Head of Mortgage Operations

Job description

About the Role Opendoor Home Loans (ODHL) is rebuilding the mortgage experience from the ground up - a technology-forward origination platform designed to make financing a home as simple and certain as buying one on Opendoor. Mortgage is one of the most consequential markets in the world, and it's also one of the most broken: opaque pricing, slow timelines, frustrated borrowers, and a tech stack stuck in the 2000s. We think we can do better, and we think the most credible way to prove it is to build it ourselves. We're looking for an experienced mortgage executive to run and grow the business as Head of Mortgage. You'll own the full P&L, the production engine, the regulatory posture, and operational excellence. You'll be the senior-most operator inside ODHL and the named executive accountable for the business to Opendoor's leadership team, our regulators, and our GSE and investor partners. You'll report to Lucas Matheson, President of Opendoor. This is a build job. The licensing entity exists, the playbook does not. You'll inherit a small, capable team — and you'll build everything around it: the operating cadence, the loan products, the QC program, the secondary execution strategy, and the path to scale across all 50 states. What You'll Do Run the business. Own the full P&L for Opendoor Home Loans — loan volume, gain-on-sale margin, unit economics, OpEx, and contribution to Opendoor's consolidated financials. Drive volume growth while continuously improving the economics of every loan funded. Lead and scale end-to-end origination. Build and lead the team that owns the full mortgage origination lifecycle — lead generation, application, processing, underwriting, closing, and post-closing delivery — refining processes that drive efficiency and an exceptional borrower experience across multiple states. Own the regulatory posture. Ensure the business is operated, and loans are originated, in full compliance with all applicable federal and state mortgage laws — including RESPA, TILA/TRID, ECOA, HMDA, the SAFE Act, BSA/AML, and applicable state licensing laws — and build robust compliance frameworks that scale with the business. Serve as, or directly oversee, the AML/BSA Compliance Officer , ensuring the organization meets all anti-money laundering and Bank Secrecy Act obligations. Manage agency and investor relationships. Own GSE (Fannie Mae and Freddie Mac) seller/servicer relationships and approvals, uphold FHA and VA requirements, and optimize secondary market execution strategies. Manage Ginnie Mae issuer status as we expand into government lending. Lead the team. Manage the Head of Sales & Origination, the Head of Operations, Compliance, Capital Markets, and supporting functions. Hire, ramp, and develop the leaders below you. Set the operating rhythm — weekly pipeline reviews, monthly business reviews, quarterly planning. Partner cross-functionally. Integrate the mortgage offering into Opendoor's broader platform. Work with Legal on entity structure and regulatory filings, with Finance on capital planning and warehouse facilities, with Marketing on funnel handoffs, and with Buyer leadership on attach-rate strategy. Manage third-party relationships. Own commercial relationships with appraisal management companies, title and settlement partners, warehouse lenders, investor partners, mortgage insurance providers, and technology vendors — ensuring reliable execution and favorable terms. Report to executive leadership. Communicate mortgage business performance, risk posture, and growth plans clearly and frequently — translating operational data into strategic recommendations for Opendoor's leadership team and board. Own loan quality. Establish and maintain loan quality control and risk management programs — including pre-funding and post-closing QC, audit readiness, repurchase risk mitigation, and early-payment default monitoring — to protect the company, our investors, and our customers. What We're Looking For 5+ years of progressive residential mortgage industry experience, with time in a senior leadership role or in a general management capacity at a non-bank or independent mortgage company. Proven track record of building, scaling, and managing end-to-end mortgage origination operations across multiple states. Deep knowledge of the full mortgage origination lifecycle, from lead generation through closing and post-closing delivery. Strong working knowledge of federal and state mortgage regulations — RESPA, TILA/TRID, ECOA, HMDA, BSA/AML, the SAFE Act, and applicable state licensing laws. Experience serving as, or directly overseeing, an AML/BSA Compliance Officer. Familiarity with GSE (Fannie Mae / Freddie Mac) seller/servicer requirements, FHA Handbook requirements, VA lender requirements, and secondary market execution strategy. Strong P&L management experience with a demonstrated ability to drive loan volume and improve unit economics — not just one or the other. Active NMLS registration in good standing; ability and willingness to obtain MLO licenses in required states. Demonstrated ability to collaborate cross-functionally in a startup or high-growth environment, including with product and engineering teams on technology decisions. Clean character and fitness record across all jurisdictions of operation; able to be named as a control person on state entity licenses. Bachelor's degree required. Who You Are A builder. You're energized by writing the playbook, not just executing one someone else wrote. You're comfortable with ambiguity, gaps in the org chart, and the fact that the right answer often isn't obvious yet. Operationally rigorous. You run a tight business. You know your numbers cold — volume, margin, cost-to-originate, pull-through, EPD, repurchase rate — and you can explain what's moving them and why. A regulator's regulator. You see compliance and quality not as friction but as part of the product. You'd rather catch a problem in QC than read about it in a CFPB consent order. A technologist at heart. You believe mortgage is fundamentally a technology and data problem. You're excited to partner with engineers, push on automation, and rethink workflows that the industry has accepted as "the way it's done." AI-fluent. You're already using AI to do your job better, and you have strong opinions about where AI should and shouldn't sit in the origination workflow. A leader people want to follow. You build teams that retain. You hire well, coach honestly, and create the conditions for your people to do the best work of their careers. Mission-aligned. You believe in what Opendoor is trying to do — and you understand that mortgage is what makes the rest of the platform real for customers. Bonus Points Prior experience in real estate, proptech, or financial services. Familiarity with the home-buying or home-selling transaction from the consumer or agent side. Experience managing cross-functional workstreams inside a fast-paced, technology-driven environment. Experience launching a mortgage business or product line from scratch (vs. inheriting a mature operation). Held senior leadership roles at multiple non-bank mortgage lenders Why Opendoor Competitive salary and equity Comprehensive health, dental, and vision benefits Flexible PTO and parental leave Hybrid work model with offices in San Francisco, Phoenix, and other key markets A mission-driven team working on one of the most complex and consequential markets in the world Opendoor is committed to equal employment opportunities regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. Location Miami, FL or Tempe, AZ. This is an in-office leadership role at one of ODHL's principal offices, with regular travel to the other and to other licensed ODHL offices as needed. Must maintain an active NMLS registration in good standing and the ability to obtain MLO licenses in required states. #LI-RS1 About Opendoor At Opendoor our mission is to tilt the world in favor of homeowners and those who aim to become one. Homeownership matters. It's how people build wealth, stability, and community. It's how families put down roots, how neighborhoods strengthen, how the future gets built. We're building the modern system of homeownership giving people the freedom to buy and sell on their own terms. We’ve built an end-to-end online experience that has already helped thousands of people and we’re just getting started.