Chad Scherr
Summary
Loan Servicing Director with over 20 years of extensive expertise in managing consumer loan servicing operations, including subservicing, loss mitigation, and compliance monitoring. Proficient in utilizing advanced systems such as MSP Black Knight, Loan Sphere, and FiServ to enhance operational efficiency and ensure regulatory compliance. Demonstrates strong leadership and team collaboration skills, fostering productive relationships with key stakeholders like Fannie Mae and Freddie Mac to drive successful outcomes and business growth.
Overview
21
21
years of professional experience
Work History
Loan Servicing Director
Axia Financial/Hamilton Group Funding
10.2021 - Current
- Manage, design, and run the consumer loan servicing department, third party vendors, subservicing operations, loss mitigation/collections, BK, quality assurance, research and mitigating risk.
- Manage multiple third-party vendors, including tax and insurance companies.
- Manage relationships with Fannie Mae, Freddie Mac, Ginnie Mae, Goldman Sachs on residential and HELOC investor relations, audits, compliance monitoring, MSR sales, certifying pools and reconciliation.
- Solely provide interim servicing customer service via phone/chat/loan servicing inbox inquiries, generate payoffs, create reconveyances, assumptions and subordinations.
- Perform monthly MERS reconciliation and annual audit.
- Coordinate loan servicing transfers from one servicer to another.
- Ensure KPI’s and SLAs are met and adhere to company and department guidelines.
- Work in conjunction with capital markets on MSR sales and repurchases.
- Board all loans to the servicing system platform and perform due diligence to ensure the boarding file uploaded with the correct information.
- Communicate solely with borrowers, loan officers, internal staff, resolve escalations and ensure we are providing a “white glove” customer experience, both externally and internally.
- Ensure sub-servicer is adhering to compliance, SLA’s, monthly servicing score card, investor reporting and timely escrow payment working in MSP, Loan Sphere and Encompass.
- Work with accounting and compliance on state exams, audits, quarterly NMLS mortgage call reports, MBFR reports and internal monthly servicing reports.
- Individually calculate monthly MSR valuation for the servicing retained portfolio.
- Hire and train mortgage loan servicing associates and provide quarterly/yearly reviews.
VP, Loan Servicing
Cal Con Mutual Mortgage
06.2020 - 09.2021
- Manage the interim loan servicing department, construction loan team, subservicing operations, customer service, payoffs, loss mitigation, bankruptcy, collections, payments, and escrow operations.
- Collaborate with compliance and risk on state audits, NMLS quarterly call reporting and investor reporting/accounting.
- Manage the construction loan process, draw requests, interest reserve payments, payoffs and create the construction to perm loan modifications.
- Board loans from our interim servicing platform to our servicer and perform quality control checks to ensure all boarding information is accurate.
VP, Loan Servicing
Live Well Financial
07.2015 - 11.2019
- Oversee and maintain the internal loan servicing team and subservicing operations.
- Manage and individually oversee the servicing and internal operations that include payment processing, reconveyances, loan on boarding, quality assurance, loss mitigation/collections, reconveyances, lien releases, payoffs, escrow, and subordinations.
- Report directly to the CFO on all servicing operations, CFPB regulations and quality control/scorecards.
- Directly communicate with borrowers and loan officers on any loan issues, payment processing and escrow questions.
- Respond directly to escalated borrower complaints through our subservicer and the CFPB.
- Reconcile P&I accounts for Fannie Mae, Freddie Mac and Ginnie Mae investor relations.
- Manage third party vendors and contractors, legal contracts.
- Manage and oversee a team of 6 direct reports to ensure monthly department goals and compliance are satisfied to the firm’s standards for all consumer lending.
- Resolve escalated CFPB complaints with borrowers, attend litigated and deposition hearings with legal counsel to resolve disputes.
- Oversee and individually monitor tax, insurance and repairs.
- Create and update policy and procedures for loan servicing
VP, Servicing
Doral Bank
12.2013 - 07.2015
- Manage and oversee the consumer loan portfolio of assets including residential and commercial loans, HELOC’s and subservicing operations.
- Speak directly with borrowers and loan officers/branch managers regarding customer service, payment processing, escrow questions, loss mitigation options, lien releases and prepare payoffs.
- Work and individually manage the sub servicer relationship, contractors/builders on approvals and SLA’s.
- Research issues within the mortgage and home equity line divisions to ensure resolution.
- Manage third party vendors and approve vendor contracts, repair bids, and perform audits.
- Respond and resolve CFPB complaint.
- Ensure KPI and SLA’s are met to expectations.
- Edit policy and procedures yearly and review annual statements for edits.
- Hire and train the loan servicing team to ensure all staff has proper resources to succeed.
VP, Loan Servicing
The National Groups, LLC
10.2007 - 12.2013
- Maintain the offshore servicer and internal consumer loan servicing teams, loss mitigation and call center operations, escrow and investor reporting.
- Develop policies and procedures for industry and company changes.
- Oversee a team of 5 direct reports to ensure company goals/expectations are met and coach when necessary.
- Support the credit operations/eOscar team to ensure that requests are responded in a timely fashion.
- Manage title claims, reconveyances and lien releases.
Loss Mitigation Manager
GMAC-ResCap
02.2005 - 10.2007
- Manage a distressed Loss Mitigation consumer loan portfolio that includes mortgages and home equity lines of credit.
- Speak to members and review financials to determine the best loss mitigation strategy to minimize the bank’s losses.
- Oversee third party vendors, property preservation companies and PMI insurance for approvals on invoices, contracts, and payments.
- Monitor and measure asset performance and make recommendations for value creation.
- Review and approve short sales, loan modifications, DIL’s, short refinances and work out plans.
Education
Bachelor of Science - Finance
California State University
01.2004
Skills
- MSP Black Knight (Expert)
- Loan Sphere (Expert)
- Encompass (Expert)
- SQL (Experienced)
- FiServ (Expert)
- Equator (Expert)
- LPS (Expert)
- MERS (Expert)
- Risk Management (Experienced)
- Compliance (Expert)
- Vendor Management (Expert)
- Loss Mitigation (Expert)
- Quality Assurance (Expert)
- Customer Service (Expert)
- Financial Analysis (Experienced)
- Team Leadership (Expert)
Timeline
Loan Servicing Director
Axia Financial/Hamilton Group Funding
10.2021 - Current
VP, Loan Servicing
Cal Con Mutual Mortgage
06.2020 - 09.2021
VP, Loan Servicing
Live Well Financial
07.2015 - 11.2019
VP, Servicing
Doral Bank
12.2013 - 07.2015
VP, Loan Servicing
The National Groups, LLC
10.2007 - 12.2013
Loss Mitigation Manager
GMAC-ResCap
02.2005 - 10.2007
Bachelor of Science - Finance
California State University
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