Manager, Foreclosure/OREO, Loss Mitigation & Bankruptcy

SECU; Linthicum (MD); On-site; USD 89,000 - 115,000; Full time

Benefits offered by this job

401k plan with company matching

Generous sick, vacation and personal

Annual corporate-wide incentive

Job summary

SECU is seeking a seasoned Manager of Foreclosure/OREO, Loss Mitigation and Bankruptcy in Linthicum, MD. You will lead the Real Estate Committee, review complex loan matters, and ensure compliance with regulatory requirements while guiding delinquency resolutions.

You will coordinate with internal and investor teams, oversee loss claims with PMI and FHA, and drive process improvements across reporting and workflows.

Qualifications

• High School Degree Required.
• Bachelor’s degree in finance or management preferred.
• 5 years’ management or team leadership experience required.
• Strong knowledge of CFPB, OCC, FDCPA, GSE, FHA guidelines/regulations.
• Ability to file a loss claim with PMI and FHA per guidelines.
• Ability to build reports and workflows in Akcelerant/Temenos.
• Knowledge of credit reporting disputes, repossession, settlements, bankruptcy.
• Experience with foreclosures, loss mitigation, OREO and mortgage delinquency reporting.
• Excellent analytical ability to review loan details and workouts.
• Proficiency in Microsoft Office (Word, Excel, Outlook).
• Knowledge of Five9 and DNA is desirable.
• Knowledge of PMI Claims, 571 Claims and REO Gram.
• Budgeted Salary Range: Min. $88,500 - Max. $115,100

Responsibilities

• Lead the Real Estate Committee in reviewing complex real estate loan matters and determine financial risk.
• Review delinquent portfolio real estate loans >90 days and FHA claim tracker monthly.
• Identify delinquency and default action codes reported to investors and PMI.
• Validate team files loss claims to PMI and FHA per guidelines.
• Adhere to FHA Handbook 4000.1 for modifications or conveyance per HUD 4000.1.
• Prepare recommendations for disposition of delinquent real estate loans; include foreclosures, settlements, and sale.
• Respond to complex member issues; handle workouts, settlements, and legal actions as needed.
• Ensure portfolio guidelines are followed for investors; coordinate with internal/external teams.

Skills

Leadership

Regulatory knowledge

Financial analysis

Analytical skills

Education

High School Diploma

Bachelor’s degree in finance or management

Tools

Akcelerant/Temenos

Five9

DNA

Job description

Current job opportunities are posted here as they become available.

This manager will be required to work in our Linthicum, Maryland Headquarters one to two times per week.

Who we are:

At SECU, we put our employees first, recognizing that their well-being and professional development are vital to our success. By fostering a supportive and empowering work environment, our employees are committed to helping members achieve long-term financial security. They are also inspired to give back to the communities we serve by volunteering and spreading kindness, which reflects our core values and who we are as an organization.

Every employee at SECU contributes to our member’s financial well-being, and we’ll always do what’s right for our members, employees, and communities.

Feel good about what you do. Belong to a place where you matter and can make a difference.

The Manager of Foreclosure/OREO, Loss Mitigation and Bankruptcy adheres to regulations and organizational policies, maintaining awareness and knowledge required to perform the duties of the position, including all aspects of the Bank Secrecy Act and related regulations, such as OFAC, and the USA Patriot Act, Fair Lending, Information Security, and NCUA.

• Lead the Real Estate Committee in reviewing complex real estate loan matters such as loan modifications, short sales, foreclosure, bidding instructions and charge off. Determine the financial risk to the credit union and provide this information in written form. Develop recommendations and upon approval for final disposition of delinquent and/or problematic real estate loans and ensure they are resolved in accordance with service agreements, procedures and regulatory requirements.
• Review and update the delinquent portfolio real estate loans that are greater than 90 days past due as well as FHA claim tracker for senior management each month. Attend follow-up meeting to discuss the status and potential strategy to resolve delinquency.
• This team is responsible for identifying delinquency and default action codes which are reported to investors and private mortgage insurance companies each month per servicing requirements.
• Monitor and validate the team files claim for loss to private mortgage insurance companies per guidelines.
• Adhere to FHA Handbook 4000.1 in reference to partial claims, loan modifications, conveyance or claims without conveyance per HUD Handbook 4000.1.
• Prepare recommendations and responsibility, upon approval, for the disposition of delinquent and/or problematic real estate loans and ensure they are resolved in accordance with service agreements, procedures, and regulatory requirements. This includes charge off, settlement of debt, foreclosure, short-sale, deed-in-Lieu, forbearance, deferment, and sale of foreclosed real estate.
• Proactively respond to more complex member issues to satisfy and resolve problems, complaints, etc. within the scope of the credit union’s policies and procedures. Actions may include, but are not limited to loan modifications, legal action, foreclosure, settlements on charge-off accounts.
• Validate that the team is handling files according to portfolio, investor, Fannie, Freddie, FHA and other investors guidelines to ensure the department reduces exceptions and/or they are handled on a day-to-day basis.
• Work closely with the real estate servicing and investor servicing team to ensure that modifications are processed correctly, reinstatement quotes are accurate, escrow analysis is run, funds received are applied correctly and posted in a timely manner.
• Conduct periodic reviews on loan level flag(s) and restrictions for each team to ensure accuracy.
• Work closely with internal and external legal teams to ensure that all foreclosure and loss mitigation cases are adjudicated within the framework of legal guidance.
• Conduct team huddles and one on ones with direct reports.
• Responsible for coaching team members, completing quarterly touch points, improvement plans and annual performance reviews.

Additional Responsibilities may include:

• Coordinate with Internal Audit/Investor during departmental audits to provide requested information and documentation.
• Participate in organizational projects as department business lead.
• Track and document teams’ productivity and results including SLAs.
• Manage relationships with third party providers including foreclosure attorneys, preservation companies, etc.
• Additional job-related projects and duties as assigned by management.

Education Requirements

• High School Degree Required.
• Bachelor’s degree in finance or management is preferred.
• 5 years’ management or team leadership experience required.
• Strong knowledge of CFPB, OCC, FDCPA, GSE, (Fannie Mae, Freddie Mac, and FHA) guidelines/regulations, required.
• Ability to file a claim for loss with Private Mortgage Insurance Companies and FHA per guidelines.
• Abily to build reports and enhance or create workflows in Akcelerant/Temenos to monitor or make process improvements for your responsible teams.
• General knowledge of credit reporting disputes, repossession, settlements, and bankruptcy.
• Ability to work with first- and third-party providers, foreclosure, loss mitigation, OREO and Mortgage Investor Delinquency Reporting.
• Excellent analytical ability to review all loan details, and member issues to recommend possible workout solutions.
• Proficiency in Microsoft Office (Word, Excel, Outlook).
• Knowledge of Five9 and DNA is desirable.
• Knowledge of submitting PMI Claims, 571 Claims and REO Gram.
• Budgeted Salary Range: Min. $88,500 - Max. $115,100

Other Compensation Includes:

• Annual corporate-wide incentive

We provide comprehensive benefits, with a focus on total well-being:

• 401k plan with company matching
• Generous sick, vacation and personal leave
• Must be able to remain in a stationary position, often standing or sitting for prolonged periods
• Must be able to lift up to 25 pounds

SECU is committed to fostering a diverse, equitable, and inclusive workforce where all individuals are valued and respected. We take pride in providing equal opportunities for all qualified applicants regardless of race, ethnicity, national origin, gender, sexual orientation, gender identity or expression, religion, military or veteran status, or any other characteristics protected by law.