TROY WATTS
Woodlynne,NJ
Summary
DEFAULT SERVICING | COLLECTIONS DIRECTOR Realizing organizational success via strategic executive-level direction and leadership. Accomplished and results-driven default servicing leader with comprehensive experience in the competitive mortgage servicing industry. Remarkable history of success in driving company-wide growth, implementing targeted initiatives, providing world-class services, and developing strong company image with superior quality. Well-versed in conducting and leading risk analysis to identify and decrease the impact of risk. Instrumental in developing new company-wide policies/procedures to maximize success. Capable of upholding cutting-edge technical skills and keeping abreast with industry trends. Elite and articulate communicator and presenter, with an innate ability to cultivate and strengthen professional relations with executives, teams, and key clients of diverse cultural, ethnic, and socioeconomic backgrounds. Unrivalled leadership qualities, with the capacity to steer, train, and empower cross-functional teams to increase overall work efficiency.
Overview
20
20
years of professional experience
Work History
Vice President Default
INVESTORS BANK/CITIZENS BANK
Iselin, NJ
05.2021 - Current
- Deliver strategic direction and leadership to collections, loss mitigation, foreclosure, bankruptcy, and property preservation groups for the default management department, while reporting to SVP of Operation
- Drive significant challenges of monitoring a staff of workout officers, administrators, and collection specialists to perform recovery of delinquent residential and consumer loans
- Collaborate closely with outside counsel on loan negotiations (in litigation)
- Leverage sound negotiation skills and good judgment in executing creative methods for efficient resolution of delinquent accounts with strict adherence to regulatory guidelines, while enabling maximum recovery for bank
- Provide exceptional service and maintain the alignment with corporate strategies
- Complete quarterly charge off suggestions to banks executive leaders on the disposition of loan portfolio
- Minimized risk exposes on delinquent accounts by completing quarterly charge off on accounts 90+ days delinquent
- Optimized decision timelines by 25% by improving the processing time frame for loss mitigation
- Decreased cost by 15% by consolidating foreclosure attorney network
- Credited for monitoring default expense budget with annual budget of less than 3%
- Controlled staff to collect, restructure, and recover 25% of charge off amounts to increase bottom line
- Improved costs and speed efficiencies by establishing goals and metrics that ensured timely foreclose action on all nonperforming residential and consumer loans
- Oversaw compliance response as it relates to CFPB, internal audit, and FDCPA regulations, which result is 100% compliance for open items
- Implemented procedures to ensure departmental compliance with CFPB, FDCPA, and OCC
- Reduced department’s operational risks with SVP and business risk manager, while completing internal & external audits
- Increased recovery efforts and offered solutions to complex delinquency by controlling total delinquency portfolio
- Spearheaded development and executing decision streamline process for covid-19 assistance program resulting in decreasing processing timelines from 30 days to 20 days.
Loss Mitigation Manager
CENLAR FSB
Ewing, NJ
09.2014 - 05.2021
- Coordinated closely with departmental leaders to provide best solution for decreasing risk and exposer to clients and investor
- Supervised and processed loss mitigation alternatives for collection, foreclosure, and bankruptcy cases to avoid potential foreclosure and REO exposure
- Capitalized on the opportunity to lead forward-thinking loss mitigation underwriting initiatives, including driving decision-making and determination for the best loan workout solutions as per CFBP guidelines
- Assessed borrowers’ financial documents, including credit reports, tax returns, pay stubs, and financial statements
- Collaborated with internal departments, including collections, foreclosure, bankruptcy, and client management
- Bridged the communication gap between external third-party vendors, foreclosure attorneys, firms, and borrowers to meet goals
- Oversaw daily operational functions of the loss mitigation closing department employees
- Attained recognition for slashing timeline to complete workout to under 30 days to meet SLA
- Acknowledged by senior management for leading a team to minimize 60-day process loans from 118 loans to below 10
- Dealt with process improvements; set techniques to stay in compliance with investor/client guidelines
- Monitored closing pipeline by coordinating close with clients and investors
- Crafted and updated managerial detail reports and spread sheets pertinent to the closing pipeline
- Recognized as key contributor for the development and implementation of FHA partial claim program
- Optimized process timelines by creating Key Performance Indicator (KPI) and Key Risk Indicator (KRI) metrics.
- Supported audits, shortage control initiatives, apprehensions, and disposition by preparing and reviewing associated paperwork.
Team Manager
BANK OF AMERICA
Newark, NJ
08.2011 - 08.2014
- Supervised processing of activities and administered responsiveness of alerts to determine foreclosure timeline management.
- Evaluated foreclosure litigation paperwork, affidavits and post-sale documents.
- Administered property foreclosures, encompassing proper and timely assignation of cases to realtors.
- Evaluated employee performance on monthly basis and coached and trained 15 team members, increasing quality of work and employee motivation.
- Administered monthly and annual reviews to direct reports and set clear and measurable goals, action plans, and follow-up procedures.
- Facilitated meetings to communicate team performance goals and results.
- Defined clear targets and objectives and communicated to other team members.
Risk Manager
RADIAN GUARANTY
Philadelphia, PA
09.2010 - 08.2011
- Encouraged stakeholders to approach assessments analytically and offer unique insights to bring new understanding to risk management programs.
- Developed short-term goals and long-term strategic plans to improve risk control and mitigation.
- Handled default claims according to internal risk management policies, keeping liability minimized by leveraging expertise and available tools.
- Employed strong program management skills to successfully define and manage ongoing initiatives designed to control MI loss avoidance.
Loss Mitigation Underwriter
PHH MORTGAGE
Mount Laurel, NJ
08.2003 - 08.2010
Education
Bachelor of Administration -
STRAYER UNIVERSITY
Skills
- Mortgage & Commercial Lending
- Regulatory Compliance
- Sox Compliance
- Loan Servicing & Loss Mitigation
- Client Relationship Building
- Collections Management
- Credit Analysis & Evaluation
- Team Guidance & Leadership
- Business Management
- Risk and Audit Analysis
- Process Improvements
- Communication
- Portfolio Management
- Mortgage Underwriting
- Issues & Conflicts Resolution
- Policy and Procedure Development
- Rules and Regulations
- Public Speaking
- Foreclosures and Liquidations
- Verbal and Written Communication
- Negotiation and Persuasion
Timeline
Vice President Default
INVESTORS BANK/CITIZENS BANK
05.2021 - Current
Loss Mitigation Manager
CENLAR FSB
09.2014 - 05.2021
Team Manager
BANK OF AMERICA
08.2011 - 08.2014
Risk Manager
RADIAN GUARANTY
09.2010 - 08.2011
Loss Mitigation Underwriter
PHH MORTGAGE
08.2003 - 08.2010
Bachelor of Administration -
STRAYER UNIVERSITY
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