REO Portfolio Manager II - R-100849-2554

at WSFS Bank in Wilmington, Delaware, United States

Job Description

Job Description

At WSFS Bank, we empower our Associates to grow their careers, guide our customers to secure their financial futures, and actively support our Communities so they can fully thrive. Careers with WSFS Bank offer an inclusive and supportive culture, competitive salaries, advancement opportunities, and more. We are the region's locally headquartered bank and wealth management company. We are honored to consistently be named a Top Workplace by our Associates, who make a difference every day for the people, businesses, and Communities we serve. We Stand For ServiceĀ® is more than part of our name, it's our mission and our purpose.

REO Portfolio Manager II assumes complete responsibility for the Management and Disposition of Bank Owned Foreclosed real-estate. This role will enlists and manages the services of Property Management companies, Contractors and Real Estate brokers to perform property preservation, repairs, evictions, marketing and Sales. The REO Portfolio Manager manages foreclosure cases as assigned for both Commercial and Retails loans, assures legal processes meet all bank and servicing policies in addition to local, state and federal foreclosure guidelines.

Job Responsibilities :
  • Required to maintain and manage significant loan details on a sophisticated "off system" reporting platform. Generate all forms of management reporting > $1.0MM ( PLR's ) Assures and oversees as assigned ensuring all Foreclosure and REO expenses are managed within approved REO operating budgets and annual reporting. Will assist and make recommendations with the Annual REO operating budgets. Responsible for adhering too and executing on the guidelines within SOX 8011
  • Acts as a direct liaison between Bank attorneys, estate administrators and their attorneys, customers, appointed power of attorneys and other causing to cure all forms of document default, resulting in recovery of loan balances and minimizing potential Bank losses. Directly communicates and manages all Bank evictions, lawsuits, bankruptcy and other legal challenges in acquiring the property deed or deed of trust , sheriff sales biding instructions with sheriff office and or title companies. Orders updated appraisals prior to REO transfer for accurate placement of NRV in the REO ledgers.
  • Manages all property listings and sales agreements, assures properties are actively marketed for sale in accordance to listing contracts / broker agreements / property management companies, assures work orders are completed accurately maintaining the properties in good repair and within budget. Reviews and approves settlement statements affirming settlement amounts and charges are accurately reflected and timely settlements occurs. Oversees the collection of rents, timely evictions of tenants in accordance to local , state and federal laws. Assures properties are insured and secured safely from all hazards.
  • Provides excellent customer service, guidance and support to both internal and external customers, legal entities, contractors and all other internal associates involved with matters of Bankruptcy, Foreclosure or Short sale processing. Sets up new vendors under Vendor Management on all new third party service providers. Will be required to perform field work for purposes of inspecting properties whenever practical but not less than ( 2 ) twice a year to assure realtors, all service contractors are maintaining and marketing Bank assets properly , efficiently, effectively and safely.
  • Oversees and Manages foreclosures processes through attorneys and title companies ensuring all foreclosures are completed in accordance with Bank policy, adhering to bank policy and processes required under local, state and federal guidelines.
  • Reviews market condition and sales reports, review and analyzes appraisals for correct market pricing and recommended ( NRV ) value adjustments to bank balances, approves listing agreements to establish marketing price and sale strategies. Negotiates terms and conditions of sales between realtor and purchaser. Performs a thorough cost analysis and develop payoffs calculations, communicates payoff demands to customers, attorneys or other parties charged with the management, care and liquidation of Bank loans or foreclosed bank assets.
  • Analyzes property conditions relevant values and recommends adjustments to value. Orders appraisal under department / bank guidelines that may cause to change the direction of foreclosure and marketing strategies. Participates in mediations and arbitrations as may be required by local , state and federal law.
  • Performs other forms of account management for the preservation of the reverse mortgage portfolios, minimizing the potential of financial losses to the Bank. Performs other REO management and Foreclosed processing as may be directed and necessary. Manages annual reporting's of 1099's with accounting group.

Minimum Qualifications:
  • Bachelor's Degree in Business Administration or Finance or equivalent is required.
  • Minimum of 3-5 years experience working REO management.
  • Experience with property preservation and marketing of 1-4 family units of retail residential housing or small commercial properties.
  • Must have a thorough understanding of Mortgage-related / Commercial and Retail workout knowledge and capable of working through complex Foreclosure and REO assignments.
  • Knowledgeable of business, local, state and federal laws and their applications, foreclosure processing, contract litigation's, property management, repairs and all forms of property liquidation methods.
  • Must have extensive PC knowledge and working Microsoft applications, especially Excel.

WSFS Bank is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the WSFS Bank Careers website or submission process, please contact us via email at

WSFS is an equal opportunity employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.
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Job Posting: 1218453

Posted On: Dec 24, 2023

Updated On: Dec 25, 2023

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