Real Estate Owned (REO) Manager

SECU

40d•Hybrid

About The Position

If you are motivated and believe in the credit union philosophy of "People Helping People," join our team! The Manager of Real Estate Owned (REO) Operations plays a dynamic role in overseeing of all Real Estate Owned (REO) properties management, marketing, and eviction processes. This role is accountable for minimizing credit losses and maximizing recovery across our real estate secured product portfolio, including mortgages and HELOCs. The role involves managing asset disposition strategies, maintaining or enhancing the property condition, managing key vendor relationships, and ensuring strict adherence to all federal, state, and local regulations, as well as investor and insurer guidelines and optimizing operational workflows to minimize credit losses and maximize recovery. The Manager will lead a team of REO specialists, fostering a culture of high performance, accuracy, and member-centricity while ensuring strict compliance with all applicable federal, state, and local regulations. This position requires deep operational expertise in REO management and marketing including a proven ability to drive continuous process improvements. The Manager will also oversee all human resources actions, productivity, training, and workload management for their team, aligning with overall default management goals. This role demands deep operational expertise in default management and foreclosure, a proven ability to drive optimization, and a proficient understanding of the regulatory compliance landscape.

Requirements

Degree in Finance, Economics, Business Administration, or related field.
Minimum of 7 years of progressive experience in mortgage servicing or related field, with at least 3 years in Default Management, specifically focused on REO and eviction processes and/or related legal/compliance/real estate practice.
Understanding of mortgage and consumer loan servicing operational systems and technologies.
Experience preferred with systems including but not limited to ACES, ICE/MSP, ALS, NICE, Omilia, FDR, Default Manager, RDN, PACER/AACER and OnBase.
Demonstrated expertise in federal and state consumer financial protection laws, including RESPA, TILA, FDCPA, Bankruptcy Code, SCRA, TCPA, UDAAP, FCRA, and NCUA/CFPB regulations as they apply to real estate.
Knowledge of Fannie Mae, Freddie Mac, and MI servicing guidelines and requirements related to REO and default management.
Understanding of default management processes, including knowledge and proficiency with state foreclosure and eviction laws.
Related experience implementing data and technology solutions that enhance workflow efficiency, automate decision-making, and improve compliance controls.
Success in managing REO operations activities during periods of high-volume.
Ability to manage vendor relationships with service requirements specifically related to REO management and marketing, property preservation and law firms.
Background in real estate asset management, property marketing, and disposition strategies.
Ability to use data-driven insights to optimize workflow processes and resource allocation
Skills in property valuation, market analysis, and disposition strategy development, including analytical skills for cost-benefit analysis, ROI calculations, and recovery optimization for real estate assets.
Support the implementing of technology enhancements that improve recovery rates, operational efficiency and compliance management in default management specific to REO operations.
Ability to implement key performance indicators (KPIs) that drive business decisions and measure success including performance standards and accountability measures for department and all team members
Ability translating business objectives into actionable operational action plans
Ability making difficult decisions balancing operational needs, compliance requirements, and financial objectives
Ability to recruit, develop, and retain top talent in default management specific to REO
Mentorship skills and commitment to employee growth and development including identifying training needs and coordinating training priorities
Ability to manage through organizational change and transformation initiatives.
Foster a positive, high-performance culture that emphasizes both results and employee engagement
Verbal and written communication skills across organizational levels
Ability to translate regulatory and operational concepts into clear communications
Negotiation skills with buyers, members, investors, insurers, regulators, and service providers

Nice To Haves

Experience at a top-tier credit union, mortgage servicer or financial institution
Experience in creditor's rights, foreclosure, or real estate law firm
Knowledge of regional real estate markets.
Real estate licenses (broker/appraiser) or Certified Asset Manager (CAM) certifications.

Responsibilities

Operations Management (40%) Direct the day-to-day operations of REO management and marketing, ensuring all activities related to foreclosed or DIL mortgages and HELOCs are processed accurately, timely, and in compliance with relevant laws and regulations (e.g., RESPA, TILA, FDCPA, Bankruptcy Code, etc.).
Manage relationships with external legal counsel, REO Management and Marketing firms, investors, and insurers, ensuring high-quality service, cost-effectiveness, compliance and adherence to service level agreements (SLAs) for acquired real estate collateral.
Develop, implement, and enforce policies and procedures for all REO activities, including property valuations, eviction processes, property management and marketing including disposition strategies.
Monitor REO timelines, milestone compliance, and case progression to ensure adherence to investor guidelines and regulatory requirements.
Ensure timely and accurate reconciliation of all financial transactions related to REO properties.
Leadership and Staff Development (40%) Develop, implement, and continuously refine workflow and strategies for managing the credit union's REO portfolio (mortgage, HELOC) optimizing for speed and recovery.
Evaluate portfolio sales performance trends, legal and regulatory developments, and economic conditions specific to real estate to proactively adjust strategies and operational workflow planning.
Establish and monitor key performance indicators (KPIs) for all REO operations, driving continuous improvement in efficiency and effectiveness.
Evaluate and implement new technologies, systems, or process enhancements to improve efficiency, accuracy, and compliance across all REO processes.
Lead, mentor, and develop a high-performing team of REO specialists.
Foster a culture of continuous improvement, compliance, accountability, and member-centricity within the department.
Direct staffing, training, and resource allocation to effectively manage the varying demands of REO properties.
Regulatory Compliance (20% Weight) Ensure all departmental activities maintain strict adherence to federal, state, and local regulations, including applicable knowledge of Fannie Mae, Freddie Mac, and MI servicing guidelines and requirements.
Ensure teams and staff receive training specific to REO management and marketing and default management, including role-specific compliance training modules addressing function-specific regulatory requirements.
Develop and maintain robust internal controls for REO management and marketing activities.
Implement quality assurance programs to monitor quality and compliance for the REO function.