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About the Role
Responsible for facilitating compliance with all aspects of mortgage acquisitions from members and Acquired Member Asset regulations and advisory bulletins issued by the Federal Housing Finance Agency (FHFA). Serves as the Quality Control and custody contact between the MAP team and various vendors, including QC, custodian, MERS, and guideline publishing vendors.
Responsibilities
- Provide research and analysis of regulatory issues impacting MAP from both member and bank perspectives.
- Monitor industry news and legislation to anticipate potential issues affecting MAP, reporting concerns to the MAP director and managers.
- Assist in managing the due diligence process for newly on-boarded PFIs, ensuring timely document uploads and exception resolution.
- Provide input for designing, implementing, and updating workflow processes, including tracking systems for QC and custody.
- Collaborate with and provide backup for the Senior Quality Assurance Analyst.
- Act as a subject matter expert for underwriting, quality control, and custody inquiries from MAP PFIs and internally.
- Monitor PFI performance in coordination with the Senior Quality Assurance Analyst and Loss Mitigation Specialist, conducting on-site visits as needed.
- Assist in managing program documentation, including MAP guides, AMA internal manager’s manual, and application forms.
- Prepare PFI Notices regarding guideline changes and holiday announcements for distribution.
- Monitor service levels for document custodian and due diligence vendors.
- Identify and recommend solutions for inefficiencies in workflow processes related to document custodian and due diligence vendors.
- Document and present loan exceptions and repurchase recommendations to directors and operations lead.
- Communicate with Credit Policy and Risk regarding prospect eligibility for MAP.
- Gather, assemble, package, and review MAP prospect applications, assessing their processes for selling mortgage loans.
- Attend on-site member interviews with Member Relationship Managers to cultivate MAP prospects.
- Assist with the annual recertification of member good standing for MAP and MPF, monitoring and reviewing form completion.
- Ensure TILA letters are prepared accurately and mailed in compliance with regulatory guidelines, managing the TILA vendor relationship.
- Assist in creating and distributing the yearly Recognizing and Reporting Fraudulent Instrument training to AMA staff.
- Provide departmental backup as necessary.
Requirements
- Minimum of five to seven years in the mortgage industry.
- Experience in mortgage origination, underwriting, insurance, or servicing is preferable.
- Client-facing role experience is preferred.
- Correspondent lending and secondary mortgage market experience is a plus.
Skills
- Ability to cross-functionally manage client issues from inquiry to resolution.
- Outstanding communication (written and verbal), presentation, documentation, and interpersonal skills.
- Keen attention to detail.
- Proven ability to juggle multiple projects on tight deadlines.
- Ability to work independently with minimal direct oversight.
- Ability to work both individually and as part of a team.
- Demonstrated capacity for cultivating and maintaining client relationships both in person and remotely.
- Detailed knowledge of residential mortgage industry/banking and servicing.
Location
- New York
Work Type
- Full-time
Experience Level
- 5-7 years
Education Level
- Bachelor's degree in business, finance or accounting required
- Advanced degree in related field preferred
Salary/Compensations
- $120k to $135K
About the Company
- The MAP team purchases conforming to conventional and government residential mortgage loans in the secondary market from FHLBNY members.
- We develop purchase programs to provide mortgage liquidity to our members and to serve Housing and Community Development mission objectives.
- The MAP program features a loss-sharing structure unique to the industry that aligns risk and reward incentives between loan originator and investor.
Equal Opportunity
- The Federal Home Loan Bank of New York is committed to recruit, hire, develop, motivate, promote, retain, and compensate all applicants and employees in a nondiscriminatory manner without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, status as a parent, disability, genetic information, military or veteran status, or any other characteristic protected by applicable law (including title VII of the Civil Rights Act of 1964).