MPF Default Oversight Manager

Overview

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

• Collaborative, in-office operating model
• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Competitive PTO plan
• 11 paid holidays per year

Our mission at FHLBank Chicago:
To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.

Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce and inclusive culture, and to supporting the communities we serve across Illinois and Wisconsin. We celebrate, embrace and recognize all viewpoints to sustain a work environment that respects each of us. Our regular Town Hall and All-Staff meetings keep employees informed and our values drive the work that we do.

Our Buddy Program pairs new hires with tenured employees to guide their onboarding, and Employee Resource Groups (ERGs) and engagement teams create connections around shared interests and experiences. We offer live and on-demand professional development opportunities to grow your skillset and your career.

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.

• Apply mortgage servicing expertise to design and maintain loss mitigation strategies, including standardize waterfalls, decision frameworks, and supporting guidance.
• Translate servicing requirements into tools, processes, and controls that improve consistency, reduce manual interventions, and support effective execution.
• Support program readiness for expanded servicing partnerships and future execution changes by aligning default and loss mitigation practices to evolving operating model.

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,…