REO Manager

Cornerstone Home Lending•Centennial, CO

9d•$110,000 - $120,000

About The Position

Cornerstone Servicing is seeking a Real Estate Owned Manager to join our team! The REO Manager is responsible for overseeing and managing the company's portfolio of Real Estate Owned (REO) properties acquired through foreclosure or deed-in-lieu transactions. This role ensures effective property preservation, valuation, marketing, disposition, vendor management, regulatory compliance, and loss mitigation strategies to maximize asset recovery and minimize holding costs and investor losses. The REO Manager works closely with internal servicing departments, foreclosure attorneys, investors, real estate brokers, property preservation vendors, title companies, and regulatory agencies to ensure timely liquidation of REO assets while adhering to investor, insurer, and regulatory requirements.

Requirements

Bachelor's degree in Business Administration, Finance, Real Estate, Economics, or related field preferred.
Equivalent combination of education and industry experience may be considered.
This position requires 5–8+ years of mortgage servicing, default servicing, REO asset management, or foreclosure operations experience.
This position requires 2–5 years of supervisory or management experience preferred.
Demonstrated experience managing REO portfolios and vendor relationships.
Mortgage servicing operations experience
Foreclosure processes experience
REO asset management experience
Investor servicing guidelines experience
Property valuation methodologies experience
Real estate sales and closing processes experience
Regulatory and compliance requirements within mortgage servicing experience
Mortgage servicing platforms (MSP, LoanSphere, Sagent, etc.) experience
REO management systems experience
Microsoft Office Suite (Excel, Word, PowerPoint) experience
Reporting and analytics tools experience
Vendor management platforms experience

Responsibilities

Manage the full lifecycle of REO assets from foreclosure acquisition through final disposition.
Develop and execute strategies to maximize recovery and minimize losses on REO properties.
Monitor asset performance, carrying costs, timelines, and disposition metrics.
Review occupancy status and coordinate eviction, cash-for-keys, and relocation programs as necessary.
Oversee property inspections, preservation activities, repairs, maintenance, and securing of vacant properties.
Ensure properties comply with investor, insurer, municipal, and HOA requirements.
Monitor vendor performance and approve work orders within delegated authority limits.
Mitigate property deterioration, vandalism, and environmental risks.
Review Broker Price Opinions (BPOs), appraisals, and market analyses.
Establish listing strategies and pricing recommendations.
Manage relationships with REO brokers and real estate agents.
Monitor market conditions and adjust disposition strategies accordingly.
Oversee listing, marketing, negotiation, and sale of REO properties.
Review and approve purchase offers in accordance with investor guidelines.
Coordinate contract execution, title clearance, closing activities, and post-sale reconciliation.
Ensure timely liquidation to achieve investor and organizational objectives.
Manage third-party vendors including: Property preservation companies, Inspection vendors, Appraisers and BPO agents, Real estate brokers, Attorneys, Title and closing companies.
Conduct vendor performance reviews and ensure adherence to service-level agreements (SLAs).
Ensure compliance with: CFPB regulations, State foreclosure laws, Investor guidelines (Fannie Mae, Freddie Mac, FHA, VA, USDA), Servicing agreements, Company policies and procedures.
Support internal and external audits and regulatory examinations.
Maintain accurate documentation and reporting.
Prepare and present portfolio performance reports.
Track key metrics including: Days in inventory, Net recovery rates, Loss severity, Sale timelines, Vendor performance.
Identify trends and recommend process improvements.
Supervise REO Asset Managers, Specialists, Coordinators, and support staff.
Establish performance goals and development plans.
Provide coaching, training, and operational guidance.
Promote a culture of compliance, accountability, and operational excellence.