This manager will be required to work in our Linthicum, Maryland Headquarters one to two times per week.What you will do:The Manager of Foreclosure/OREO, Loss Mitigation & Bankruptcy, is responsible for managing the daily operations of the department with a wide range of duties including supporting the staff, handling member escalations, partnering with other internal departments. Acts as primary contact with various vendors, including; attorneys, investors, third party vendors, private mortgage Insurance companies, etc. This individual should have an excellent knowledge of residential Real Estate loans, Loss Mitigation, Foreclosure, Bankruptcy and servicing GSE loans. Manage processes to minimize delinquency and potential losses of the credit union and maximize recoveries. Hire, train, motivate and coach employees, institutes remedial actions when appropriate and monitors achievement of development plans. This team is Hybrid and utilizes various applications to collaborate and communicate with each other.
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.
A day in your life might include:- Supervise, coordinate, and evaluate the activities for the Underwriter, Foreclosure Analysis, Loss Mitigation and Bankruptcy Team to ensure adherence to policies and regulatory procedures per State, Federal, CFPB, Investor and credit union guidelines.
- Train, mentor, motivate and coach staff. Evaluate team members to maximize efficiencies and minimize credit union delinquency involving recovery with a strong focus on quality and accuracy.
- 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:- Generate and submit monthly reporting.
- 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.
- Ensure the SOPs are updated and reviewed as required.
- Act as an administrator to create workflows, letters, and fields in collection system.
- Review accuracy and processing/approving vendor invoicing as applicable.
- Act as administrator of third-party/vendor websites.
- 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.
Experience Requirements- 7 years Real Estate Collections, Foreclosure, and OREO process experience required.
- 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.
Compensation Information: Offers will be commensurate with experience and education.
- 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:
- Medical, vision, dental benefits
- 401k plan with company matching
- Generous sick, vacation and personal leave
- And more...2026 SECU Benefits Guide
Physical Requirements - 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
