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Mortgage Risk Manager Jobs in Chicago, IL (NOW HIRING)

TransMarket Group

Senior Mortgage Trader

Chicago, IL · On-site

$120K/yr

You will be responsible for risk management and trading across a variety of mortgage products on the current derivatives desk. The ideal candidate must have a proven track record of disciplined ...

TransMarket Group

Senior Mortgage Trader

Chicago, IL · On-site

$120K/yr

We use next-generation technology to capture opportunities around the world and manage risk in ... Description We are seeking an experienced Mortgage Trader to join our trading team. You will be ...

TransMarket Group

Senior Mortgage Trader

Chicago, IL · On-site

$120K/yr

We use next-generation technology to capture opportunities around the world and manage risk in ... Description We are seeking an experienced Mortgage Trader to join our trading team. You will be ...

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All JobsMortgage Risk JobsMortgage Risk Manager JobsMortgage Risk Manager Jobs in Chicago, IL

Mortgage Risk Manager information

See Chicago, IL salary details

$48.4K

$124.3K

$244.1K

How much do mortgage risk manager jobs pay per year?

As of Aug 6, 2026, the average yearly pay for mortgage risk manager in Chicago, IL is $124,344.00, according to ZipRecruiter salary data. Most workers in this role earn between $75,700.00 and $163,800.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a mortgage risk manager?

To thrive as a Mortgage Risk Manager, you need a solid background in finance, risk assessment, and regulatory compliance, often supported by a degree in finance or a related field. Familiarity with risk modeling software, loan origination systems, and certifications such as FRM or CFA are commonly required. Analytical thinking, attention to detail, and strong communication help you excel at evaluating loan portfolios and collaborating with cross-functional teams. These skills ensure prudent risk management, regulatory adherence, and the financial stability of mortgage lending operations.

What are some common challenges faced by mortgage risk managers, and how can they be addressed?

Mortgage Risk Managers often encounter challenges such as assessing the creditworthiness of borrowers in a fluctuating market, keeping up with evolving regulatory requirements, and mitigating risks associated with loan defaults. To address these, professionals need to stay updated on industry regulations, leverage advanced data analytics tools, and work closely with underwriting and compliance teams. Proactive communication and ongoing training are also essential to navigate changes and ensure robust risk management practices.

What is the difference between Mortgage Risk Manager vs Mortgage Underwriter?

AspectMortgage Risk ManagerMortgage Underwriter
Primary RoleAssess and manage overall mortgage risk, develop risk policiesEvaluate individual loan applications for approval
Required CredentialsTypically requires risk management certifications, finance or related degreesOften requires mortgage licensing, underwriting certifications
Work EnvironmentCorporate offices, risk departments, financial institutionsLoan processing centers, banks, mortgage companies
Industry UsageUsed by lenders to mitigate risk at a strategic levelUsed by lenders to approve or deny individual loans

The Mortgage Risk Manager focuses on assessing and managing the overall risk profile of mortgage portfolios, developing policies to mitigate potential losses. In contrast, the Mortgage Underwriter evaluates individual loan applications to determine approval eligibility. While both roles require financial knowledge and relevant certifications, their scope and responsibilities differ significantly, with the Risk Manager working at a strategic level and the Underwriter at an operational level.

What does a mortgage risk manager do?

A Mortgage Risk Manager is responsible for identifying, assessing, and mitigating risks associated with mortgage lending within a financial institution. They analyze credit, market, and operational risks to ensure loans are compliant with regulations and company policies. Their role includes developing risk assessment models, monitoring loan portfolios, and implementing strategies to reduce potential losses. Additionally, they often collaborate with underwriters, compliance teams, and senior management to maintain the financial health of the mortgage business.
What are popular job titles related to Mortgage Risk Manager jobs in Chicago, IL? For Mortgage Risk Manager jobs in Chicago, IL, the most frequently searched job titles are:
What job categories do people searching Mortgage Risk Manager jobs in Chicago, IL look for? The top searched job categories for Mortgage Risk Manager jobs in Chicago, IL are:
What cities near Chicago, IL are hiring for Mortgage Risk Manager jobs? Cities near Chicago, IL with the most Mortgage Risk Manager job openings:
Mortgage Risk Manager jobs near you
Infographic showing various Mortgage Risk Manager job openings in Chicago, IL as of August 2026, with employment types broken down into 86% Full Time, 12% Part Time, and 2% Contract. Highlights an 87% Physical, 2% Hybrid, and 11% Remote job distribution, with an average salary of $124,344 per year, or $59.8 per hour.

Mortgage Default Oversight Manager

Artius Solutions

Chicago, IL • On-site

$100K - $180K/yr

Full-time

Re-posted 26 days ago

Job description

Mortgage Default Oversight Manager

Location: Chicago, IL (Hybrid)
Employment Type: Full-Time

Overview

A financial services organization, is seeking a Mortgage Default Oversight Manager to oversee default management and loss mitigation governance across a portfolio of mortgage assets.

This role is responsible for monitoring mortgage delinquency performance, establishing default servicing standards, and coordinating with servicing partners, vendors, and investors to ensure consistent and compliant servicing outcomes. The position provides portfolio-level oversight of loss mitigation strategies, foreclosure activity, and claims management while supporting risk management and operational improvements.

The ideal candidate has deep experience in mortgage servicing and default operations, along with strong analytical, governance, and stakeholder management capabilities.

Key ResponsibilitiesDefault Oversight & Portfolio Governance

  • Oversee the full mortgage delinquency lifecycle including early-stage delinquency, loss mitigation, foreclosure, REO, and final resolution.

  • Establish and maintain default servicing standards and escalation procedures.

  • Monitor servicing partner performance and ensure adherence to program requirements and servicing guidelines.

  • Provide portfolio-level oversight to ensure consistent outcomes, regulatory compliance, and operational effectiveness.

Loss Mitigation Strategy

  • Develop and maintain loss mitigation frameworks, including modification strategies, repayment options, and eligibility guidelines.

  • Implement standardized decision frameworks and escalation paths for loss mitigation activities.

  • Evaluate portfolio performance metrics including cure rates, redefault trends, and loss severity.

Claims Governance

  • Oversee processes related to default-related claims submitted to investors or counterparties.

  • Establish documentation standards and internal controls for claims management.

  • Investigate claim exceptions and coordinate issue resolution across servicing partners and vendors.

Late-Stage Default Management

  • Monitor foreclosure timelines and servicing performance.

  • Oversee real estate owned (REO) processes and property disposition readiness.

  • Ensure default servicing activities align with investor requirements and servicing standards.

Leadership & Stakeholder Coordination

  • Lead and mentor team members responsible for portfolio oversight and default governance.

  • Serve as a key liaison with servicing partners, vendors, and internal stakeholders.

  • Coordinate with analytics, risk, and operations teams to improve portfolio oversight and decision-making.

Risk Management & Process Improvement

  • Identify emerging risks within the mortgage servicing portfolio.

  • Use data analysis to identify performance gaps and improvement opportunities.

  • Support audits, internal reviews, and regulatory examinations related to servicing and default governance.

  • Recommend process improvements and operational enhancements to improve scalability and efficiency.

QualificationsEducation

  • Bachelor’s degree in Business, Finance, Accounting, Real Estate, or a related field, or equivalent experience

Experience

  • 7+ years of mortgage servicing experience, including exposure to:

    • Default operations

    • Loss mitigation programs

    • Foreclosure and REO processes

    • Claims management

  • 1–3 years of leadership experience overseeing teams or major operational processes

Mortgage & Servicing Knowledge

  • Strong understanding of mortgage servicing practices and default lifecycle management

  • Experience designing or governing loss mitigation strategies and decision frameworks

  • Familiarity with investor servicing guidelines and mortgage servicing standards

Skills & Capabilities

  • Strong analytical and risk assessment capabilities

  • Experience evaluating portfolio performance and servicing trends

  • Ability to translate regulatory and servicing requirements into scalable operational frameworks

  • Strong stakeholder management and communication skills

  • Ability to manage performance through oversight and governance rather than direct execution

Additional Skills

  • Strong organizational and problem-solving abilities

  • Ability to manage multiple initiatives simultaneously

  • Experience supporting audit and compliance processes is beneficial

.