REO Manager

***No agencies or 3rd party Recruiters please. Thank you! ***

Who we are:

Cornerstone Servicing, a division of Cornerstone Capital Bank, is a best-in-class mortgage servicer with a reputation for amazing service, customer satisfaction, employee retention and happiness! We employ people who are passionately committed to Cornerstone’s Mission, Vision & Core Convictions.

We honor God by using our talents to make a positive difference in the lives of our Team Members, Clients, Shareholders, Communities, and the People who provide services to us.

Who we are looking for:

Cornerstone Servicing is seeking a Real Estate Owned Manager to join our team! The REO Manager is responsible for overseeing and managing the company's portfolio of Real Estate Owned (REO) properties acquired through foreclosure or deed-in-lieu transactions. This role ensures effective property preservation, valuation, marketing, disposition, vendor management, regulatory compliance, and loss mitigation strategies to maximize asset recovery and minimize holding costs and investor losses.

Key Responsibilities:

The REO Manager works closely with internal servicing departments, foreclosure attorneys, investors, real estate brokers, property preservation vendors, title companies, and regulatory agencies to ensure timely liquidation of REO assets while adhering to investor, insurer, and regulatory requirements.

• Manage the full lifecycle of REO assets from foreclosure acquisition through final disposition.
• Develop and execute strategies to maximize recovery and minimize losses on REO properties.
• Monitor asset performance, carrying costs, timelines, and disposition metrics.
• Review occupancy status and coordinate eviction, cash-for-keys, and relocation programs as necessary.
• Oversee property inspections, preservation activities, repairs, maintenance, and securing of vacant properties.
• Ensure properties comply with investor, insurer, municipal, and HOA requirements.
• Monitor vendor performance and approve work orders within delegated authority limits.
• Mitigate property deterioration, vandalism, and environmental risks.
• Review Broker Price Opinions (BPOs), appraisals, and market analyses.
• Establish listing strategies and pricing recommendations.
• Manage relationships with REO brokers and real estate agents.
• Monitor market conditions and adjust disposition strategies accordingly.
• Oversee listing, marketing, negotiation, and sale of REO properties.
• Review and approve purchase offers in accordance with investor guidelines.
• Coordinate contract execution, title clearance, closing activities, and post-sale reconciliation.
• Ensure timely liquidation to achieve investor and organizational objectives.
• Manage third-party vendors including:
  • Property preservation companies
  • Inspection vendors
  • Appraisers and BPO agents
  • Real estate brokers
  • Attorneys
  • Title and closing companies
  • Conduct vendor performance reviews and ensure adherence to service-level agreements (SLAs).
• Ensure compliance with:
  • CFPB regulations
  • State foreclosure laws
  • Investor guidelines (Fannie Mae, Freddie Mac, FHA, VA, USDA)
  • Servicing agreements
  • Company policies and procedures
  • Support internal and external audits and regulatory examinations.
  • Maintain accurate documentation and reporting.
  • Prepare and present portfolio performance reports.
• Track key metrics including:
  • Days in inventory
  • Net recovery rates
  • Loss severity
  • Sale timelines
  • Vendor performance
  • Identify trends and recommend process improvements.
  • Supervise REO Asset Managers, Specialists, Coordinators, and support staff.
  • Establish performance goals and development plans.
  • Provide coaching, training, and operational guidance.
  • Promote a culture of compliance, accountability, and operational excellence.

What you’ll need to be successful:

• Bachelor's degree in Business Administration, Finance, Real Estate, Economics, or related field preferred.
• Equivalent combination of education and industry experience may be considered.
• This position requires 5–8+ years of mortgage servicing, default servicing, REO asset management, or foreclosure operations experience.
• This position requires 2–5 years of supervisory or management experience preferred.
• Demonstrated experience managing REO portfolios and vendor relationships.

• Mortgage servicing operations experience
• Foreclosure processes experience
• REO asset management experience
• Investor servicing guidelines experience
• Property valuation methodologies experience
• Real estate sales and closing processes experience
• Regulatory and compliance requirements within mortgage servicing experience
• Mortgage servicing platforms (MSP, LoanSphere, Sagent, etc.) experience
• REO management systems experience
• Microsoft Office Suite (Excel, Word, PowerPoint) experience
• Reporting and analytics tools experience
• Vendor management platforms experience

Travel up to 10%

What we offer: 

Because we recognize and reward hard work, we offer a competitive salary, Medical, Dental, Vision, , Accidental Death, Long-Term Disability, Short-Term Disability, FSA, HSA, 401K, Basic Life, Voluntary Life, and Paid Parental Leave benefits, as well as the opportunity for a performance based bonus based on position and department. 

What to do next: 

If Cornerstone sounds like the place for you (and if you have the qualifications, drive, and passion to match), we invite you to become a member of our winning team! And remember, once you're a part of our Cornerstone team, we'll continue to invest in you as a valuable asset to our company. As many of our team members can tell you, there's something special about working at Cornerstone.