REO Specialist

AD Mortgage•Troy, MI

8d•Onsite

About The Position

The REO Specialist manages the day-to-day disposition of Real Estate Owned properties acquired through foreclosure or deed-in-lieu on loans serviced by the Company. The position manages conventional and non-QM REO assets from acquisition through sale and post-closing reconciliation, ensuring compliance with investor and securitization trust requirements, applicable federal and state regulations, and Company policies and procedures. The role covers title and ownership verification, occupancy and eviction monitoring, property preservation, valuation and pricing analysis, listing agent management, offer evaluation, closing coordination, and expense reconciliation. The REO Specialist protects asset value, minimizes carrying costs and loss severity, and maximizes investor recovery while ensuring activities are documented accurately and completed on time. This is a full-time, office-based position in the Troy, Michigan office, with standard hours of Monday through Friday, 9:00 AM to 6:00 PM.

Requirements

High school diploma or GED.
Experience reviewing BPOs, CMAs, appraisals, and repair bids.
Experience managing listing agents, preservation vendors, and contractors.
Familiarity with eviction processes, PTFA, and Cash for Keys programs.

Nice To Haves

Associate’s or bachelor’s degree in Business, Finance, Real Estate, or a related field.
2–4 years of REO, default servicing, foreclosure, asset management, or real estate transaction experience.

Responsibilities

Set up newly acquired properties in the REO report, update systems of record, confirm post-sale periods and liens with counsel, and verify recorded COT/Deed vesting matches the investor or trust.
Monitor occupancy and support local counsel with PTFA- and SCRA-compliant evictions; coordinate move-out crews and negotiate Cash for Keys agreements within approved authority.
Ensure vacant properties are inspected, secured, and maintained in safe, marketable condition; approve routine services within delegated cost thresholds and escalate costs above those thresholds.
Identify and resolve code violations, liens, open permits, HOA issues, and title defects before repairs or listing, while keeping taxes, HOA dues, and utilities current.
Analyze BPOs, CMAs, and repair estimates to recommend a Repaired or As-Is Sale strategy and an approved list price that maximizes net recovery to the investor.
Verify listing readiness, execute listing agreements, monitor agent marketing activity, review pricing, and recommend price adjustments or agent reassignment as needed.
Evaluate offers in the investor’s best interest and against Company earnest money standards; obtain management approval for counteroffers and highest-and-best requests.
Manage closings from contract to funding by updating systems of record, collecting seller documents, verifying names and ALTA seller debits, and enforcing wire-confirmation protocols.
Process final utility reimbursements, reconcile REO expenses, and maintain complete property files in accordance with record retention requirements.