MPF Default Oversight Manager

Federal Home Loan Bank of Chicago • Chicago, IL

10d

About The Position

The Default Servicing Manager is responsible for end-to-end oversight and governance of mortgage loan delinquencies across the MPF program, including loss mitigation, claims governance, and late-stage default performance. This role provides single-point accountability for default standards, portfolio-level oversight of PFIs and servicing partners, escalation management, and investor-facing default matters. Operating as a first line of defense leader, the Default Servicing Manager ensures consistent, defensible loss mitigation and default outcomes while servicing execution is performed by PFIs, servicing aggregators, and vendors.

Requirements

• Bachelor’s degree in Business, Finance, Accounting, or a related field (or equivalent experience).
• 7+ years of mortgage servicing experience, with significant exposure to: default operations, loss mitigation programs, foreclosure and REO oversight, and claims processes
• 1-3 years people leadership experience
• Experience designing, governing, or overseeing loss mitigation waterfalls and programs.
• Prior experience operating within a first line of defense or risk-aware servicing leadership role.
• Deep understanding of mortgage default and loss mitigation across the full delinquency lifecycle.
• Ability to translate complex policy and investor requirements into scalable governance frameworks.
• Strong judgment in balancing standardization with portfolio-level oversight.
• Ability to manage performance through oversight, standards, and escalation, rather than direct execution.
• Ability to clearly articulate default and loss mitigation strategy and effectiveness to senior leadership.
• Loss mitigation program and waterfall design
• Claims governance and control oversight
• Analytical and data-driven decision-making
• Strong escalation and risk assessment judgment
• Clear communication with PFIs, investors, and internal stakeholders
• Process-oriented mindset focused on consistency, defensibility, and scale
• Ability to influence outcomes without direct operational control

Nice To Haves

• Familiarity with investor requirements (e.g., GSEs, GNMA) strongly preferred.

Responsibilities

• Default Oversight & Governance Own end-to-end oversight of the delinquency lifecycle, including early-stage delinquency, loss mitigation, foreclosure, REO, conveyance, and resolution.
• Establish and enforce default servicing standards, escalation protocols, and performance expectations across PFIs, aggregators, and vendors.
• Provide portfolio-level oversight of PFIs across the full delinquency lifecycle, focused on outcomes, timeliness, and compliance.
• Set the standards and strategy for all portfolios as it relates to default management.
• Loss Mitigation & Program Design Partner with MPF executive team on loss mitigation strategy for the MPF program, including: development and maintenance of loss mitigation waterfalls, modification and deferral eligibility frameworks, exception thresholds and escalation paths
• Ensure loss mitigation programs are: consistent, defensible, aligned with program objectives and investor requirements
• Partner with analytics and enablement resources to evaluate loss mitigation effectiveness, including redefault rates, cures, and performance trends.
• Claims Governance (PFI & Investor) Own governance, oversight, and process of default-related claims, including both: PFI-submitted claims and Investor-related claims (e.g., GSEs, GNMA).
• Establish clear claims standards, controls, and documentation.
• Oversee quality, issue escalation, and root-cause analysis while claims execution may be performed by contractors or vendors.
• Late-Stage Default & Investor Interface Govern late-stage default activity, including: Foreclosure timelines REO oversight Conveyance readiness
• Serve as a key servicing liaison for investor-related default matters.
• Ensure default and loss mitigation practices align with investor guidelines and program requirements.
• Team Leadership & Operating Model Evolution Lead and develop default oversight staff organized around PFI / portfolio ownership, with accountability for loss mitigation, claims, and late-stage outcomes.
• Partner with Servicing Enablement to: Improve processes and procedures, support tooling and automation and reduce manual intervention
• Risk Management & Continuous Improvement Operate as a first line of defense owner for default and loss mitigation-related controls.
• Use data and trend analysis to identify risk, performance gaps, and improvement opportunities.
• Support audits, internal reviews, and examinations with clear documentation of default and claims governance.
• Identify systems and process improvements to modernize how default work is done.

Benefits

• highly competitive compensation and bonus package
• access to a comprehensive benefits program designed to meet the needs of our employees
• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Competitive PTO plan
• 11 paid holidays per year

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 251-500 employees