Default Specialist II

Requisition ID
Position Type
Mortgage Operations
High School Diploma/GED
Years of Experience
$38,000 - $53,000


Pennymac (NYSE: PFSI) is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. 


At Pennymac, our people are the foundation of our success and at the heart of our dynamic work culture. Together, we work towards a unified goal of helping millions of Americans achieve aspirations of homeownership through the complete mortgage journey.

Job Overview

The position will suppport Bankruptcy cash processes, both daily application/exception management, along with operational support of milestone management and interactions with attorneys. 

A Typical Day

The Default Specialist is responsible for minimizing risk exposure by working in partnership with Foreclosure, Bankruptcy, and REO vendors, in addition to Title Resolution and Closing Attorney resources to administer foreclosure cases requiring higher levels of proficiency due to complexity (analytical, technical, and business knowledge components). As the Default Specialist, it is important that you perform all duties in accordance with company policies and procedures and state and federal laws.


The Default Specialist will:


  • Manage and report on financial and accounting aspects of assigned portfolio, including performance and profitability, timelines of disposition, overall characteristics, status and general reporting to senior management
  • Manage bankruptcy cases from set up to resolution, ensuring compliance with legal, as well as investor requirements, while adhering to established timelines/deadlines and providing support to our network of attorneys
  • Provide useful and timely feedback to the Manager about market conditions, problem areas, legislation and any conditions which may impact established goals
  • Lead title and vesting process, including collateral issues, and work with vendors and custodians as necessary
  • Provide support to local and outside to review and comment on court documents, assist in resolution of litigation matters and attorney inquiries, and consult with counsel on escalated borrower issues received by default management
  • Coordinate and attend deposition, mediation, and trial date appearances with counsel and senior department personnel
  • Perform other related duties as required and assigned
  • Demonstrate behaviors which are aligned with the organization’s desired culture and values

What You’ll Bring

  • High School Diploma / GED
  • 3+ years of relevant work experience
  • Thorough knowledge of loan servicing, foreclosure, bankruptcy, REO, legal and title
  • A working knowledge of cash application and pre/post-petition handling of funds
  • Must be highly proficient in Excel and Word
  • Financial Services and, if possible, mortgage industry experience preferred

Why You Should Join

As one of the top mortgage lenders in the country, Pennymac has helped over 4 million lifetime homeowners achieve and sustain their aspirations of home. Our vision is to be the most trusted partner for home. Together, 4,000 Pennymac team members across the country are guided by our core values: to be Accountable, Reliable and Ethical in all that we do. 

Pennymac is committed to conducting a business that makes positive contributions and promotes long-term sustainable growth and to fostering an equitable and inclusive environment, where all employees and customers feel valued, respected and supported. 


Benefits That Bring It Home: Whether you're looking for flexible benefits for today, setting up short-term goals for tomorrow, or planning for long-term success and retirement, Pennymac's benefits have you covered. Some key benefits include: 

  • Comprehensive Medical, Dental, and Vision
  • Paid Time Off Programs including vacation, holidays, illness, and parental leave 
  • Wellness Programs, Employee Recognition Programs, and onsite gyms and cafe style dining (select locations)
  • Retirement benefits, life insurance, 401k match, and tuition reimbursement 
  • Philanthropy Programs including matching gifts, volunteer grants, charitable grants and corporate sponsorships


To learn more about our benefits visit:


Compensation: Individual salary may vary based on multiple factors including specific role, geographic location / market data, and skills and experience as defined below:

  • Lower in range - Building skills and experience in the role
  • Mid-range - Experience and skills align with proficiency in the role 
  • Higher in range - Experience and skills add value above typical requirements of the role 


Some roles may be eligible for performance-based compensation and/or stock-based incentives awarded to employees based on company and individual performance. 



$38,000 - $53,000

Work Model



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