AVP Loss Mitigation

Department Description:  Brief Description: Position Summary: The AVP-Loan Workout oversees and executes the development of Loan Workout operating procedures to maximize recovery of loans in default.  Key responsibilities include the development of strategies to improve borrower contact, mitigate losses, workflow, processes and assist with the Loan Workout initiatives.  The outcome is to drive the team to provide exceptional service to our customers and clients. Job Responsibilities: Performance Objectives: The most important performance objective for this department is to develop strategic initiatives to drive customer contact and reduce loss severity by developing strategies around our calling campaigns’ and early referral process.   Assess the current situation and prepare an action plan.  Within 60 days assess the internal operating procedures and organizational functions and prepare the plan necessary to promote sound internal controls to mitigate regulatory, financial and operational risks related to default management.  Identify critical action items and develop/implement appropriate plans to meet company and client needs. Some of these include managing of contact attempts, handling of no-contact accounts and ensuring Salem site is functional within the same plans. Conduct an operational review. During the first 90 days conduct a complete operations review of all processes, procedures, methods and tools to determine adequacy to meet the performance objectives of the department.  Prepare a comprehensive plan of action for formal review with your manager by the end the fourth quarter.  Identify key problem areas, bottleneck, technical challenges and resource restraints.  Target the first quarter of 2007 to implement the recommended changes.  Secondary Department Objectives: An interim step necessary to achieve contact strategies is to determine current call strategies and identify availability and standards to be measured by employee performance while working with the noble team to identify available capabilities of the system.  During the first 30 days identify key resource needs to accomplish this, evaluate status against existing plans, and revise and implement as necessary to achieve the planned goal.  Target completion within 60 days of hire. Assess and strengthen the team. During the first 30 days meet all team members and evaluate their capabilities in line with established performance expectations and department needs.  Establish developmental and re-organizational plans for each team member to rebuild and strengthen the whole group, if necessary.   Evaluate and upgrade the technical capability of the team in the area of campaign building.  One of our key technical objectives for the department is to identify ways to build effective campaigns using behavior scores.  Over the next 3 months identify and define resource needs to ensure achieving the department’s planned results for calling campaigns. Quickly address the problem with staffing analysis: Provide strategic guidance and decision-making in helping provide a staffing analysis and identifying critical staffing gaps.  Within 30 days prepare an action plan to assist in the next company staffing analysis. Conduct a trade-off analysis of the call team:  Once of the main issues facing the Loan Workout department is what to do about creating a more effective call team.  In the next three months identify the key issues needing resolution and the underlying problems.  Specifically consider company and client goals.  Jointly develop a plan of action with supervisors, the dialer group, Default Control Unit and manager, including appropriate alternatives.  Work effectively with the Performing Loan Servicing department. Successful completions of the projects require the cooperation with a very utilized and shared department.  Some of the challenges include prioritizing essential business requirements and effective communication.  Quickly establish a strong working relationship to complete the project as scheduled above.  Qualifications: Basic Requirements: An AVP-Loan Workout for Wilshire Credit Corporation needs to have at least 4 to 5 years background in supervisory/managerial roles.  Experience in loan servicing, loss mitigation and general default experience would be helpful.  Please register and apply using this link : Merrill Lynch Careers Company Description: Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 38 countries and territories and total client assets of almost $2.0 trillion.Merrill Lynch offers a broad range of services to private clients, small businesses, and institutions and corporations, organizing its activities into two interrelated business segments - Global Markets & Investment Banking and Global Wealth Management, which is comprised of Global Private Client and Global Investment Management. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide.Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies, with more than $1 trillion in assets under management.We're growing our business by helping clients grow theirs.Our client relationships are among our greatest competitive assets. We deepen and enrich these relationships through disciplined growth, innovation, and seamless execution.