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SECU · 2 days ago

SVP Default Management

Wake Forest, NC

Full-time

Hybrid

Director/Executive

15+ years exp

SECU is a credit union that believes in the philosophy of "People Helping People," and they are seeking a Senior Vice President of Default Management to lead their default management operations. The role involves overseeing loan loss mitigation, foreclosure processes, and ensuring regulatory compliance while driving operational efficiency and minimizing losses.

AccountingBankingFinancial Services

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

Qualification

Default management experienceRegulatory compliance knowledgeCreditors' rights lawsFannie Mae/Freddie Mac guidelinesData analytics proficiencyLoss mitigation strategiesOperational efficiency focusTeam leadership skillsStrategic visionCommunication skillsNegotiation skillsMentorship abilitiesCollaboration skills

Required

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 drive default management strategies and optimize outcomes

Related experience implementing data and technology solutions that enhance workflow efficiency, automate decision-making, and improve compliance controls

Related experience in managing foreclosure, bankruptcy, repossession and REO processes at scale

History of navigating complex regulatory changes and implementation

Direct experience working with Fannie Mae and/or Freddie Mac and MI servicing guidelines

Proven success managing large-scale default or related legal/compliance operations during periods of high volume

Ability to develop and execute long-term strategies for default management operations, including reducing losses and improving asset recovery rates

Be aware and act proactively to market trends and regulatory changes that impact default operations

Ability to execute innovative approaches to complex default management challenges

Ability to use data-driven insights to optimize workflow processes and resource allocation

Advocate for technology investments that improve operational efficiency and compliance managementEstablish key performance indicators (KPIs) that drive business decisions and measure success

Knowledge in leveraging predictive analytics to identify at-risk loans and implement early intervention loss mitigation strategies

Experience leading larger, diverse teams across multiple operational functions

Proven ability to recruit, develop, and retain top talent in specialized roles

Mentorship skills and commitment to employee growth and development including identifying training needs and coordinating training priorities

Ability to manage through organizational change and transformation initiatives

Excellent verbal and written communication skills

Experience interacting, Influencing and presenting to executive leadership including the ability to influence others to accept practices and approaches

Ability to translate complex regulatory and operational concepts into clear communications

Negotiation skills with investors, insurers, regulators, and service providers

Collaborative approach to working with other credit union leadership team members

Preferred

Certified Mortgage Banker (CMB) designation or other industry certifications such as CRCM (Certified Regulatory Compliance Manager) or CSRP (Certified Servicing Risk Professional)

Continuing default servicing, legal and/or compliance education focused on creditors' rights, repossession and bankruptcy law

Experience at a top-tier credit union, mortgage servicer or financial institution

Experience working with specialty loan products (e.g., reverse mortgages, manufactured housing)

History of successfully working to implement new default management or related technology platforms

Background working with CFPB, or other regulatory bodies on default-related matters

Company

SECU

Glassdoor3.4

Even though we're North Carolina's largest credit union, we're still just "people helping people." We currently serve over 2.6 million members through more than 270 branch offices - and growing! Members have 24/7 access to account services from over 1,100 ATMs, as well as via phone, our website, and the SECU Mobile App.

Founded in 1937

Raleigh, North Carolina, USA

5001-10000 employees