Recourse Source Specialist

Flagstar Bank • Troy, AL

13d • $86 - $112

About The Position

This job is responsible for mitigating the bank’s potential repurchase-loss risk, and providing cost savings to the company by refuting Demands made by Investor, Servicer and /or Mortgage Insurance (MI) Company partners.

Requirements

• High School / High School Equivalency (GED, HiSET, TASC) / Foreign Equivalent, required
• Bachelor’s Degree plus 3-4 years of mortgage underwriting experience – OR - 7-10 years of extensive mortgage underwriting experience with a background in the identification of mortgage credit misrepresentation.
• Two year track record of Investor / Servicer / MI Company negotiations.
• 3 - 5 year track record of managing a team.
• Training in Underwriting, Credit and Repurchase Risk.
• Excellent written and verbal communication skills, pipeline and time-management skills, legacy GSE underwriting / credit guideline knowledge.
• Self-starter, self-directed, influential, articulate and ability to distill complex information into easily understandable content.
• Demonstrated ability to define and resolve problems, exercise sound judgement and make good decisions.
• Ability to establish critical timelines and effectively drive team and operations to meet deadline expectations.
• Proficiency in Word and Excel is preferred.
• This job requires a moderate degree of physical exertion and stamina such as standing, sitting, walking, driving or infrequent lifting.

Nice To Haves

• Proficiency in Word and Excel is preferred.

Responsibilities

• Manage the bank’s Repurchase, Make-Whole, MI Deficiency, and MI Curtailment potential loss exposure.
• Ensure timely appeal / repurchase in accordance with various Investor, Servicer, and MI Company requirements.
• Communicate with internal / external business partners regarding Demand-level issues, deliver repurchase root-cause analysis to management peer group, conduct monthly (or as needed) pipeline status calls, and elevate issues as warranted.
• Participate in regulatory exams to assist senior management in the representation of the Claims Mitigation function.
• Manage and coach a team of Auditors, Intake /Reporting / Funding Analysts.
• Provide timely responses to staff questions / concerns and conduct on-going training.
• Identify and communicate team goals and conducts regular assessments to ensure processes and procedures are efficient and meeting the needs of the business.
• Maintain Quality Control process and ensure appropriate feedback is provided; Develop Employee Scorecards to track performance and identify opportunities for improvement and recognition.
• Talent Management includes, but is not limited to: conduct performance appraisals, coach and develop staff, hold accountability meetings, conduct team performance meetings, perform employee observations, maintain a manager action plan, maintain a low performer action plan, ensure cross training/back-up is available, implement succession planning, ensure all staff comply with compliance requirements, successfully exercise the usual authority of a manager.
• Establish and implement written procedures as needed/required.
• Enhance and update the departmental Auditor, Analyst, and Funding Training Manuals; maintain knowledge of relevant Investor, Servicer, and MI Company policies; identify process inefficiencies, and introduce database utilization changes / enhancements through effective communication and collaboration with other cross-divisional teams.
• Oversee 70+ external and initial reports; manage SOX controls; identify / produce key exposure and recovery analytics based on historical / current trends.
• Ensure that all efforts to prevent Repurchase / Curative Fee losses have been exhausted, including reviewing appeals, elevating Demand disputes, negotiating losses, and requesting alternative resolutions, when necessary.
• Make sound decisions with respect to the validity of the Demands being submitted for funding, and provide clear justification to second-level management to support final repurchase / loan funding decisions.
• Ensure that the bank’s overall repurchase-loss risk is mitigated.
• 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.

Benefits

• Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: High school or GED