Manager, Foreclosure​/OREO, Loss Mitigation & Bankruptcy

SECU Manager of Foreclosure/OREO, Loss Mitigation and Bankruptcy

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

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 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…