Loan Workout Manager jobs in Worcester, MA

Description

Title: VP Loan Servicing Manager                                         

FLSA Status: Exempt                                                            Employment Status: Full Time

Department: Loan Servicing                                                 Location: Headquarters/Hybrid Eligible

Reports To:  Chief Lending Officer

SUMMARY:

The Loan Servicing Manager monitors and manages all aspects of Loan Servicing including, but not limited to the servicing of residential, consumer, commercial, and investor loan portfolios; development of department goals, objectives, and service level standards; management of the bank’s secondary market portfolios; oversight of all internal, third-party, and prudential regulator audits and examinations; and management of collections and loss mitigation activities for the bank. This position is responsible for maintaining all loan servicing policies and procedures and ensuring the Loan Servicing department is in compliance with required laws and regulations while operating efficiently.
 

Additionally, it is expected that this position assists with projects that affect the department and the bank, acts as a resource for other team members in the Loan Servicing department and embraces the established sales and service culture to maximize their contribution to the Bank’s goals.

After successful completion of training and proven abilities, this position is eligible for a hybrid work arrangement with consistent availability expected during core business hours and agreed upon number of days per-month on site.

ESSENTIAL DUTIES and RESPONSIBILITIES:                                                                       

In the performance of respective tasks and duties, the employee is expected to successfully perform quality work within deadlines with or without supervision, interact professionally with other employees, customers, and vendors; work effectively as a team contributor on all assignments and work independently while understanding the necessity for communicating and coordinating work efforts with other employees and organizations.

• Builds and maintains a high performing team by managing, mentoring, training (cross training) and providing support and guidance.
• Creates departmental goals/objectives and measures performance.
• Regular evaluation of alternatives for servicing loans with an eye on profitability and service.
• Monitors, manages, and tracks all tasks in Loan Servicing to ensure quality assurance, timelines, and compliance.
• Collaborates with other business units to provide loan servicing expertise/ guidance and create efficiencies throughout the bank.
• Maintains knowledge of lending related rules and regulations, including but not limited to secondary market investor portfolio management/reporting, Loan Servicing, FDICIA, Bank Secrecy Act, and Collections regulations.   
• Creates, reviews and updates policies/procedures and ensures compliance with regulations.
• Ensures all Loan Servicing related general ledgers are balanced and sent to Finance according to schedule.
• Point person to assist auditors managing lending related audit functions – coordinating, reviewing, and preparing audit materials, reviewing, and remediating findings.
• Leads projects and participates on various project teams.
• Ensures customer inquiries, issues and research items are completed and communicated timely, assisting staff as necessary and answering any escalated questions or problems.
• Acts as administrator to various portals and department specific systems.
• Applies risk management principles to all functions including selling and servicing investor loans, managing, and maintaining loans retained for servicing and collections.
• Responsible for the oversight of the department’s vendor management process.
• Adheres to all company policies and acts as a role model in that capacity, consistently demonstrating our core values and service standards.
• In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.
• In the performance of respective tasks and duties, the employee is expected to uphold the responsibilities set forth by the National Mortgage Licensing System and Registry (NMLS&R) and the SAFE Act
• Regular and consistent attendance is required to continue the high standard of customer service as well as occasionally participating in before/after hours and/or weekend community events.
• Other duties as assigned, performing similar or related work as directed, required, or as situation dictates.

SUPERVISORY RESPONSIBILITIES:

In alignment with our Core Values and Lean Principles, direct staff according to business needs, and established goals/objectives that are aligned with the Strategic Plan.

• Responsible for the direct supervision of assigned staff; schedule and assign work; weight competing priorities; directing staff according to business needs and established goals and objectives; and, identify and provide training.
• Creates an inclusive work environment that encourages and rewards performance while recognizing individual needs and skills, working towards shared goals, contributing ideas and accepting change.
• Proactively seeks out coaching/training opportunities for self and for the team to help with growth and advancement within the Main Street Bank team.
• Monitors departmental procedures, making necessary changes to increase productivity and improve efficiencies – Communicating these changes to all stakeholders.

• Monitors the day-to-day operations of the department to ensure all necessary tasks are complete and accurate, provides general guidance and supervision of the team’s goal management.

• Provides training and guidance to others in the department on new and existing processes.
• Responsible for achieving strong results while balancing multiple complex demands.
• Promotes and enhances the corporate culture and fosters the development and implementation of organizational vision, policies, and guidelines.

• Monitors and ensures approval of bi-weekly timecards, reviews and approves time off requests for all members of the team always ensuring adequate coverage within the department.
• Completes timely checkpoints, recommends employment decisions, coaches, counsels, disciplines, and develops staff as necessary.

LEVEL OF RESPONSIBILITY:

• This position interacts independently under limited supervision with members of the community, along all staff levels and with complex and proprietary information.  
• Work is non-routine, complex and analytical, relying on prior directly related experience. Policies, procedures, and programs adhered to are prescribed by the bank and State and Federal Regulators.
• The position is relied upon to provide subject matter content within the organization influencing as a subject matter expert.
• Participates in developing and executing change management and contributes to the strategic alignment impacting to the critical goals of the Bank.
   

SKILLS REQUIRED:

• BA/BS in Business or equivalent banking related work experience with in-depth knowledge of residential, consumer and commercial loan servicing regulations, policies, and procedures, including collections and loss mitigation.
• Progressive leadership experience managing a department with a large servicing portfolio.
• Experience with selling and servicing loans to the secondary market.
• A thorough knowledge of all federal and state lending regulations, including but not limited to RESPA, Truth in Lending, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, Homeowners Protection Act, National Flood Insurance Program, Fair Credit Reporting Act,FACT Act and the SAFE Act as they relate to servicing functions. 
• Working knowledge of COCC Insight and/or Fiserv DNA strongly preferred. 
• Intermediate to advanced level of proficiency in Microsoft 365 Suite products including, but not limited to Excel, Word, Outlook, Power Point, Teams, and Sharepoint.
• Be or be eligible to register and maintain a valid Mortgage Loan Originator Identifier Number issued through the National Mortgage Licensing System and Registry (NMLS&R)
• Solid understanding and application of administration activities with an understanding of office procedures and ability to operate standard office equipment.
• Means and mode to travel to any of Main Street Bank’s locations as needed.

EQUIPMENT REQUIRED:

• Smart Phone – To enable the MFA (Multi Factor Authentication) facilitating access to MSB systems.

HYBRID ENVIRONMENT:

• Your physical remote workspace must provide a dedicated workspace that is free from distraction and provides adequate light to be regularly visible on video calls.
• You must have access to a reliable internet connection with adequate bandwidth to join Teams and other video calls with no degraded quality.

COMPETENCIES:

• Leadership/People Management
  • Natural leader with positive communication (written & verbal) and well-developed interpersonal skills, ethics, and cultural awareness with the ability to motivate.
• Collaborative, self-starter, strategic thinker, and seasoned problem solver
• Process Management
  • Strong organizational, planning, and time management skills
• Advanced independent critical thinking and problem-solving skills to be able to navigate complex situations, and drive efficient, effective, and timely solutions that meet the needs of all stakeholders.
• Relationship Builder
  • Develops and maintains relationships with officers, employees and external contacts and maintains alignment with core values, vision, strategy, and goals.
• Project Management
• Ability to multi- task, organize, work independently, accomplish tasks, and meet deadlines despite frequent interruptions in a fast-paced environment while maintaining attention to detail.
• Decision-maker
• Goal-driven and solution-oriented
• Detail-oriented, with the ability to balance a high number of competing projects and related tasks across all departments.

LANGUAGE/COGNITIVE SKILLS: 

The person in this position frequently communicates with all departments, Directors, Officers and customers about banking products and services, and therefore must be able to exchange accurate information in these cases. They will need to use judgment and discretion in decision making situations, interpret and follow all Bank policies and procedures, write/create reports, and business correspondence, (Main Street Bank’s standard language is English). As well as the ability to:

Speak and effectively present/communicate information and respond to questions from customers, groups of managers, Board of Directors, vendors, and other employees.

• Define problems, collect data, establish facts, and draw valid conclusions.
• Read, analyze, and interpret a variety of documents such as disclosures, contracts, Federal & State Regulations, Legislation and Bank policies and procedures.

WORKING CONDITIONS AND PHYSICAL EFFORT: 

The physical and work environment demands 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.

While performing the duties of this job, the employee is required to:

Physical Demands/Efforts

• Occasionally lift and/or move up to 25 pounds, (i.e. files, boxes of files)
• Regularly required to remain in a stationary position, greater than 50% of the time
• Occasionally required to stoop and bend.   

Mental & Visual Demands

• Consistently operate a computer for extended periods of time
• Specific vision abilities may be required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus.
• Regular use of office productivity machinery (i.e., a calculator, copy machine, fax machine, computer printer).

Work Environment and Hazards

• Occasionally move throughout the inside the Bank to access resources and individuals.
• Occasional local travel for bank purposes and/or on behalf of the bank (i.e., inspections, trainings).
• The employee must be able to work schedules that meet the needs of the bank, which may include early morning, evening and/or weekend hours.
• It is a general office environment where the noise level is moderate.

AMERICANS WITH DISABILITIES ACT

Main Street Bank complies with all aspects of the Americans with Disabilities Act (ADA) and state disability laws. This means that we will not discriminate against qualified individuals with a disability in any phase of the employment relationship including application for employment, hiring, promotions and/or advancement opportunities, termination, compensation, training and any other conditions or privileges of employment.

Applicant Notice

The completion of this Application for Employment does not assure a position with Main Street Bank and any offer of employment is conditioned on the satisfactory completion of a background and credit review as determined by the sole discretion of Main Street Bank. Neither this Application for Employment nor any document constitutes a contract of employment for a specific term and that any employment relationship that may be established will be 'at-will' and if hired, may be terminated at any time, for any reason, by the applicant or Main Street Bank.

Massachusetts Law - It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

Massachusetts General Laws c. 151B prohibits employers from (1) terminating or refusing to hire individuals on the basis of genetic information; (2) requesting genetic information concerning employees, applicants, or their family members; (3) attempting to induce individuals to undergo genetic tests or otherwise disclose genetic information; (4) using genetic information in any way that affects the terms and conditions of an individual’s employment; or (5) seeking, receiving or maintaining genetic information for any non-medical purpose.

Main Street Bank is an Equal Opportunity Employer, we are committed to recruiting, hiring, training, and promoting persons without regard to race, color, religion, national origin, citizenship, age, sex, marital status, ancestry, physical or mental disability, veteran status, sexual orientation, military service, genetic information, and gender identity.