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Mechanics Bank is currently searching for a full-time Single-Family Loan Operations Default Manager to join our team at our Federal Way Operations office. The Single-Family Loan Operations Default Manager oversees both early stage and late-stage default operations, providing management oversight across the full delinquency lifecycle - from early intervention and collections, credit reporting and default reporting, bankruptcy through collection, loss mitigation, foreclosure, REO conveyance, and reimbursement claims. This role is responsible for ensuring compliance with all investors, insurer, and regulatory requirements while driving operational efficiency, minimizing losses, and meeting critical timelines. The Single-Family Loan Operations Default Manager also manages third-party vendors and serves as a key escalation point for complex customers, investors, and audit matters. What you will do: Operational & Team Management
Direct and oversee the daily operations of early stage and late stage default teams, including collections, credit reporting, default reporting, bankruptcy, foreclosure, claims, and loss mitigation support. Assign and manage delinquent loan portfolios to ensure effective coverage, timely resolution, and controlled delinquency levels.
Early Stage Default & Collections Oversight
Oversee customer contact strategies, including call monitoring, approved calling schedules, and monthly calling campaigns. Ensure all customer correspondence, notices, and letters are issued within regulatory and investor guidelines and properly documented in audit logs. Ensure all proper and accurate default collection status and reason codes are updated timely in the loan servicing system, along with all collection notes. Handle escalated customer issues and sensitive loan situations, ensuring balanced resolution for both customer and the Bank. Work closely with internal legal resources for any litigation issues. Monitor delinquency trends and prepare monthly and annual reporting for management. Ensure default reporting is provided accurately and timely to investors. Provides oversight of bankruptcy portfolio, providing guidance on issues as needed. Work closely with all Loan Servicing departments to achieve high level of success in resolving issues and customer satisfaction.
Late Stage Default, Loss Mitigation, Foreclosure, & Claims Oversight
Manage and track all foreclosure activity, including activations, postponements, and completions. Ensure investor, insurer, and agency timelines and requirements are met throughout foreclosure and post-foreclosure processes. Oversee REO conveyance to investors and manage property preservation expense reimbursement submissions. Coordinate and manage mortgage insurance and investor claims, including GSE, government, and private investor reimbursement claims. Manage the Loss Mitigation portfolio, reviewing pipeline for loan status, regulatory/ICE-MSP/Investor websites/portals ensuring timely and accurate processing of accounts. Ensure customer contact/outreach is in adherence to investor and regulatory timeframes.
Compliance, QA & Audit Management
Implement and maintain procedures to ensure compliance with all investor, insurer, legislative, and internal policy requirements. Conduct quality assurance reviews of completed foreclosure files and claims to ensure accuracy and compliance.
Vendor & Stakeholder Management
Manage and evaluate third-party vendors involved in foreclosure, property preservation, and claims processing. Work closely with attorneys, trustees, investors, insurers, and internal partners to resolve issues and expedite claim closures. Address escalated issues to ensure timely resolution of reimbursement claims for GSEs, government-guaranteed, and private investors and insurers.
Travel required: 0-10% Who you are:
4 year / Bachelors Degree preferred. Minimum of 7 years experience in mortgage servicing, customer service, and/or collections, with strong preference for loss mitigation, bankruptcy, foreclosure, credit reporting, default reporting and post-foreclosure reimbursement claims experience required. Minimum of 3 years management experience, preferably overseeing multiple teams or functions required. Familiarity and/or experience with investor servicing of mortgage and consumer loan portfolio. Demonstrated experience handling GSE and government investor/insurer expense claim reconciliation. Strong working knowledge of VA/HUD, FHLMC/FNMA, and private investor/insurer requirements. Experience working with attorneys and trustees in default and foreclosure situations. Ability to operate with a high sense of urgency to meet critical deadlines and regulatory timeframes. Software experience preferred: ICE/MSP loan servicing system and Fiserv. Demonstrated proficiency with Microsoft Suite with focus on Excel, Word, PowerPoint, Access and various reporting writing software and data warehouse. Strong written and verbal communication skills. Demonstrated strength and experience in leadership of multi-functional team, focusing on results, accuracy and timeliness of all functions.
ADA Requirements:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. handle, or feel objects, tools, or controls. The employee is occasionally required to stand; walk; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision. The noise level in the work environment is usually moderate.
#LI-HJ1 Pay Range: $91,620 - $164,900 annually AIP/Bonus up to 15% Our comprehensive employee benefits program is designed for you to live your best life at work, home, and everywhere in between. Employees working 25 hours or more per week are eligible for health benefits effective the first day of the month following or coinciding with their date of hire.
Benefits package includes[1]:
Medical, prescription, dental, and vision coverage for employees and their eligible family members Employer paid Employee Assistance Program, Life Insurance, AD&D, and Disability benefits Health Savings Account with employer contribution Healthcare and Dependent Care Flexible Spending Accounts and Commuter/Parking Benefit 401(k) and Roth 401(k) with company contribution 529 Education Savings plan, Tuition Reimbursement Program and Student Loan Assistance Program Supplemental Health plans, Voluntary Legal and Identity Theft Services 11 paid holidays, paid Sick days (accrual of one hour for every 30 hours worked), up to 25 paid vacation days, and 16 hours of paid volunteer time throughout the calendar year Free personal checking and savings account; Discounted rates on primary residence loan with $0 origination fees (restrictions apply)
Final compensation package will be determined by the work experience, education, and/or skill level of the applicant along with internal equity and alignment with geographic market data.
Mechanics Bank is an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, sex, sexual orientation, religion, national origin, age, genetic information, veteran status, or on the basis of disability, gender identity, sexual orientation or other bases prohibited by applicable law. Please view Equal Employment Opportunity Posters provided by OFCCPhere. To learn more about Mechanics Bank's California privacy and security policies, including your right to a Notice At Collection as a California Resident, please visit California Privacy Policy for Prospective Employees | Mechanics Bank
[1] The benefits listed in this job posting reflect the Bank's most reasonable and genuinely expected benefits offered for this position.
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Mechanics Bank
life insurance, paid holidays, sick time, tuition reimbursement, 401(k)
Feb 25, 2026