The Default Oversight Operations Loss Mitigation Manager ensures that the Loss Mitigation (“Functional Area”) default servicing functions performed by the third party servicer(s) meetcontractualobligations,investor guidelines, regulatory and legal requirements and follow generally accepted servicing practices. Also insure the Functional Area processes are completed within GSE and insurer timeframes while meeting all regulatory and compliance requirements in an effort to decrease compensatory fees. This role requires in depth knowledge of the Functional Area processes and allassociatedinvestor and regulatory guidelines. Further, this position isresponsible for managing allinternal Flagstarpartnerships withRisk, IT,Internal (and externalaudits) as a loss mitigation subject matter expert.
- Responsible for understanding and, as required, designing & effecting change to, designated third party servicers’ underlying process(es) to ensure compliance with/adherence to applicable contractual obligations, investor guidelines, regulatory and legal requirements, and Default Servicing Vendor standards as those practice interact with internal Flagstar operations.
- Represents the Functional Area, owns responses and responsiveness to internal risk partners (quality control, risk, compliance, and internal audit), internal business partners (e.g. Customer Engagement Center), external partners (investors/insurers), and other external partners (e.g., MSR owners).
- Responsible for high-risk loss mitigation in-flight servicing transfers and compliance with all applicable CFPB rules associated with the same—this includes mapping, document transfer, and full documentation (life of loss mitigation cycle) for all in-transfer loans.
- Staying abreast of all Functional Area regulatory, state, and investor/insurer requirements impacting default oversight operations.
- Demonstrates a high level of creativity and critical thinking to address problems decisively and develop effective solutions. Reinforces culture of shared ownership and accountability for results.
- Collaborating with other default servicing teams, and otherinternal teams, to assist in the continued development of a best in class default servicing oversight operation.
- 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 is preferred)
- 8+ (minimum) years of specialized experience in default servicing
- 8+ years of experience with servicing systems, including MSP/BKFS templates, and LoanSphere
- 3+ (minimum) years of specialized experience in loss mitigation
- Broad exposure to CFPB, OCC, and investor/insurer requirements
- Strong problem solving & strategic thinking skills with the ability to identify problems and recommend solutions
- Exceptional written and oral communication including facilitation & summarization skills to drive action and results
- Must be highly organized and have a strong attention to detail including the ability to create and maintain documentation
- Ability to work with, lead and consult with all levels in the organization up to and including executives
- Have an innate ability to understand very complex processes and systems, immediately and intuitively understanding how they work and how they can be improved
- Adjusts positively to quickly-changing priorities and shifting goals
- Ability to interact professionally with a diverse group: executives, managers, vendors, and investors
- Strong ability to work with a sense of urgency in a fast pace environment