Senior Operations Consultant

Bank of America • Plano, TX

1d • Onsite

About The Position

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve. Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us! Job Description: The FHA Default Sub-Servicing Oversight role is responsible for monitoring, managing, and ensuring compliance of sub-servicers handling FHA-insured loans in default. This position ensures that all delegated servicing activities meet investor, agency, and regulatory requirements while mitigating risk to the organization. Primary Objective: To provide guidance and oversight of sub-servicers managing FHA default portfolios, ensuring operational effectiveness, compliance, and risk mitigation.

Requirements

• 5+ years in mortgage servicing, with emphasis on FHA default servicing.
• Strong knowledge of HUD/FHA guidelines, GNMA requirements, and CFPB regulations.
• Experience in vendor oversight, audits, and compliance management.
• Excellent analytical, communication, and negotiation skills.
• Governance & Compliance Knowledge Understanding organizational policies, regulatory requirements, and risk management frameworks. Ability to ensure processes adhere to standards.
• Analytical & Problem-Solving Reviewing data and trends to identify gaps or systemic issues. Root cause analysis for escalations.
• Process Management - Ability to monitor KPIs and SLAs.
• Communication & Influence Clear, concise reporting to stakeholders. Ability to influence without direct authority.
• Stakeholder Management Building relationships across workstreams. Managing expectations and resolving conflicts.
• Risk Assessment - Identifying operational risks and implementing mitigation strategies.
• Proficiency in Excel, PowerPoint, ORCIT, or similar tools for reporting.
• Knowledge of RACI framework and governance models.
• Familiarity with compliance tracking systems or workflow tools.
• Decision-making under ambiguity.
• Attention to detail for compliance checks.
• Negotiation and diplomacy for cross-functional alignment.

Responsibilities

• Oversight & Compliance Ensure sub-servicers comply with FHA/VA/USDA, HUD, GNMA, and CFPB guidelines for default servicing. Maintain policies and procedures and monitoring sub-servicers. Conduct periodic audits and quality control reviews of sub-servicer activities (default, collection, and loss mitigation).
• Performance Monitoring Track sub-servicer performance metrics (timeliness, accuracy, compliance). Review monthly, quarterly, and annual reports on delinquency management and loss mitigation outcomes. Address performance deficiencies and implement corrective action plans.
• Risk Management Identify and mitigate operational and compliance risks related to FHA default servicing. Monitor adherence to Bank requirements and standards.
• Default Process Oversight Oversee default, collections, and loss mitigation processes for FHA loans. Ensure proper handling of all defaulted loans. Validate compliance with HUD timelines for conveyance and claims submission.
• Reporting & Documentation Maintain detailed documentation of oversight activities for regulatory and investor audits. Provide executive-level reporting on sub-servicer performance and risk exposure.
• Collaboration Partner with Legal, Risk, Compliance, and Analytics teams to monitor regulatory changes. Engage with sub servicer and internal partners to align servicing practices with internal processes where applicable

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed
• Number of Employees: 5,001-10,000 employees