What are the responsibilities and job description for the Financial Reporting Specialist position at MaineHousing?
Primary Purpose of Position: The Financial Reporting Specialist is responsible for financial servicing and loan purchasing functions for MaineHousing’s residential loan portfolios. This position also performs reviews of new loans to ensure compliance with loan origination and servicing requirements under the Transfer of Servicing Regulations (RESPA and CFPB) and Mortgage Insurer/Guarantor requirements.
Education and Experience: Education and a minimum of four years of experience working in a financial role or a combination of six years of experience and training preferred.
Core Tasks:
· Perform fiscal responsibilities associated with the residential loan portfolios
o Ensure remittances are applied to the proper indentures; transfer funds as needed; resolve remittance discrepancies
o Analyze, research and resolve payment posting variances; work with servicers to make appropriate system adjustments
o Research and resolve General Ledger interface discrepancies
o Generate and disburse monthly billing records to servicer(s)
o Resolve corrupt electronic files and/or problem loan situations
o Prepare and distribute monthly evaluation reports; ensure areas that require correction is resolved before the next reporting cycle
· Process loan purchases and set up of new loans which includes the compliance review of loan closing documents
o Verify accuracy of purchase data transmitted from production departments
o Ensure compliance with servicing rules; review disclosures (Initial Escrow Disclosure and Closing Statement) and loan documents to determine accuracy
o Confirm loans committed are purchased in the appropriate indenture and program type
o Set loan up in the servicing system; perform quality control review to ensure accuracy
o Produce wire transfer records and applicable reports; obtain necessary signatory approvals
o Electronically transmit purchase records to servicer(s)
o Prepare and distribute purchase reports and evaluation reports to the production department
o Work with production departments, originators and servicer(s) in resolution of problem loans
· Evaluate proposed loan modifications to ensure compliance with allowable federal requirements
o Review and recommend adjustments required for amortization of Loan Modifications, including rate reductions, term extensions, and principal reductions
o Generate new amortization schedules
o Identify and communicate variances or discrepancies and make recommendations as needed
o Work with the Treasury on interest rate reduction proposals
o Process system adjustments in MaineHousing’s servicing system in accordance with the executed loan modification instrument
· Review Servicer Performance
o Perform reviews to ensure compliance with MaineHousing requirements, federal regulations, and/or mortgage guarantor/mortgage insurer requirements
o Perform reviews to verify purchase data is entered correctly on the servicer’s servicing platform in order to avoid customer impact with billing and reporting
o Review loan modification adjustments were processed accurately and timely to ensure compliance with regulatory guidelines
o Work with management and servicers to develop strategies and work plans to improve servicing performance
· Prepare a variety of specialized technical, analytical, statistical, program and performance reports
o Compile and analyze reporting data
o Run statistical reports for delinquency and foreclosure related matters
o Prepare cash transaction reports for production departments, Accounting & Financial Reporting and Treasury
o Prepare technical reports and complete reporting requests for internal and external partners
o Prepare routine weekly, monthly, quarterly, and annual reports including reports for Risk Management, the Board of Directors, Bond Rating Agencies, and Auditors
· Serve as a resource to partners in resolving problem situations
o Maintain working knowledge of various loan servicing platforms used to service MaineHousing’s loan portfolios
o Prepare and facilitate trainings, as needed
· Maintain and update the Servicing Policies and Procedure Guides as applicable
· Other duties as assigned
Skills and Knowledge:
· Experience with financial reconciliation and report preparation
· Knowledge and understanding of generally accepted accounting principles (GAAP)
· Working knowledge of loan servicing platforms; loan instruments, and servicing regulations
· Excellent customer service skills
· Strong computer, financial acumen and analytical skills
· Ability to multi-task, work independently and meet deadlines
· Accuracy and attention to detail; ability to proofread, edit and make corrections
· Ability to understand and follow both written and oral instructions
Working Conditions: Fast paced environment with multiple priorities, interruptions & deadlines. MaineHousing business hours are Monday – Friday from 8:00am to 5:00pm. A hybrid schedule that includes some telework may be available.
Reports To: Loan Operations Manager Supervises: no one
The starting hourly rate for this position is $20.4817 (annual $42,602), plus a comprehensive benefits package, including, but not limited to, health, dental and vision, retirement options with employer match, life insurance, short and long-term disability, employee assistance, generous earned time and all major federal holidays. Employment is eligible for the Public Service Loan Forgiveness Program.
**Position will remain open until a suitable candidate is found**
Job Type: Full-time
Pay: From $42,602.00 per year
Benefits:
- Dental insurance
- Employee assistance program
- Flexible spending account
- Health insurance
- Life insurance
- Paid time off
- Parental leave
- Retirement plan
- Tuition reimbursement
- Vision insurance
Schedule:
- 8 hour shift
- Monday to Friday
Ability to Commute:
- Augusta, ME 04330 (Required)
Work Location: In person
Salary : $1,000 - $42,602