Foreclosure & Default Resolution Manager

What you'll do

The Foreclosure & Default Resolution Manager is responsible for leading the execution of foreclosure activities and late-stage default servicing strategies across the mortgage portfolio. This role ensures compliant, timely, and member-focused resolution of non-performing loans while aligning with investor guidelines, including Fannie Mae requirements, and all applicable federal, state, and regulatory standards.

Foreclosure & Default Operations

• Oversee all stages of foreclosure, including referral, timeline management, sale, and post-sale activities.
• Ensure adherence to investor requirements (Fannie Mae, FHA, VA, etc.) and state-specific foreclosure laws.
• Monitor and manage foreclosure timelines, milestones, and exception tracking.
• Lead escalation resolution for complex or high-risk default cases.
• Evaluate current credit bureau reports, O&E (Ownership and Encumbrance) reports, and other lender foreclosure notices and other pertinent property encumbrances and issues as needed.
• Coordinate current property valuations, or appraisals as needed for effective property value review.
• Conduct ongoing analysis of solutions provided to members with a specific strategy devised toward meeting objectives.
• Responsible for the negotiations, analysis and approval of loan modification arrangements on all consumer loans.
• Manage Canvas’s REO (Real Estate Owned) portfolio.
• Manage Short Sale Administration on Fannie Mae and portfolio mortgage loans.
• Manage Fannie Mae workout loan file preparation, management and tracking.

Investor & Regulatory Compliance

• Ensure full compliance with Fannie Mae Servicing Guidelines and other agency/investor requirements.
• Maintain controls aligned with CFPB, NCUA, and state regulatory expectations.
• Oversee foreclosure audits, quality control reviews, and compliance reporting.
• Partner with compliance and legal teams to address regulatory changes and implement process updates.
• Review legal actions, pleadings, and foreclosure documentation for accuracy and completeness.
• Control foreclosure-related expenses and ensure cost efficiency.

Default Strategy & Loss Mitigation Alignment

• Collaborate with Loss Mitigation leadership to ensure appropriate borrower outreach and home retention efforts prior to foreclosure.
• Support decisioning frameworks for foreclosure referral, postponement, or alternative resolution strategies.
• Drive strategies to reduce foreclosure starts, timeline delays, and loss severity.

Reporting & Performance Management

• Develop and report on key performance indicators, including:
• Foreclosure cycle times
• Liquidation timelines
• Roll rates and resolution outcomes
• Loss severity and recovery metrics
• Provide executive-level reporting and insights to senior leadership
• Prepare files and analysis for presentation to the Special Assets and Real Estate Committee review.

Team Leadership & Development

• Lead, coach, and develop a team responsible for foreclosure processing and default execution.
• Establish clear performance expectations and accountability standards.
• Drive a culture aligned with member-centric values (e.g., empathy, accountability, and resolution focus).
• Support cross-training and succession planning.

Job Qualifications

• Knowledge, Skill and Ability:
• Regulatory & investor compliance expertise
• Default servicing strategy and execution
• Vendor and legal partner management
• Data analysis and performance reporting
• Risk management and decision-making
• Leadership, coaching, and team development
• Member-centric problem solving and communication
• Strong understanding of collections processes, workflows and systems
• Responsible for all management functions including hiring, training, conducting monthly one-on-ones, performance management, scheduling, cross-training and succession planning, timekeeping, etc.
• Exhibit support for the organization’s goals, values, initiatives and cost control
• Comply with the Bank Secrecy Act (BSA) and other compliance requests and requirements
• Follow all safety and security guidelines to properly safeguard member and organization assets
• Embrace ongoing education and learn/apply new skills and software applications
• Excellent verbal, written and interpersonal communication skills
• Strong relationship building and teamwork skills with ability to develop and maintain consultative and cooperative relationships with Canvas staff and external vendors/partners
• Proven ability to recommend and champion changes to processes, procedures, workflows and systems
• Proven ability to develop project plans, coordinate and complete projects on time and within budget
• Strong analytical, decision making and problem-solving skills
• Strong attention to detail and excellent organizational and time management skills with ability to manage multiple priorities with demanding deadlines
• Able to understand and analyze multiple data sources to create actionable reporting for various end users
• Advanced skills in Excel and ease with data management
• Able to maintain confidences
• Regular attendance and punctuality are essential functions of the job
• Perform other job duties as assigned

Pre-employment Background Review

• Components include criminal, employment, address, social security number, motor vehicle record, global sanctions, and sex offender

Experience

• Three to five years of supervisory/managerial experience in collections, lending and/or compliance
• Five to eight years of mortgage servicing experience, with a focus on foreclosure and default management
• Strong working knowledge of Fannie Mae Servicing Guidelines and default timelines
• Experience managing foreclosure processes in judicial and non-judicial states
• Familiarity with FHA, VA, USDA, and private investor requirements
• Knowledge of bankruptcy, REO, and property preservation processes
• Experience with servicing systems (e.g., FICS or equivalent platforms)

Education or Formal Training

• High school diploma or GED
• Two-year college degree in business, finance, or related field (or equivalent experience preferred)

Canvas Benefits

• Medical/Dental/Vision Insurance
• Paid Vacation
• Paid Sick Time
• Paid Holidays
• Paid Wellness Day
• Paid Volunteer Time
• Flexible Spending Account
• Health Savings Account
• World Class 401(k) Plan
• Tuition Reimbursement
• Rate Discounts on Qualifying Loans
• May be eligible for incentives or discretionary bonus based on results

Working Environment/Physical Activities

• High volume, fast-paced, dynamic office environment with some travel
• Must be able to attend meetings/events outside of regular business hours
• The job routinely uses standard office equipment such as computers, phones, printers, copiers, fax machines and filing cabinets
• The position requires manual dexterity, the ability to lift files and open filing cabinets
• The position requires bending, stooping, or standing as necessary
• The position requires regular attendance and punctuality