Default Specialist

If you are motivated and believe in the credit union philosophy of "People Helping People," join our team!

The Default Specialist (Foreclosure) is responsible for the accurate and timely execution of the foreclosure process for mortgages and Home Equity Lines of Credit (HELOCs) by managing a dedicated portfolio of cases, acting as the main point of coordination between SECU, external legal counsel, and third-party vendors. A primary focus is ensuring strict compliance with federal, state, and local regulations as well as investor and insurer guidelines (Fannie Mae, Freddie Mac, MI).

The associate performs detailed document preparation, manages financial reconciliation, calculates legal figures (e.g., reinstatement quotes and bidding instructions), and is accountable for mitigating legal and financial risk while driving maximum recovery within a high-volume, deadline-driven, and highly regulated environment.

• Case and Timeline Management:
  Manage a portfolio of foreclosure cases (mortgage and HELOC) from initiation to completion, ensuring all regulatory and investor timelines, including the first legal and foreclosure sale dates, are met. (30%)
• Legal Documentation:
  Perform review and preparation of all foreclosure-related documentation, including affidavits, bidding instructions, and legal notices, ensuring full compliance with state law and verifying that all required due diligence and legal prerequisites (e.g., loss mitigation reviews) has been completed prior to execution. (25%)
• Financial Processing and Bidding:
  Calculate, reconcile, and process all foreclosure-related figures, including payoffs, reinstatements, and final bidding instructions for foreclosure sales. Verify that all fees and costs charged by counsel are reasonable and comply with investor/insurer fee schedules (e.g., Fannie Mae, Freddie Mac). (15%)
• Vendor and Legal Counsel Coordination:
  Act as a primary liaison with external legal counsel and vendors, monitoring case progression, providing instructions, promptly addressing inquiries, and ensuring the timely delivery of figures, documents, and instructions to maintain foreclosure timelines and service level agreements (SLAs). (15%)
• System Maintenance and Integrity:
  Maintains the integrity of all servicing systems by accurately and timely recording all actions, delays, and communications to ensure audit readiness and compliant reporting and record-keeping ensuring that documents, and system updates are accurate, timely, and in strict compliance with federal, state, and local laws (e.g., RESPA, FDCPA), as well as investor/insurer guidelines (e.g., Fannie Mae, Freddie Mac, MI) (10%)
• Issue Escalation and
  
  Collaboration:
  
  Identify and escalation complex cases, contested matters, or potential lien/title risks to the Foreclosure Manager or Legal Department, and coordinate efforts to provide responsive and accurate information to resolve disputes or litigation. Coordinate with internal Loss Mitigation, Bankruptcy, and REO departments, providing necessary documentation and status updates to support the evaluation of alternatives to foreclosure and the final disposition of foreclosed assets.
  
  (5%)

• High School Diploma (or GED) required.
• Minimum 0-2 direct years of experience in financial operations, compliance administration, or legal/paralegal role specifically managing creditor rights cases preferably within mortgage and/or consumer lending environment.
• Operational experience in the end-to-end management of judicial and/or non-judicial foreclosure process for residential mortgages and/or Home Equity Lines of Credit (HELOCs).
• Analytical, detail-oriented and organizational skills with the ability to accurately review complex legal and loan documentation. Ability to manage a high-volume portfolio with strict adherence to critical deadlines.
• Knowledge of state Foreclosure Law(s) including federal and state consumer financial protection laws relevant to Loss Mitigation and Loan Servicing including but not limited to U.S. Bankruptcy Code, RESPA, FDCPA, SCRA, and applicable CFPB regulations.
• Computer skills, including experience with Microsoft applications, core servicing and collections/default management software, reporting tools, and skilled in tracking data and reconciling payments.
• Ability to manage financial and operational Key Performance Indicators (KPIs) such as first legal date filing timeliness, foreclosure sale date and vendor performance adherence.
• Written and verbal communication skills, with proven ability to draft clear, compliant documents and communicate effectively with external counsel, and members.
• Understanding of key Fannie Mae, Freddie Mac, and Mortgage Insurance (MI) servicing guidelines, especially those related to foreclosure timelines, documentation, and fee allowances.

• Banking/Credit Union, Loan Servicing, Paralegal Certificate or specialized…