Mortgage Default Servicing Specialist

Mortgage Default Servicing SpecialistHybrid: 4x week onsite in Rosemont, ILContract: 6-Month W2 Contract (with the high possibility of extension or conversion)Position SummaryThe Mortgage Default Servicing Specialist is responsible for managing a portfolio of delinquent residential mortgage loans throughout the foreclosure and bankruptcy processes. This individual ensures all accounts are handled in compliance with applicable state and federal regulations, investor and insurer requirements, agency guidelines, and company policies. The role also oversees third-party subservicing activities, monitors collateral preservation, coordinates with legal counsel and internal business partners, and provides reporting and audit support to senior management.Key ResponsibilitiesManage foreclosure and bankruptcy files from referral through dismissal, discharge, or sale, ensuring compliance with all applicable regulatory, investor, insurer, agency, and company guidelines.Monitor foreclosure and bankruptcy timelines to ensure all required milestones are met.Review changes in laws and regulations and implement updated requirements into department procedures.Communicate with borrowers regarding account status and coordinate with collections and loss mitigation teams to evaluate potential restructuring options.Prepare financial figures, memos, and approvals for legal counsel, including recommendations for risk rating changes and potential loan charge-offs.Oversee approved foreclosure attorneys, monitor litigation activity, review invoices, and ensure timely progression through the court process.Monitor litigation involving mechanic liens and building code violations, collaborating with the construction-to-permanent (CtoP) loan team to resolve issues and finalize draws.Ensure collateral is properly preserved and maintained throughout the foreclosure and bankruptcy process, including coordinating site visits, appraisals, maintenance, and repairs.Coordinate the transfer of collateral to the bank's Other Real Estate Owned (OREO) department following foreclosure completion.Conduct monthly oversight reviews of subserviced loans managed by third-party vendors, monitoring exceptions, audit responses, and service-level agreements (SLAs).Prepare monthly and quarterly problem loan reports and default portfolio updates for senior management.Review internal and external audits, develop responses, and coordinate remediation plans with management as needed.Identify opportunities to improve departmental processes, procedures, and oversight activities.Monitor the foreclosure inbox and ensure necessary documentation is imaged and maintained within loan files.Required QualificationsExperience in mortgage servicing, preferably within default servicing, foreclosure, or bankruptcy operations.Working knowledge of residential mortgage foreclosure and bankruptcy processes.Understanding of applicable state and federal regulations, investor and insurer requirements, and mortgage servicing guidelines.Strong organizational skills with the ability to manage multiple files, deadlines, and competing priorities.Strong analytical and problem-solving skills, including the ability to review financial information and assess loan risk.Excellent written and verbal communication skills, with the ability to interact with borrowers, attorneys, vendors, and internal stakeholders.Strong attention to detail and the ability to maintain accurate documentation and ensure regulatory compliance.Preferred QualificationsExperience overseeing third-party mortgage subservicers and conducting quality assurance or oversight reviews.Experience working with foreclosure attorneys, bankruptcy counsel, and external legal vendors.Knowledge of collateral preservation, property maintenance, appraisals, and OREO transfers.Experience preparing management reports, audit responses, and remediation plans.Familiarity with construction-to-permanent (CtoP) loans, mechanic liens, and building code violations.Experience with loan risk ratings, charge-offs, and problem loan reporting.*Applications will be accepted until at least 11/10/2026*Applicants must be authorized to work in the United States. We are unable to sponsor employment visas at this time.Eight Eleven Group provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, national origin, age, sex, citizenship, disability, genetic information, gender, sexual orientation, gender identity, marital status, amnesty or status as a covered veteran in accordance with applicable federal, state, and local laws.