Job Summary
The Chief Residential Appraiser & Operations Manager is responsible for establishing prudent, efficient and compliant valuation practices used by Flagstar Bank (FSB) for all 1 to 4 family real estate related transactions originated and serviced for Fannie Mae, Freddie Mac, FHA, VA, USDA and loans held for investment. This position is responsible the training, mentoring and the continued development of existing Appraisal Review and Appraisal Operations Staff. This position is responsible for verifying the quality and credibility of valuations written for the Bank, being well versed in USPAP requirements, Agency Investor Requirements, State Licensing Laws and all valuation-related Federal Regulations. Ensuring that the Bank obtains good quality and credible valuations in a timely manner is essential in making loans that are both profitable and saleable. The use and continuous oversight of high-quality third-party vendors is essential to ensure awareness of any compliance deficiencies, and to avoid negative audit results by our Regulators and Agency Investors. Enabling the Bank to provide quality and credible valuations to our Agency Investors and HFI Portfolio, increases the productivity and service level of the entire lending process. In turn, allowing the Bank to retain and grow current accounts, as well as obtaining new accounts.
Job Responsibilities:
* 20% of time; Review and write final resolutions on escalations from staff appraisers on valuations for various business units throughout the Bank. Effectively communicate resolutions to clients and staff appraisers. Utilize knowledge and experience to help protect the Bank from increased risk of loss, fraud and delinquencies.
* 5% of time; Lead appraiser eligibility Committee meetings. Participate in appraiser eligibility rebuttal reviews and make final decisions on appraiser eligibility.
* 40% of time; Manage Appraisal Review and Appraisal Operations staff production and delegate tasks appropriately to ensure that department is operating efficiently, meeting service level agreements, while ensuring valuation quality and compliance. Continuously seek out efficiency gaps and opportunities to mentor, train and improve skillset of Appraisal and Appraisal Operations staff.
* 10% of time; Develop and implement contemporary training for Appraisal Review and Appraisal Operations staff, Underwriters and other Flagstar Bank Associates. Conduct presentations for various bank associates, including sales partners, underwriting, and high-level management.
* 20% of time; Third-party Oversight-Vendor Management. Ensure the bank's Appraisal Management Companies (AMCs), integration providers, Third-Party Originators, AIR Compliant Correspondents and valuation vendors are performing compliantly, and at acceptable service levels. This includes continuous monitoring, evaluating and scoring vendor performance. Also includes directly addressing quality, compliance and operational issues immediately. This may also include compiling performance metrics, scoring and follow-up discussions at scheduled performance meetings. Assisting in periodic AMC/vendor audits.
* 5% of time; Maintain corporate Policy and Departmental Appraisal and Appraisal Operations Procedures. It is imperative that Flagstar follow an appropriate Appraisal Policy and comprehensive Procedures to insure compliance with investor and regulatory guidelines, as well as provide our internal and external customers with best in class customer support and services.
* Ensure compliance with applicable federal, state and local laws and regulations. Complete all required compliance training. Maintain knowledge of and adhere to Flagstar's internal compliance policies and procedures. Take responsibility to keep up to date with changing regulations and policies.
Job Requirements:
* High School Diploma, GED or Foreign Equivalent is required.
* Bachelor's Degree in Business or Finance is preferred.
* Appraisal License or Certification is required.
* Appraisal education highly preferred.
* Prior experience managing appraisal/valuation department, appraisal staff and appraisal operations.
* Experience as a Chief Appraiser or Operations Manager a strong plus.
* Experience in these roles at a regulated institution a strong plus.
* Experience in underwriting, credit risk, or regulatory affairs would be a plus.
* Minimum of 10 years of appraisal experience, some of which includes appraisal review experience, as well as 3-5 years of experience managing a valuation department or appraisal staff and operations.
* The Chief Residential Appraiser should have an above-average knowledge and understanding of bank regulations, activities, operation, and functions in order to effectively perform their job function.
* Operational knowledge regarding the interaction of various lending channels, the use and functionality of third-party AMC's, Agency Investor's Technology & expectations and the Bank's Appraisal/Valuation Group required.
* Sound knowledge of Microsoft Word, Excel, Outlook, PowerPoint and other frequently used reports and programs is required
* Occasional travel is required to attend conferences, peer group functions, and training.
