Head of Mortgage Operations - Owensboro, KY
Independence Bank
19 reviews
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Owensboro, KY 42301
Independence Bank
19 reviews
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Date : July 14, 2020
Job Status : Exempt; Full Time
Position Title: Head of Mortgage Operations
Supervision Received: Position reports to the Chief Lending Officer
Supervisory Responsibilities: Mortgage operations team of underwriters, processors and support staff
Job Summary:
Reporting to the Chief Lending Officer, the Head of Mortgage Operations is responsible for handling the full scope of mortgage operations for processing, underwriting, closing and servicing of all mortgages. Leading a team of 9 underwriters, processors and support staff; the position is also responsible for proactively training, coaching, and developing our team members while partnering with other leaders throughout the bank. The Head of Mortgage Operations will track, measure, and manage performance relating to service timelines, efficiency, loan quality and internal and external customer satisfaction.
Essential Functions, Duties and Responsibilities include, but are not limited to:
• Manages the mortgage operations staff including hiring, training, performance management, coaching and development.
• Collaborate with key stakeholders, including 30 mortgage lenders, across the bank to drive quality improvement in Mortgage Operations
• Continuously work to improve the level of service and efficiencies with the operations team which may include ongoing training and operations reviews
• Monitor compliance with bank policies and procedures, conducts periodic audits of internal processes
• Pricing and selling of loans to secondary market investors
• Review and monitor mortgage loan pipeline daily
• Review quarterly audits of secondary market loans from third party auditors.
• Review appraisals for loans to be sold to Freddie Mac to assure compliance with investor guidelines
• Manage online application process
• Upload daily mortgage rates, monitor and log competitor rates
• Manage loss mitigation
• Manage preparation of all renewal documents for in-house mortgage loans
• Comply with all laws and regulations pertaining to job function such as Fair Lending, HMDA and MLA. Follows all Bank Secrecy Act policies and procedures.
• Continuous review of investor (Freddie Mac) selling guidelines and updates to assure all loans sold to Freddie Mac meet selling requirements.
• Acts as secondary underwriter and other back up as needed depending on volume and staffing.
• Ensures staff complies with all regulatory requirements and with current and pending applicable rules, laws and regulations.
• Manage preparation and submission of all annual recertifications with investors
• Works closely with the Chief Lending Officer in developing and implementing organization, strategy and policies.
• Monitors daily metrics and reports on department performance against pipeline
• Manages third party vendor relationships, including but not limited to title providers, appraisal management companies, and document management, to assure adherence to standard service and quality levels.
• Participates in external and internal audits and exams.
• Creates tracking and controls to ensure that the data integrity components of mortgage loans, from application to closing.
• Effectively monitors tracking and controls on a daily basis, correcting repetitive and periodic tasking mistakes by staff in a timely manner, such that pre-funding and post-closing audit errors are minimized.
• Oversees functions that ensure the data integrity of each application is correct and consistent with individual loan level information, through every step in the process and that closing documents are error-free with respect to applicable information.
• Ensures completed loan applications are processed, underwritten with proper authority and escrow/closing agents comply with satisfactory closing instructions.
• Responsible for sound financial management of operations, including ways to decrease costs and increase throughput while maintaining the highest quality and service.
• Perform other duties as assigned
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions
Skills and Abilities Required to Perform Essential Job Functions:
• Strong competency in Word and Excel.
• Strong knowledge of consumer and mortgage lending operations and services.
• Experience with loan originations and loan servicing systems preferred.
• Familiarity with Fair Lending laws and regulations.
• Knowledge of federal and state banking regulations, rules and guidelines, including those related to lending.
• Well-organized, efficient, detail-oriented, self-starter, able to work independently.
• Strong writing and analytical skills.
• Ability to conduct thorough research, interpret and understand laws and regulations, and provide workable recommendations and solutions to problems.
• Occasional travel may be required.
• Combination of leadership, organizational, credit, and communication skills
• Ability to work well under pressure and meet deadlines required.
Education, Experience and Qualifications:
• A minimum of 5+ years of leadership experience in the mortgage industry with strong working knowledge of mortgage operations from origination to compliance, funding, post-closing, agency and investor lending and secondary marketing.
• Thorough knowledge of real estate loan origination, processing, underwriting, closing, and all regulatory compliance procedures.
• Prefer those with experience with MortgageBot, DocMagic, ImageFlow and Mercury Network
• Thorough knowledge of real estate pipeline management and metrics analysis to meet expected results.
• Self-motivated, flexible and entrepreneurial, accustomed to a fast-paced, hands-on work environment with ability to meet deadlines.
• Strong commitment to internal and external customer service and satisfaction.
• Demonstrated understanding of mortgage loan origination systems and other industry supporting technologies.
• Strong interpersonal and communication skills, problem solving skills, organizational skills; builds effective relationships via persuasion with details and facts.
• Ability to look at situations from several points of view while debating issues of importance to the organization.
• Can prioritize work and has excellent time management skills.
• Expert knowledge of mortgage lending and compliance regulations and underwriting guidelines for multiple agencies and investors.
• Exceptional analytical and organizational skills with attention to detail.
• Communicate clearly with senior management and external stakeholders, making insightful recommendations.
Physical Requirements of Essential Job Functions:
While performing the duties of this position, the employee is frequently required to sit, communicate, reach and manipulate objects, tools or controls. Minimal physical exertion. Duties involve moving materials weighting up to 10 pounds on a regular basis and up to 20 pounds on an occasional basis. Manual dexterity and coordination are required over 75% of the work period while operating equipment such as computer keyboard, mouse, 10-key calculator, phone, and similar machines.
Working Conditions:
Indoor, environmentally controlled, usual office working conditions. The noise level in the work environment is typical of most office environments with telephones, personal interruptions, and background noises.
This position includes a great deal of responsibility and will work with a range of co-workers anywhere from our frontline staff to our President/CEO. Applicants must be able to follow and enforce procedures and regulations every day and must also maintain a positive attitude.
**This job description is only a summary of the typical functions of the job, not an exhaustive or comprehensive list of all possible job responsibilities, tasks, and duties. The employee will be required to follow any other instructions and to perform any other duties required by his or her supervisor. The responsibilities, tasks, and duties of the jobholder might differ from those outlined above and other duties, as assigned, might be part of the job.
We are an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or veteran status.