Special Assets Manager

Description

Primary Purpose of Position: The Special Assets Manager oversees all aspects of troubled residential loans including Collections, Foreclosures, Bankruptcy, Property Preservation, Title Resolution and various Loss Mitigation programs. The Special Assets Manager also ensures compliance with all federal and state, mortgage insurer and guarantor requirements and program policies, and conducts assessments to ensure compliance. This individual also provides analytical and technical support and guidance to internal and external partners. 

Core Functions:

· Supervise, coach, and develop staff

• Provide guidance to staff in the performance of their job responsibilities and resolving problem situations
• Conduct regular coaching sessions with staff
• Work with staff to develop department and individual goals
• Determine and realize training needs of staff 

· Manage activities associated with the resolution of problem loan situations in order to find solutions to maintain homeownership and mitigate losses.

• Ensure strict compliance with Consumer Federal Bureau of Protection (CFPB) related to all loss mitigation requirements. 
• Monitor delinquency data to identify borrowers that may be eligible for Loss Mitigation.
• Provide direction to staff when determining best workout strategies to mitigate exposure. 
• Validate loss mitigation workouts are implemented or declined in accordance with MaineHousing, mortgage insurer or guarantor, and CFPB guidelines. 
• Prepare various performance reports to track statistics and success rates for Loss Mitigation. 
• Respond to escalated customer inquiries and problem loan situations. 

· Manage activities associated with the handling and monitoring of bankruptcy accounts. 

• Monitor compliance with State of Maine laws, Federal Bankruptcy Code and regulatory agencies. 
• Validate MaineHousing’s lien interest in the collateral is protected. 
• Monitor bankruptcy timelines to ensure milestones are completed timely. 
• Provide direction to staff and partners when objections are required. 
• Negotiate and execute restructured plans.

o Monitor expenses associated with Bankruptcy account. Provide direction for accounts recommended for principal reduction.  

o Direct, monitor, and audit all processes associated with loans in Bankruptcy.

· Manage activities associated with foreclosures to ensure they are performed in accordance with State law, various regulations, policies and procedures. 

o Monitor defaulted loans to ensure they are referred to foreclosure within timeframes and other requirements. 

o Implement resolutions to properties that do not have clear and marketable title by negotiating solutions with various partners. 

o Review and approve foreclosure related expenses including contested/litigation costs.

o Represent MaineHousing at foreclosure mediation hearings, trials and bankruptcy creditor hearings as needed. Negotiate resolutions as needed. 

· Manage activities associated with property preservation requirements and ensure compliance with applicable guidelines. 

o Evaluate property preservation activities to ensure work is being performed in accordance with mortgage insurer or guarantor guidelines. 

o Coordinate the resolution of property preservation problems. 

o Review and approve property preservation invoices. Track and monitor costs to ensure adherence to established guidelines. Make recommendations for policy changes where established guidelines are inconsistent with industry standards. 

· Oversee financial aspects of defaulted loan portfolio including foreclosure expenditures, hazard insurance claims, and receipt of loan principal and interest.

o Compile information associated with loan servicing activities, default management, cash receipts, and expenses.

o Review and analyze reports and financial information associated with delinquencies, foreclosures, and loss mitigation.

o Track cash receipts and expenses associated with defaulted loans and perform per loan and aggregate Gain/Loss calculations.

o Prepare various weekly and monthly reports for Finance Management including Risk Management reports, Gain/Loss reports, and status reports.

· Ensure compliance with various Federal and State regulatory and legal requirements, MaineHousing policies and procedures, and mortgage insurance/guarantors guidelines related to default servicing. 

o Research and interpret default servicing regulations, policies, and practices.

o Identify regulatory compliance risk, recommend, develop, implement, and maintain policies and procedures to ensure compliance with default servicing requirements.

o Monitor Loan Servicers for compliance with applicable regulatory requirements. 

o Stay current with loss mitigation, bankruptcy, foreclosure and property preservation regulatory requirements.

· Enforce MaineHousing policies and procedures and facilitate the resolution of problem situations with Loan Servicers, mortgage insurers, and government guarantors. 

o Communicate with Loan Servicers, mortgage insurers and government guarantor partners regularly to understand their operations and review current issues.

· Develop, coordinate and conduct training programs for staff and external servicing partners related to all default servicing requirements. 

· Other duties as assigned.

Requirements

 Education and Experience: Education and four years of financial and regulatory experience in mortgage banking and/or real estate office and two years of management or coaching experience preferred. 

Skills and Knowledge: 

· Ability to effectively lead and supervise others 

· Knowledge of Fair Debt Collection Practices Act (FDCPA), Real Estate Settlement Procedure Act (RESPA), Consumer Financial Protection Bureau (CFPB), Bankruptcy Code, and the State of Maine regulations related to Collections, Loss Mitigation and Foreclosure requirements 

· Experience with financial analysis reviews and report preparation

· Excellent written and oral communication skills; including formal report writing

· Ability to work collaboratively and effectively as a team member

· Ability to multi-task and demonstrate strong problem solving and decision-making skills

· Ability to complete detailed research and pay critical attention to detail

Working Conditions: Fast paced environment with multiple priorities, interruptions and deadlines. MaineHousing office hours are Monday – Friday from 8:00am to 5:00pm.

Reports To: Director of Homeownership

Supervises: Loss Mitigation Specialist, Foreclosure Specialist and REO Asset Manager

The starting annual salary for this position is $78,886, plus a great benefits package, including, but not limited to, health, dental and vision, retirement options with employer match, life insurance, short and long-term disability, employee assistance, and generous earned time allotment and all major federal holidays. Employment is eligible for the Public Service Loan Forgiveness Program.

**Position may remain open until a suitable candidate is found**