What are the responsibilities and job description for the AVP Loan Servicing position at Tower Federal Credit Union?
$1000 Signing Bonus effective 1/20/2023
Note: All full-time positions include the option of $0 out-of-pocket premium cost for Employee Only PPO AND exceptionally low premiums for all other PPO coverage levels.
HOURS FOR POSITION: Monday- Friday -8:00am-4:30pm
Hiring Range - $125,314 - $156,643 annually
SUMMARY OF POSITION:
The AVP Loan Servicing position is responsible for effectively supervising and coordinating the daily operations of Real Estate Loan Servicing. This position is responsible to effectively service members, who conduct activities by telephone, mail, fax, and the internet and these services comply with State and federal regulations and Tower Federal Credit Union policies and procedures.
The AVP Loan Servicing also supervises and coordinates the timely and accurate secondary market activities such as managing commitments, pipeline tracking, monitoring the warehouse line covenants, best execution ensuring that target profitability is maintained, coordination with Accounting to set daily mortgage pricing, valuing mortgage loans; and working with management to develop new secondary market relationships if necessary.
The incumbent is responsible as a Team Leader/Member for specific functional legal/regulatory compliance, as outlined and maintained on TowerNet, under the Compliance Home Page. In the role as Team Leader, the incumbent provides an annual attestation regarding the effectiveness of applicable compliance related policies and procedures for assigned regulations and laws. In the role of Team Member, accepts responsibilities at the direction of the Team Leader.
PRINCIPAL ACCOUNTABILITIES AND FUNCTIONS:
- Manages and coordinates the daily operation of RE Loan Servicing to assure efficient, fair and prudent loan servicing for the credit union’s mortgage and consumer loans and to ensure that procedures and guidelines are adequately communicated. This includes follow up activities for both mortgage and consumer loans to ensure that all loans are being serviced in an accurate, compliant, and time manner and general servicing standards are consistently met.
- Develops, seeks approval for and maintains Tower Federal Credit Union RE loan servicing procedures, software servicing and investor reporting platforms, outsourced title platform and procedures.
- Manages the Secondary Market Officer or when necessary acts as the Secondary Market Officer with responsibility to manage and coordinate the secondary market function to assure efficient and effective mortgage sale executions are in place to maximize profits and minimize interest rate risk.
- Hires, manages, motivates, evaluates, audits, and develops Loan Servicing personnel to assure a professional, trained, motivated staff capable of providing high quality service, which builds member loyalty and enhances the perceived value of the credit union. Also, responsible for the selection of Loan Servicing personnel for directing, training, motivating, auditing and evaluation staff. Responsible for identifying performance deficiencies, coaching employees, instituting remedial actions when appropriate and monitoring the achievement of development plans.
- Assures the physical security of all negotiable instruments in Loan Servicing and ensures the operations are compliant with Tower Federal Credit Union policies and procedures, state and federal regulation, and internal controls to safeguard the assets and member account information. This also includes assuring that confidential records and checks are secured at close of business.
- Contributes to the growth of Tower Federal Credit Union by providing timely and accurate information related to Loan Servicing activities and the Real Estate Lending Department, conducting research and participating on projects teams and committees to help the credit union reach its goals and objectives.
- Consults with legal counsel when appropriate and has daily contact with Tower staff to resolve compliance issues and interpret consumer and mortgage loan policies and procedures. This position reviews forms, disclosures and marketing materials for accuracy and compliance and makes revisions as necessary.
- Serves as liaison with the Federal Home Loan Mortgage Association, Federal Home Loan Mortgage Corporation, FDI Title Administration, FICS mortgage system and pays bills for each vendor, resolves operational/member issues, ensures that changes in vendor processes are integrated smoothly into our operation and communicates issues or changes as necessary.
- Coordinates the daily operation of the Secondary Market function to ensure Tower can maximize profits and minimize interest rate risk. Serves as the primary liaison with secondary market investor groups, manages the warehouse pipeline report, updates best execution opportunities, performs necessary pipeline analytics, monitors trends, and delivers mortgage documents in a timely manner.
- Assists in setting the daily mortgage pricing as necessary based on secondary market pricing.
- Coordinates and monitors the loan servicing quality control review functions to ensure Tower Federal Credit Union has accurate loan information to protect our collateral and ensure that our standards are maintained. This includes variable rate reviews, title release exceptions, interest on escrow, negative escrow, escrow exceptions, and post closing.
- Assures Loan Servicing operations comply with applicable regulation, Tower Federal Credit Union policy and procedures and quality control, member identification and fraud prevention procedures. Participates in loan servicing audits and proactively works with the Department Manager and the Internal Audit Department to develop internal controls and reports.
- Resolves operational and member problems that cannot be resolved by the Senior Loan Servicing Representative.
- Responsible for informing and the timely updating for staff of Tower Federal Credit Union policy and procedures changes in government regulations, new services, and organization goals and objectives as they pertain to Loan Servicing.
- Must demonstrate full knowledge and over ride authority for all Tower RE Loan products and services in order to assist subordinates and members to resolve questions, problems, and to interpret policy and procedures.
- Prepares, seeks approval for and administers the annual budget for the Real Estate/Loan Operations-Servicing Department.
- Responsible for the security administration of the loan servicing system (FICS), Mornet (Fannie Mae), Midanet (Freddie Mac), Title Administration, loan officer limits, summit credit scoring functions, and Tax Servicing Subsystems. Acts as a liaison with Information Systems if there is a related Loan Servicing issue, question or problem. This position is the primary system administrator for the secondary marketing system a responsibility recently added. In addition he acts as the liaison on all other servicing systems (FICS, Summit, etc.)
- Responsible for testing and assuring the stability of new releases for investor software, mortgage servicing and host systems as it pertains to Loan Servicing.
- May be assigned projects and action items in furtherance of the Tower Federal Credit Union action items and/or strategic plan.
- Accepts accountability for and ensures that processes, practices, and disclosures for new and existing laws and regulations are sufficiently documented to meet Tower’s compliance/regulatory requirements. As Team Leader, the incumbent provides annual reporting attesting to the effectiveness of assigned compliance related policies and procedures. In the role of Team Member, accepts responsibilities at the direction of the Team Leader.
- Collaborates with the Real Estate Lending Vice President in the development of new relationships and maintenance of existing with investors and agencies that provide mortgage products to our members.
- Responsible for resolving severe loan purchase problems while mitigating losses
- Develops and maintains pricing models for Tower’s products; to provide for competitive pricing to customers while maintaining margin requirements.
- Acts as the primary system administrator for the Secondary Marketing Module. This includes testing; implementing system upgrades and releases; administering system security at user and user role lever; creating and producing operational and management reports; testing and maintaining interfaces with internal and external parties; and responsible for diagnosing and working with vendor for all software errors.
- Creates, distributes, and manages the daily rate sheet.
- Responsible for the post closing function to include assisting staff to resolve complex document discrepancies related to the post funding process. Ensures documents are marketable and errors corrected
- Responsible for the Loan Servicing Investor Reporting Function to include reviewing, complex cash to test, pool to security differences, and reconciling any shortage/surplus to investor.
- Responsible for the timely and accurate updating of Loan Officer Loan Limits and Credit Score controls in the host system.
- Responsible for managing the mortgage pipeline using the Prime Alliance Secondary Marketing System. This includes hedging, current sales requirements, and pipeline fallout volatility.
- Responsible for commitment tracking, loan delivery, and best execution of loans delivered in the secondary market. This includes matching loans within specific commitments, delivering loans to custodian, and pool certification.
REQUIRED QUALIFICATIONS:
- Bachelor’s degree in a related field plus minimum 7 years directly related experience in mortgage lending, including at least 5 years management experience;
- In lieu of Bachelor’s degree, an Associate degree in related field with at least 10 years directly related mortgage lending experience with a minimum of 7 years in a management or team leader capacity.
- At time of hire, must have a working knowledge of selling loans with GSE (including pricing, forward commitments, pipeline tracking, loan delivery)
COMPETENCIES:
- Ability to work with mathematical concepts that apply to recommendations or proposals
- Ability to create, format and edit correspondence and reports in word processing
- Ability to create and modify word-processing and spreadsheet documents using formulas and data tools, including graphs.
- Ability to create relevant and readable graphs, charts and presentations.
- Ability to effectively operate Microsoft Office applications (Word, Excel, Outlook, etc.)
- At time of hire, must have strong knowledge of the mortgage servicing (FICS), and various loan servicing support software
- Must demonstrate proficient knowledge of our mainframe (Summit) system especially in loan support within three months of hire.
- At time of hire, must possess and demonstrate proficient technical knowledge with Mornet, Midanet, Internet Secondary Market Loan Delivery Platforms, and efanniemae based on position accountability of serving as primary system administrator.
- At time of hire, must have a demonstrated knowledge of the front end mortgage and
consumer loan system.
- Ability to read, analyze and interpret general business periodicals, professional journals, technical procedures and regulations.
- Ability to effectively communicate in written and oral form with only minimal supervision.
- Ability to write reports, business correspondence and procedural manuals.
- Ability to effectively present information and respond to questions from groups or members.
- Ability to effectively present information to Senior Management and public organizations
- Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists.
- Ability to interpret a variety of instructions furnished in written, oral, diagram or schedule form
- Ability to troubleshoot and resolve member and staff issues/problems
- Ability to define problems, collect data, establish facts and draw valid conclusions.
- Ability to identify cause and effect relationships and evaluate risk vs. potential return
- Ability to interpret applicable regulatory changes and/or software system updates and ensure timely compliance and effective operations without disrupti
- Ability to prioritize diverse job assignments and meet established deadlines
- Ability to prioritize tasks and complete daily job assignments while participating on project teams
- Ability to develop action plans and organize workload to accommodate competing demands
- Ability to initiate long and short term planning
- Ability to manage to successful conclusion multiple complex projects
- Ability to work productively and professionally under stress
- Ability to effectively coach and motivate others to take action
- Ability to provide constructive feedback to others
- Ability to respond to sensitive inquiries and complaints
- Ability to facilitate group discussion and encourage the expression of diverse ideas.
- Ability to persuade others to consider merits of cause of action.
- Ability to determine needs and sell solutions to others.
- Able to get along with colleagues and management
WORK CONDITIONS:
- Ability to sit, stand and walk for extended periods and demonstrate sufficient dexterity and vision to operate a variety of office equipment.
- Ability to lift up to 20 lbs. with or without assistance.
- Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate
- Must be able to secure and retain appropriate security clearance(s) and access to designated facilities to perform the principle accountabilities and functions of the position.
- Must have sufficient sight and personal mobility to independently perform all key accountabilities without requiring regular (usual work day) assistance
- Able to sit for extended period and demonstrate sufficient manual dexterity to operate a variety of office machines.
TFO Clearance Required
Salary : $125,314 - $156,643
