Job Summary
Flagstar Bank is seeking an individual to join our Special Loans department as a Senior Special Loans Compliance Analyst in Performing Servicing.
This position is responsible for providing strategic support to the Special Loans, Credit Bureau Reporting, MERS/MERS eRegistry, Investor Reporting and Research & Resolution divisions by managing external and internal exams/audits.
The Senior Special Loans Compliance Analyst will design efficient processes and implement automation based on updates to servicing requirements and regulations
Must have working knowledge of MSP and servicing requirements and regulations inclusive to FNMA, FHLMC, GNMA, MERS, and USDA along with RMBS Private Securitization.
Job Responsibilities:
55 % of time - Audits/Exams/Reviews:
* Oversee audits, exams and reviews which impact Special Loans, Credit Reporting, Investor Reporting and Research and Resolution, including all internal (e.g. Internal Audit, Regulatory Compliance and Quality Control, etc) and External (e.g. Regulatory, Agency, Investor and State exams).
* Responsibilities include coordination and communication with lead business units, loan level review of processes, controls, reporting and exception management to recommend improvements to processes.
* Responsibilities includes working directly with examiners, internal and external teams, Senior Management as well as investors, auditors and outside consultants.
30 % of time
* Guidelines and Regulations:
* Analyze assigned changes to guidelines and regulations effecting Special Loans Division. Proactive development of operational processes that adhere to servicing requirements.
* Partner with Compliance and Legal for regulatory and investor guideline changes. Must be able to independently research and determine applicability to Flagstar Bank.
* Review AllRegs weekly for changes to all defined areas along with investor bulletins for updates.
* Review and execute various documents related to re-amortization, partial release, release of lien/ discharges and subordinations based on MERSCorp signing authority.
15 % of time - Champion Communication:
* Deliver consistent, clear and concise communication during the development and implementation of all audits and projects/initiatives/projects with cross functional business partners.
* Timely and accurately develop monthly reporting packages for department reports and trending for management. Complete timely and accurate completion of questionnaires along with due diligence documents.
* Champion special projects as designated by management.
Job Requirements:
* HS Diploma, GED or Foreign Equivalent Required
* Bachelor's Degree Required in business Management or Finance
* Specialized Training: Black Knight Mortgage Servicing Package and Knowledge of FNMA, Freddie Mac and GNMA servicing and reporting requirements Preferred
* 7+ years of servicing (investor reporting, special loans, escrow, cash movement, etc.) with a minimum of 3+ years in audit and compliance preferably in the servicing arena or 10 years of comparable work experience
* 5+ years working with internal and external regulators and auditors
* Specialized training preferred - process improvement and project management Expert level working experience and proficient knowledge of FHA, VA, USDA, FNMA, FHLMC, MERS along with RMBS Security guidelines
* Proficient knowledge of REPSA guidelines, CFPB Servicing Rules, Fair Credit Reporting Act (FCRA)
* Focus on creation of efficiencies, root cause analysis and process improvements
* Working knowledge of mortgage documents for re-amortization, subordinations, due on sale, partial release and mylars, lien release and collateral documents and assumptions
* Strong problem solving and strategic thinking skills with an ability to identify problems and recommend solutions quickly
* Highly professional and well poised in both written and oral communication
* Must be highly organized, self-starter and independent worker with strong attention to detail
* Must have the ability to work with leads, supervisors and consult with all levels in the organization
* Ability to support multiple tasks along with special projects with varying levels of complexity, importance and involvement
* Travel up to 10%
