Assistant Vice President - Loan Servicing (105-13 MORT)
Starting Salary: $80k-$90k, depending on experience plus opportunity for annual bonus
Amplify Federal Credit Union was named one of the Top Performing Credit Unions in the United States by SNL Financial in 2012. We are well-capitalized and financially solid. We have been serving the Austin area since 1967, but our mortgage department is still in its infancy compared to its potential. With Austin's robust real estate market, this is the perfect opportunity to build a large mortgage banking operations and servicing portfolio.
Why should you consider this opportunity?
Amplify is well-capitalized and financially solid
We are technology-focused and forward-looking
We have a supportive and collaborative management team that is focused on helping our members become financially successful
We are seeking candidates for this unique opportunity who are driven to succeed, self-directed and collaborative, able to visualize the future without losing track of the details of today. The Position
The Assistant Vice President - Loan Servicing leads the loan servicing team and assures high levels of service and performance by managing team members within the department. This role works directly with the Vice President of Real Estate Lending and the Vice President of Member Business Lending on the organizational strategy, structure, policy and procedure initiatives of the department.This position is also responsible for implementing, configuring, testing, and maintaining an exceptional loan servicing system and workflow including developing, implementing and continuously improving processes for new loan setup, payment processing, escrow administration, remittance, accounting, payoffs, release of liens, investor reporting, MSR valuation, and loss mitigation activities for Real Estate and Member Business Lending.
Leads the loan servicing team by setting the direction and culture of the department
Manages servicing of the Real Estate and Member Business loan portfolios; supports strategy and development of tactics to reduce risk and/or enhance risk adjusted returns; models/forecasts loss mitigations and servicing strategies and initiatives at the transactional or program level to meet Credit Union financial objectives; conducts research and analysis of purchase/sale opportunities and /or risk reduction opportunities (eg. Loans sales, MSR sales, mortgage insurance), capital market conditions, pricing, and transactions for similar assets
Identifies operational process and system needs of loan servicing team though development and implementation of investor scorecards, KPI results, delinquent loan performance, interior/exterior audits/QC results and Servicing Director updates
Collaborates with leaders and users, develops strong working knowledge of day-to-day operations as well as procedures and system capabilities: develops system and/or process enhancements that impact and effectively improve daily user practices; focuses on developing effective and efficient operational reporting, improving processes, implementing best practices and assisting with building an infrastructure that is capable of additional capacity
Oversees the day-to-day operations of loan servicing, ensuring proper new loan setup, payment processing, escrow administration, remittance, accounting, payoffs and release of liens, investor reporting, MSR valuation, loss mitigation, and quality control standards are implemented as effectively and efficiently as possible in order to safeguard company assets and ensure conformity for investor standards and regulatory requirements
Develops, implements and maintains appropriate policies and procedures for loan servicing, taking into account exposures to operational, reputation, and regulatory risks
Ensures completion of a comprehensive group of reports and analysis of performance-related data for the department
Analyzes monthly financial performance and monthly forecast of the servicing and default line of business; creates and analyzes loan servicing financial dashboards
Creates, enhances and maintains loan servicing report controls for auditors and regulators
Analyzes business and accounting processes for control and efficiency improvements
Maintains working knowledge of generally accepted accounting principles: builds expertise in products, fees, loan program and GL coding, business cycles, origination channels and accounting flow related to area of responsibility
Coordinates development and implementation of new accounting processes and procedures as needed
Ensures completion of SBA draw requests in accordance with SBA standard operating procedures
Manages effective servicing of delinquent residential and commercial loans for both portfolio and investor servicing retained loans
Supports development and implementation of improved strategies, policies and procedures to manage risk and mitigate financial loss from delinquency, foreclosure and REO disposition
Maintains working knowledge of guideline and regulatory updates as well as procedural changes within the credit union and the industry in regards to the modification or cure of troubled assets
Works collaboratively with the Account Resolutions Manager to ensure established performance and service goals are met by supporting collections and loss mitigation activities for non performing residential loans; accountable to VPs of Real Estate Lending and Business Lending for meeting established performance parameters; conducts member counseling, delinquent payment collections, bankruptcy tracking, loss mitigation, foreclosure decisions and management of the disposition of REO assets
Supports completion of problem resolution for non-routine collection and loss mitigation issues; reviews exceptions from policy, guidelines and procedures to render appropriate decisions within prescribed limits; communicates course of action and reasoning behind it, notating file and systems as required
Oversees due diligence on acquisition/situations where foreclosure is recommended; determines if due diligence has been met and that investor guidelines and the terms of the security instrument have been complied with; obtains investor approval to proceed
Recommends charge-off amounts for assets requiring full or partial write-downs to bring loans in line with projected or identified recoverable balances
Monitors the quality of the member service delivered by the Servicing team
Works in collaboration with other managers to make decisions about servicing functions, system capabilities, project management, and process management
Manages servicing operations to achieve cost-control and profitability metrics
Prepares the Servicing team's annual operating budget, personnel budget and capital budget
Provides timely performance appraisals to assess and provide feedback to team members
Sustains a team capable of producing specific outputs by providing effective leadership
Maintains operations that are compliant with internal policy and external regulations
Develops, implements, monitors, and ensures written policies and procedures are compliant and followed
Provides day-to-day compliance support and issue resolution and serves as the primary contact for new initiatives and projects related to mortgage and business loan servicing laws and regulations
Tracks legislative and regulatory developments that affect mortgage and business loan servicing, industry trends, and changes in operating activities in ensure internal compliance controls are implemented where necessary and existing controls retain their effectiveness
Ensures the implementation and validation of legislative and regulatory changes, including review of forms, disclosures, policies and procedures for compliance with applicable laws and regulations
Utilizing servicing activity data, risk assessment findings and other analytical analysis, reports findings and strategic recommendations to management
Identifies and communicates compliance deficiencies and potential problems to management and staff; works collaboratively to ensure development and implementation of corrective action as a result of deficiencies identified through reviews, audits and regulatory exams
Identifies, communicates, and develops compliance education and awareness programs and assists with the delivery and development of loan servicing compliance training
Works collaboratively to develop and maintain compliance tools for use by loan servicing team, including appropriate state and federal law matrices
Provides external auditors with requested information and responds to Internal Audit on any audit findings in a timely manner
Maintains timely and accurate reporting
Develops an understanding of overall policies and procedures that help ensure compliance with applicable servicing laws and regulations
Identify areas of opportunity within Servicing Director and assists with highest/best use practices; maintains a log and continually analyzes reporting functions to ensure compliance, capacity and operational risks can be identified; ensures all loan servicing reporting functions are audit ready at all times
Delivers new systems, solutions, and processes that meet internal and external stakeholder needs cost effectively, while paying particular attention to risk assessment standards
Improves processes by implementing best practices, investigating, recommending and implementing new methods, searching for and mitigating root causes, and/or discovering new ways of organizing and utilizing given resources
Understands the key business drivers and continuously drives corresponding change to remove organizational inefficiencies and bottlenecks
Balances member wants and needs with the effectiveness, efficiency, and cost of providing a solution
Identifies new technology and process opportunities and recognizes potential savings
Assists the Vice Presidents of Real Estate and Member Business Lending with the design and implementation of effective work systems
Upholds credit union policies and procedures and champions organizational culture both internally and externally
Supports the planning and implementation of loan servicing training initiatives which meet the needs of internal and external stakeholders
Develops, implements and provides required and requested product training on loan servicing products, policies and procedures for stakeholders
Maintains a thorough understanding of loan servicing industry standards
Provides training to internal staff and external stakeholders on new loan setup, payment processing, escrow administration, remittance, accounting, payoffs and release of liens, investor reporting, MSR valuation, loss mitigation activities, compliance policies, guidelines, and procedures, to ensure consistency, quality and value
Develops, monitors and continuously improves loan servicing training materials ensuring appropriate materials are available, updated and add value
Learning & Growing
Adds new skills and capabilities relevant to both his/her personal growth needs and the organization's future needs
Regularly attends internal and external training courses, educational meetings, webinars, and/or seminars as determined by manager to stay informed of servicing and compliance policies, procedures, guidelines, regulatory and legal matters
Stays current on CFPB, NCUA and Fannie Mae guidelines
Consults with internal compliance officers and external resources regarding real estate industry practices and the impact of compliance regulations, including but not limited to Reg Z, Reg X the FHLMC, FNMA, FHA rules and processes
Completes Amplify's annual training requirements as determined by management
This job involves management of other managers or supervisors as well as individual contributors in the Real Estate Loan Servicing department.Types of positions supervised include loan administration supervisor and loan servicing analyst.
This position is responsible for the overall direction, staffing levels, evaluations, staff knowledge, staff training, development and attitude of the Loan Servicing department.
Education and/or Experience
Bachelor's degree and five years sales management experience, or 10+ years of qualified experience in leading and managing a successful mortgage operations team.
Previous financial services experience and previous experience with mortgage and home equity compliance, quality control and secondary market activities is required.
Prior experience working with Executive Management to create and implement a plan to centralize and standardize operations from various real estate loan products;
In-depth knowledge of licensing requirements for an FNMA-approved Seller/Servicer of Mortgage Loans;
Proven experience in proactive process improvement techniques and motivating staff to excel in operations and service; and
training preparation and delivery experience
Certificates, Licenses, Registrations Must be bondable
Software & Equipment Requirements
To perform this job successfully, an individual should have knowledge and be efficient with the use of a personal computer, Microsoft Office products (Intermediate level skills with Microsoft Excel and Microsoft Word), Credit Bureau Systems and financial calculators. Knowledge of Encompass and Loans PQ software systems is highly beneficial, but not necessarily required. Must have experience with Desktop Underwriter and/or Loan Prospector underwriting systems.Ability to learn and train others in the use of specialized mortgage lending software will be required.
Demonstrated ability to monitor and oversee mortgage loan operations department, including staff and systems;
Strong written and oral communication skills;
Demonstrated ability to efficiently and consistently produce accurate work;
Strong organizational and problem solving skills;
Ability to multi-task in high paced environment with heavy volume of transactions;
Demonstrated ability to work in both a team and individual environment;
Excellent judgment skills to make quick decisions within written policy and standard operating procedures;
Working knowledge of credit union's products and services, policies, and the Federal Credit Union Act including bylaws and regulations that apply to federally chartered credit unions;
Ability to understand and make recommended changes to Standard Operating Procedures;
Familiarity with state and federal NCUA regulations, including, but not limited to: HMDA, Regulation Z, Regulation B, the FHLMC, FNMA, FHA rules and processes;
Knowledge of sales of mortgage loans into secondary market;
Experience in proper loan pricing based on credit union rate determinations and understanding in the use of points or discounts is necessary.
Amplify conducts background and credit checks on candidates who receive offers of employment. CLICK HERE TO READ MORE ABOUT THE CREDIT CHECK PROCESS.
BENEFITS AMPLIFY offers full-time employees a rich benefit package including medical, dental, vision, life insurance, short- and long-term disability insurance, 401(k) plan with matching contributions, fully funded pension plan, profit sharing, paid time off, paid time off to volunteer in the community, paid holidays, discounted gym membership, free onsite gym, tuition reimbursement, and a friendly, open work environment.
AMPLIFY is committed to providing equal employment opportunities (EEO) to all applicants without regard to race, color, religion, gender, genetics, sexual orientation, national origin, age, disability, or status as a covered veteran in accordance with applicable federal, state and local laws.
PLEASE BE SURE TO ANSWER THE JOB-SPECIFIC QUESTIONS THAT FOLLOW THE APPLICATION FORM. Thank you for your assistance!
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