VP of Default Management

BSI Financial Services; Irving (TX); On-site; USD 120,000 - 180,000; Full time

Benefits offered by this job

Medical benefits

Life insurance

Disability coverage

401K matching

PTO 17 days

Holidays 9

Job summary

BSI Financial Services in Irving, TX seeks an experienced closer to manage high-stakes workouts from first missed payment through final recovery. You will handle BPL/RTL loans, coordinate with borrowers, guarantors, contractors, and counsel to secure recoveries and protect investor capital.

You will assess collateral, project status, and exit strategies, and guide complex resolutions including short sales, note sales, or foreclosures.

Qualifications

• 5+ years in default servicing, loss mitigation, special assets, collections, or workout with direct borrower negotiation.
• BPL, RTL, bridge, construction, or commercial real estate lending experience; RTL preferred.
• Proficiency in foreclosure, bankruptcy, deed in lieu, receivership, and REO strategy.
• Ability to read notes, guarantees, title, rehab budgets, draw schedules, BPOs, and inspection reports to spot risk.

Responsibilities

• Own a portfolio of delinquent, matured, and defaulted BPL/RTL loans through resolution.
• Drive direct borrower, guarantor, contractor, agent, title, and counsel contact to secure commitments and outcomes.
• Locate unresponsive sponsors using Secretary of State, property, tax, and public-record research.
• Assess sponsor capacity, project status, draws versus completion, and collateral value for exit viability.
• Recommend and execute reinstatements, forbearance, modifications, extensions, or sales strategies.
• Protect lien position by resolving title, tax, insurance, and payoff issues.
• Manage foreclosure, REO, and half-finished construction assets with disposal recommendations.
• Maintain risk ratings and executive-ready exit strategies.

Skills

Default servicing

Loss mitigation

Special assets

Collections

Direct borrower negotiation

Analytical mindset

Education

High school diploma

Bachelor’s degree preferred

Tools

MSP

LoanServ

Sagent

Notes & title review tools

Job description

Brief Description

Summary/Objective

Own high-stakes Non-QM, BPL and RTL workouts from first missed payment through final recovery. This desk covers fix-and-flip, bridge, and ground-up construction loans secured by 1-4 unit and small multifamily assets.

We are looking for a closer: someone who can find the borrower, read the collateral, cut through noise, and choose the exit that protects investor capital.

What You Will Own

• Own a portfolio of delinquent, matured, and defaulted BPL/RTL loans through resolution.
• Drive direct borrower, guarantor, contractor, agent, title, and counsel contact to secure commitments and outcomes.
• Locate unresponsive sponsors using Secretary of State, property, tax, and public-record research.
• Assess sponsor capacity, project status, draws versus completion, interest reserve burn, collateral value, and exit viability.
• Recommend and execute reinstatements, forbearance, modifications, extensions, discounted payoffs, short sales, deeds in lieu, note sales, receiverships, or foreclosure.
• Protect lien position by resolving title, tax, insurance, preservation, valuation, and payoff issues.
• Manage foreclosure, REO, and half-finished construction assets with clear complete-versus-dispose recommendations.
• Maintain risk ratings, Problem Loan Reports, reserve recommendations, and executive-ready exit strategies.

What Top Performers Bring

• 5+ years in default servicing, loss mitigation, special assets, collections, or workout with direct borrower negotiation.
• BPL, RTL, bridge, fix-and-flip, construction, or commercial real estate lending experience; RTL preferred.
• Practical command of foreclosure, bankruptcy, deed in lieu, receivership, and REO strategy.
• Ability to read notes, guarantees, title, rehab budgets, draw schedules, BPOs, and inspection reports and spot risk fast.
• Strong Excel and recovery analytics; able to compare exits by dollars, timing, and execution risk.
• Servicing system experience such as MSP, LoanServ, or Sagent, with investor-audit-ready notes.
• A closer mindset: accountable, direct, organized, and able to move complex files without waiting for a queue.
• High school diploma required; bachelor degree preferred or equivalent workout experience.

What’s in it for you?

• Competitive compensation and full benefits package include medical, dental, and vision.
• 100% company-paid life insurance and disability coverage!
• 401K with company matching!
• 17 days PTO (increases with tenure) and 9 company paid holidays!
• Professional but fun, casual work environment and great team culture!

About BSI Financial

Founded in 1986, we provide financial services that support our vision of enabling sustainable home ownership by practicing core values that embody doing what is right; emphasizing problem solving; delivering on expectations and winning with humility. Our clients include lenders and investors who make home financing possible.

BSI Financial was ranked multiple times in the SMU Dallas 100 list of the fastest growing companies in North Texas and was twice named to the Inc. 5000 list of the fastest growing U.S. companies.

EEO Statement

We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status, or any other characteristic protected by law.