SVP Default Management

If you are motivated and believe in the credit union philosophy of "People Helping People," join our team!

Position Overview:

The Senior Vice President of Default Management will lead all aspects of the organization's default management operations, including loan loss mitigation processing, foreclosure processes, bankruptcy management, repossession activities, and REO portfolio management. This senior leader will ensure regulatory compliance across all default operations while driving operational efficiency and minimizing losses. The ideal candidate will possess extensive experience in creditors' rights laws, mortgage and automobile servicing regulations, and Fannie Mae/Freddie Mac and Mortgage Insurance guidelines and requirements.

They will also be responsible for the oversight, productivity, training, coordination and balancing of workload assigned to default management staff ensuring strategic goals remain aligned and are met within expense management and cost control guidelines.

Essential Responsibilities:

• Direct all loan modification and loss mitigation programs, ensuring compliance with investor and insurer guidelines and regulatory requirements
• Oversee the end-to-end process including applications, underwriting, processing, and closing of loan workout solutions
• Establish and monitor performance metrics for loss mitigation activities to maximize portfolio performance
• Develop and implement strategies to increase workout success rates and minimize losses
• Collaborate with management and staff to identify early intervention opportunities for members experiencing financial hardship

• Lead foreclosure, bankruptcy, repossession and REO teams to ensure efficient, compliant operations and optimal asset recovery
• Develop comprehensive repossession strategies, including vehicle remarketing, redemption processes, and deficiency balance management
• Establish repossession compliance frameworks aligned with state-specific regulations and consumer protection laws
• Design and implement skip tracing protocols and voluntary surrender programs to minimize costs related to repossession and foreclosure.
• Oversee the performance and vendor management for all default-related services, including attorneys, repossession and remarketing companies, inspection, preservation and valuation services.
• Develop strategies to reduce timeline delays and costs associated with default processes
• Implement and maintain quality control procedures throughout all default operations
• Monitor and address any potential backlogs in all default-related workflows

• Ensure all default management operations adhere to federal, state, and local regulations
• Maintain comprehensive knowledge of Fannie Mae, Freddie Mac and MI servicing guidelines and investor/Insurer requirements.
• Establish and monitor rigorous service provider oversight frameworks, including performance scorecards, compliance monitoring, and remediation processes
• Manage service provider compliance reviews and risk assessments, ensuring adherence to regulatory standards and contractual obligations
• Design and implement service level agreements (SLAs) that hold vendors accountable for both operational performance and regulatory compliance
• Collaborate with legal and compliance teams to implement new regulatory requirements
• Develop, maintain and administer policies and procedures that mitigate regulatory and operational risks
• Oversee regulatory self-examinations and audits related to default operations

Required Education & Experience (Knowledge, Skills, & Abilities):

• Degree in Finance, Economics, Business Administration, or related field with advanced Juris Doctor (JD) degree desired.
• Minimum of 15 years of progressive experience in mortgage and consumer servicing or related field, with at least 10 years in default management or creditor rights law and/or compliance practice.
• Demonstrated expertise in federal and state consumer financial protection laws, including RESPA, FCRA, FDCPA, and CFPB regulations
• In-depth understanding of judicial and non-judicial foreclosure processes, repossession/remarketing requirements and bankruptcy rules across multiple states
• Comprehensive knowledge of Fannie Mae, Freddie Mac and MI servicing guidelines and requirements related to Servicing including Default.
• Experience managing relationships with mortgage insurance providers including MI claims filing, curtailment prevention and optimizing claim recoveries.
• Thorough understanding of mortgage and consumer loan servicing operational systems and technologies. Experience preferred with systems including but not limited to ICE/MSP, ALS, NICE, FDR, Default Manager, RDN, PACER/AACER and OnBase.
• Knowledge and proficiency with loss mitigation underwriting criteria and decision-making processes.
• Experience in analyzing default portfolio performance metrics and trend analysis.
• Related experience leveraging data analytics and predictive modeling to…