The Corporate Advance and Payoff Manager is responsible for the overall Corporate Advance and Payoff Governance, Analytics, Reporting and Processing for the Mortgage Servicing business. This critical position will develop strategies, refine processes that will minimize servicing losses, improve efficiencies, increase customer satisfaction and adhere to all state, federal and regulatory guidelines.
- Manage the Servicing Corporate Advance Governance Team and continually update the process for a 1M+ loan servicing operation. Custom design the claim application, the default loan liquidation processes and the corporate advance billing processes for each MSR owner (client) for whom we subservice loans (over 85% of the servicing portfolio).
- Collaborate continuously with Performing Servicing and Default Oversight teams on establishing processes for claims processing and loan liquidations with the goals of identifying and implementing process enhancements for regulatory compliance and financial improvement.
- For all acquisitions (Bank and Subservicing clients), engage with previous servicers to clarify and map unpaid Recoverable Corporate Advances (transaction, payee and reason codes) to the Bank Servicing System of Record. Ensure invoice and supporting document images are obtained for all outstanding Recoverable Corporate Advances. Conduct an Invoice Reconciliation process to verify the receipt of all invoices.
- For all servicing transfers (Bank and Subservicing clients) provide the Purchaser/New Servicer with reports and invoices for all unpaid Recoverable Corporate Advances. On Bank transfers, collect and apply all funds to reimburse the Bank for the unpaid Recoverable Corporate Advances.
- Manage a Servicing Payoff Team on a 1M+ loan servicing operation that ensures Payoff Statements are provided with 7 business days of request, Payoff Funds are applied with 1 business day and excess Escrow funds are returned within 20 business days. Work to collect funds to complete payoffs with the borrower or 3rd Party Designee.
- Collaborate with Origination Business Partners and MSR clients to facilitate payoffs on loans being refinanced.
- Manage the Servicing Invoice Governance Team and continually update the process for a 1M+ loan servicing operation. Collaborate continuously with Performing Servicing, Default Oversight and Legal teams to ensure the Invoicing System of Record is updated with business rules to ensure compliance with applicable Servicing Guidelines. Provide oversight to identify vendor invoicing errors and applicable chargebacks for 200+ vendors
- Create and distribute a daily Bank Draft Calendar of scheduled high dollar ($10M +) remittances and collections to position Treasury to move/borrow funds to cover bank balances.
- Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar's internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
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- Bachelor's Degree with Field of Study in Business, Finance, Mathematics or related field Required
- A Bachelor's Degree in Business, Finance, Mathematics or related field and a minimum of 5 years of experience in the financial services industry, preferably in mortgage servicing & origination or consumer finance OR 7 years of experience in the financial services industry, preferably in mortgage servicing & origination or consumer finance
- 3 years supervisory experience, preferably managing teams of multiple disciplines or specialties
- In-depth working knowledge of mortgage and or consumer finance industry.
- Strong understanding of mortgage investor requirements and guidelines
- Strong understanding and experience with Black Knight Financial Services' Invoice Management technology is a plus.
- Familiarity with Mortgage Servicing Corporate Advance concepts
- Self-starter, self-directed, influential, articulate and ability to distill complex information into easily understandable content.
- Team player with the ability to create structure and coordinate a variety of team member work styles to execute activities at a high level of quality and skill.
- Ability to establish critical timelines and effectively drive team and operations to meet deadline expectations.
- Strong analytical and problem solving skills
- Excellent written and verbal communication skills with the ability to maintain confidential information
- Advance knowledge of Excel, Word, Adobe, PowerPoint or equivalent presentation software.
- In-depth working knowledge of MSP corporate advance and Invoice Management as well as MSP Passport
- Strong analytics acumen
- The job requires a moderate degree of physical exertion and stamina such as standing, sitting, walking, driving or infrequent lifting.