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Collections & Recoveries Manager - Mortgage Secured Lending
Up to £40,000 Base Salary,
Newcastle
The Collections & Recoveries Manager Role:Outlines the process for collecting overdue mortgage payments and recovering properties in case of default, ensuring compliance and minimizing losses.Collections Process for the Collections & Recoveries Manager Role:
• Early Delinquency Management:• Payment reminders before due dates.• Grace period (as per loan terms).• Contact strategy: Calls, emails, letters.• Delinquency Stages:• 1-30 Days: Soft collections, borrower engagement, late fee application.• 31-60 Days: Escalated contact, loss mitigation options (e.g., forbearance, loan modification).• 61-90 Days: Pre-foreclosure notices, credit reporting, legal warning.• Payment Plans & Loss Mitigation:• Loan modifications, forbearance, short sales, deed-in-lieu.Recovery Process for the Collections & Recoveries Manager Role:
• Foreclosure Process:• Initiation after 90+ days past due (varies by jurisdiction).• Legal notices and compliance with foreclosure laws.• Judicial vs. non-judicial foreclosure process.• Property Liquidation:• Auction, REO (Real Estate Owned) sales, third-party sales.• Deficiency balance collection (if applicable).• Post-Foreclosure Recovery:• Credit reporting, legal action on unpaid balances.
Compliance & Risk Management for the Collections & Recoveries Manager Role:• Adherence to CFPB, RESPA, FDCPA, and state foreclosure laws.• Borrower rights and dispute resolution.• Internal audits and regulatory reporting.Reporting & Performance Monitoring for the Collections & Recoveries Manager Role:• KPIs: Delinquency rates, cure rates, foreclosure timelines, recovery percentages.• Tech & Automation: Mortgage servicing platforms, AI-driven borrower outreach.
