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.
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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.
OTHER DETAILS
$33.65 – $43.27 / hour
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.
Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).
Cathay Bank may collect personal information from potential job candidates and applicants. For more information on how we handle personal information and your applicable rights, please review our California Job Applicant Privacy Policy.
Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.
Click here to view the “Know Your Rights: Workplace Discrimination is Illegal” Poster:
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Cathay Bank endeavors to make www.CathayBank.comaccessible to any and all users. If you would like to contact us regarding the accessibility of our website or need assistance completing the application process, please contact, Mickey Hsu, FVP, Employee Relations Manager, at (626) 582-7370 or [email protected]. This contact information is for accommodation requests only and cannot be used to inquire about the status of applications.
Skills Required
- High school diploma or equivalent
- Three years of experience in mortgage loss mitigation, foreclosure, and bankruptcy processing
- Understanding of debt collections at any stage of delinquency
- Familiarity with financial statements, tax returns, credit reports, home appraisals, title searches, and other pre-foreclosure evaluation documents
- Strong analytical, problem-solving, and mathematical skills
- Intermediate proficiency in Microsoft Word, Outlook, Access, and Excel
- Strong organizational and problem-solving skills
- Good written and verbal communication skills
- Ability to adapt in a fast-paced and changing business environment
- PC proficiency
- Ability to work in a team-oriented environment and provide good customer service
- Bilingual English and Chinese language skills
Cathay Bank Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about Cathay Bank and has not been reviewed or approved by Cathay Bank.
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Healthcare Strength — Health coverage includes medical, dental, and vision with the employer covering a majority of premiums. Basic life and disability insurance are also provided.
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Retirement Support — A 401(k) with company match is available, with the match described as in line with many peer banks. Retirement planning support is also highlighted.
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Wellbeing & Lifestyle Benefits — An Employee Assistance Program and a structured wellness program with incentives are offered, alongside entertainment and bank‑fee discounts. External recognition highlights ongoing investment in well‑being and total rewards.
Cathay Bank Insights
What We Do
About us More than 60 years ago, we opened our doors at Cathay Bank to serve the growing Chinese American community in Los Angeles. We helped our clients put down new roots with cars and homes. We supported their businesses, which continue to sustain generations. We worked with them to cultivate communities united by a shared drive to create and build lives in Southern California. Over time, we’ve expanded along with our clients. Today, we’re a subsidiary of Cathay General Bancorp (NASDAQ: CATY), a publicly traded bank holding company that has grown to $20.9 billion in assets as of December 31, 2021. We operate in nine states across the United States, in California, New York, Washington, Illinois, Texas, Maryland, Massachusetts, Nevada, and New Jersey, and have outposts in Hong Kong, Beijing, Shanghai and Taipei. While the people we serve have evolved and changed, the spirit of what makes up our clients remain the same. Everyone believes in the power of initiative and perseverance. Each aims to achieve what’s possible. All strive to live their best lives. And we’re happy to work alongside them – providing the tools and services to get them where they want to go. Member FDIC Equal Housing Lender
