Manager, Foreclosure/OREO, Loss Mitigation & Bankruptcy

About the role

The Manager of Foreclosure/OREO, Loss Mitigation & Bankruptcy will be based in our Linthicum, Maryland Headquarters one to two times per week.

What You Will Do

• Support the staff and handle member escalations.
• Partner with other internal departments.
• Manage processes to minimize delinquency and maximize recoveries.
• Hire, train, motivate, and coach employees.
• Adhere to regulations and organizational policies.

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.

A Day In Your Life Might Include

• Supervise, coordinate, and evaluate the activities for the Underwriter, Foreclosure Analysis, Loss Mitigation and Bankruptcy Team.
• Train, mentor, motivate, and coach staff.
• Evaluate team members to maximize efficiencies and minimize credit union delinquency.
• Lead the Real Estate Committee in reviewing complex real estate loan matters.
• 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.
• Attend follow-up meetings to discuss the status and potential strategy to resolve delinquency.
• Identify delinquency and default action codes which are reported to investors and private mortgage insurance companies each month.
• Monitor and validate the team files claim for loss to private mortgage insurance companies.
• Prepare recommendations and responsibility, upon approval, for the disposition of delinquent and/or problematic real estate loans.
• Proactively respond to more complex member issues to satisfy and resolve problems, complaints, etc.
• Conduct periodic reviews on loan level flag(s) and restrictions for each team.
• Work closely with the real estate servicing and investor servicing team.
• Manage relationships with third party providers.
• Ensure the SOPs are updated and reviewed as required.
• Manage relationships with third party providers.
• Act as an administrator to create workflows, letters, and fields in collection system.
• Review accuracy and processing/approving vendor invoicing.
• Add additional job-related projects and duties as assigned by management.

Education Requirements

• A high school degree is required.
• A bachelor’s degree in finance or management is preferred.

Experience Requirements

• 7 years of Real Estate Collections, Foreclosure, and OREO process experience is required.
• 5 years of management or team leadership experience is required.
• Strong knowledge of CFPB, OCC, FDCPA, GSE (Fannie Mae, Freddie Mac, and FHA) guidelines/regulations is required.
• Ability to file a claim for loss with Private Mortgage Insurance Companies and FHA is required.
• Ability to build reports and enhance or create workflows in Akcelerant/Temenos is desirable.
• General knowledge of credit reporting disputes, repossession, settlements, and bankruptcy is required.
• Proficiency in Microsoft Office (Word, Excel, Outlook) is required.
• Knowledge of Five9 and DNA is desirable.
• Knowledge of submitting PMI Claims, 571 Claims and REO Gram is required.

Compensation Information

Offers will be commensurate with experience and education. Budgeted Salary Range: Min. $88,500 – Max. $115,100. Other compensation includes an annual corporate-wide incentive. We provide comprehensive benefits, with a focus on total well-being: Medical, vision, dental benefits, 401(k) plan with company matching, Generous sick, vacation and personal leave, and more...

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.

Additional Information

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.