The Chief Residential Appraiser isresponsible for establishing prudent and appropriatevaluation 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 andloans held forinvestment. The person in this position would also assist in the training, mentoring and the continued development of existing Review Staff, new Review Staff andAssociate Staff Appraisers. This position will also work closely with the Operations Manager regarding Departmental functions, as needed. This position isresponsible for verifying the quality and credibility ofvaluations written for the Bank, be well versed in USPAP requirements, AgencyInvestor Requirements, State Licensing Laws and allvaluation-related Federal Regulations. Ensuring the Bank obtains quality and crediblevaluations in a timely manner is essential in makingloans that are both profitable and saleable. Enabling the Bank to provide quality and crediblevaluations to our AgencyInvestors and HFIPortfolio, 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.
- Review and write final resolutions on escalations from staff appraisers on valuations for various business units throughout the Bank. Utilize knowledge and experience to help protect the Bank from increased risk of loss and delinquencies.
- Lead monthly Appraiser Eligibility Status Committee meetings.
- Manage staff production and delegate tasks appropriately to ensure that department is meeting service level agreements while ensuring compliance. Continuously seek out opportunities to mentor, train and improve skillset of review staff. Develop and implement contemporary training for review staff, underwriters and other bank associates.
- Appraiser Eligibility Rebuttal Reviews. Appraisers made ineligible frequently provide a rebuttal. Staff Appraisers will revisit the case, reconcile additional data, consider the rebuttal, and determine if removing the appraiser’s eligibility was appropriate. Final decisions on these escalations from appraisers deemed ineligible will be reviewed by Chief Appraiser, as needed.
- Appraisal Management Company oversight. Ensure that the AMC’s on FSB’s panel are performing at an acceptable level. This includes continuous monitoring, evaluating and scoring AMC performance. Also includes directly addressing valuation quality issues immediately, with follow-up discussions at monthly AMC scorecard meetings. Assisting in annual AMC audits.
- Maintaining corporate policy and departmental procedures.
- 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.
- High School Diploma, GED or Foreign Equivalent is required. Bachelor’s Degree in Business or Finance is preferred.
- 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
- 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.
- Basic knowledge of Microsoft Word, Excel, Outlook, PowerPoint and other frequently used reports and programs is required
- This position requires the ability to manage staff, read and comprehend complex appraisal reports, and the ability to provide professionally written resolutions in a manner that is clear, concise, and reasonable.
- Prior experience managing appraisal/valuation department and/or appraisal staff at a regulated institution is a plus.
- Experience as a Chief Appraiser a strong plus.
- Experience in credit risk, or regulatory affairs would also be a plus.
- Appraisal License or Certification is required