Acquired Member Asset Compliance Specialist

Team Overview:

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.

Position Overview:

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). QC and custody contact between the MAP team and the QC vendor, custodian vendor including MERS, the guideline publishing vendor and PFIs.

Essential Duties:

• Provide research and analysis of regulatory issues for internal discussion and decision making; related impact to MAP both from the member perspective and the bank.
• Focus on industry news and legislation in order to prepare for potential issues that affect MAP. Reports industry news and concerns to the MAP director and managers at regularly scheduled meetings.
• Assist with managing the due diligence process of newly on-boarded PFIs to ensure they are uploading the documents within the required timeframes, do not have excessive exceptions, and can provide rebuttal documentation to clear any gross exceptions.
• Provide input   for designing, implementing, and updating the workflow process including designing and implementing tracking systems for the QC and custody process, which includes production of QC Scorecard Reports sent to PFIs on a quarterly basis.
• Collaborate with the Senior Quality Assurance Analyst and as well as be their back up. A point of contact and subject matter expert for underwriting, quality control, and custody questions from MAP PFIs and internally for FHLBNY team.
• Monitor PFI performance in coordination with Senior Quality Assurance Analyst as well as Loss Mitigation Specialist. On site member visits may be required depending on the performance issues,
• Assist in managing program documentation including all MAP guides, active participant in the maintenance and update of the AMA internal manager’s manual, MAP application forms and other member correspondence materials for MAP.
• Assist in preparing PFI Notices with guideline changes and holiday announcements to be distributed by marketing.
• Monitor service levels for the document custodian and due diligence vendors.
• Monitor and identify inefficiencies in the workflow processes related to the document custodian and due diligence vendors and provide recommendations to address those issues.
• Document and present loan exceptions and loan repurchase recommendations to directors of MAP and IPM and MAP operations lead.
• Communicate with Credit Policy and Risk on a prospect’s eligibility status for MAP.
• Gather, assemble, package and review MAP prospect applications. Ensure the prospect has sufficient processes in place to be able to sell mortgage loans to the FHLBNY including a review of their QC and servicing practices, employee experience, APL policies, insurance coverages, and current delinquency.  Present recommendations to Director of MAP and Operations Lead.
• Attend on-site member interviews with Member Relationship Manager to cultivate prospects to participate in MAP.
• •Assist with completing the annual recertification of all members’ good standing status for MAP and MPF which entails monitoring and reviewing the accurate completion of the OG1 forms for MPF and the ASSC1 form for MAP. Follow up with PFIs to submit forms and correct any errors prior to the assigned deadlines. Report results to the Director of MAP.
• Responsible for ensuring TILA letters are prepared accurately and mailed in compliance with regulatory guidelines. Manage the relationship with the TILA vendor, Quadient, to include invoice reviews and troubleshooting when necessary.
• Assist in Creating and distributing the yearly Recognizing and Reporting Fraudulent Instrument training to the AMA staff. Monitor and record the completion of the training as required by Operational Risk.

Other Duties:

• Provide back-up in the department as necessary

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, both individually and as part of a team
• A demonstrated capacity for cultivating and maintaining client relationships both in person and remotely
• Detailed knowledge of residential mortgage industry/banking and servicing

Experience:

Minimum of five to seven years in the mortgage industry; mortgage origination, mortgage underwriting, mortgage insurance or mortgage servicing preferable in a client facing role. Correspondent lending and secondary mortgage market a plus.

Education:

Bachelor’s degree in business, finance or accounting required with advanced degree in related field preferred.

Salary: $120k to $135K