure all merger related project deadlines are met.

Ensures processes are in place to validate all reports utilized in the department as well as ensure transmissions of reports or requests to external parties, such as HELOC statements to the statement printer, are received by the appropriate parties and are correct.

Ensures all regulatory reporting is completed on or before the required deadlines.

Works directly with the branches, call center or members to resolve issues.

Strong team player with a high level of professionalism and initiative

Monitors and counsels’ staff to practice and embrace behaviors consistent with the credit union initiative for VyStar Excellence.

Manages all third-party relationships related to the general servicing and mortgage collection functions.

Makes recommendations to SVP, Real Estate Lending. for enhancements to servicing existing products as deemed necessary. Reviews software needs, stays abreast of changes within the servicing industry and makes recommendations to maintain operating efficiencies. Coordinates with the Lending Business Analysts, Information System Development and Information Technology Operations staff as appropriate to develop, provide testing resources, and implement software changes.

Performs other duties as assigned.

Incumbent is expected to demonstrate each of the following VyStar Excellence behaviors and to provide support and feedback to their entire department to consistently practice and demonstrate VyStar Excellence behaviors in performing the duties and responsibilities of their position. Expected VyStar behaviors are defined as:

Focus: Focus your full attention by carefully listening to and observing your client or member.

Connect: Consistently be friendly and approachable. Demonstrate you care.

Understand: Listen empathetically and ask questions. (70%/30%)

Counsel: Recommend solutions based on your client’s or member’s needs and objectives.

Advance: Ensure that member’s expectations are exceeded. Verify follow-up action.

EFFECT OF ERROR

Errors in judgment can have a significant impact to the Credit Union. Poor planning and use of resources could result in increased operating costs and deficiencies in member services, both actual and perceived. Failure to properly train and educate staff could result in not only ineffective operations, but also in violation of regulations and could possibly subject the credit union to class action or individual lawsuit. Failure to handle or improper handling of staff grievances could result in claims of unfair labor practices and subject the credit union to time consuming investigations and expensive legal actions. It could also result in poor staff morale and performance, which could result in poor delivery of service to members. Errors would be difficult to detect in most instances and are likely to cause irreparable damage. Errors would cause damage to the professional image of VyStar as perceived by members, businesses and the community and could result in loss of deposits or income producing business if members are dissatisfied with services. Errors could subject VyStar to fines for non-compliance with regulations or secondary market. If errors were not corrected in a timely manner VyStar’s seller/servicer ID for secondary market transactions could be revoked, thus suspending all loan sales to FNMA/FHLMC and could result in substantial losses of revenues.

PUBLIC RELATIONS

The incumbent has daily personal contact with members and with employees directly supervised. The Vice President Mortgage Servicing & Loss Mitigation is responsible to maintain harmonious relationships between the mortgage loan servicing department and other VyStar staff, members, vendors, service bureaus, officials, government agencies, servicing banks, and other businesses or persons which may have contact with the incumbent, or the mortgage loan staff.

JOB QUALIFICATIONS

EDUCATION

High School Diploma or GED is required.

Bachelor’s Degree is preferred.

Continuing education via local conferences and workshops is required for updates on federal and state regulations and secondary market requirements.

EXPERIENCE

Incumbent must have a minimum of 10 years’ experience in a financial or lending institution with direct member contact in the mortgage servicing, collections, and loss mitigation functions with at least five of those years in a management role.

KNOWLEDGE, SKILLS & ABILITIES

The incumbent must have in depth knowledge of mortgage loan servicing and loss mitigation for all mortgage loan products.

Incumbent must be well versed in servicing requirements for secondary market guidelines, loss mitigation functions, mortgage loan collections activities, and private mortgage insurance company requirements.

Must be proficient and knowledgeable of all servicing and mortgage collection related state and federal regulations governing mortgage lending.

Demonstrated ability and working knowledge of all Microsoft Office applications is required.

Proven ability to work under heavy workload environment.

Incumbent must demonstrate excellent written and verbal communication skills.

Strong attention to detail

Demonstrate sound judgment and decision making.

Ability to effectively handle multiple priorities concurrently.

DISCLAIMERS AND WORK ENVIRONMENT

Nothing in this position description is an implied contract for employment. The position description is intended to be an accurate account of the essential functions. The functions are not all encompassing and are subject to change at any time by management.

The work environment characteristics described are representative of those that an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

As required or requested, may exert up to twenty pounds of force occasionally and/or a negligible amount of force constantly to lift, carry, push, pull or otherwise move objects.

VyStar Credit Union is not seeking outside assistance or accepting unsolicited resumes from staffing agencies or search firms for employment or contractor opportunities. Any resumes submitted by an outside vendor to any employee at VyStar via e-mail, internet, or directly to hiring managers without a valid written search agreement with the Talent Acquisition / HR department will be deemed the sole property of VyStar Credit Union.

No placement fee will be paid if a candidate is hired as a result of the referral, or through other means.

Thank you for your inquiry regarding our current job opening. Your resume will be carefully reviewed against the position requirements. Should your experience and skills match, you will be contacted by one of our Human Resources department staff members.

Thank you again for your interest in this position!

VyStar Credit Union Human Resources

R0010184