Founded in 1982, GMAC-RFC (Residential Funding Corporation) was one of the first mortgage conduits in the U.S. to focus on buying and securitizing single-family mortgages, with loan balances above the purchasing authority of the government-sponsored enterprises (jumbo mortgages).
We purchased loans in the secondary market from a variety of originators (for example, mortgage bankers) and sold them as mortgage-backed securities (MBS) to fixed-income institutional investors.
Company Website
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| Company: |
GMAC ResCap |
Base Pay: |
N/A |
| Location: |
 US-PA-Fort Washington
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Other Pay: |
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| Industry: |
Other Great Industries |
Req'd Education: |
None |
| Employee Type: |
Full-Time |
Req'd Experience: |
At least 5 year(s) |
| Manages Others: |
Not Specified |
Req'd Travel: |
Negligible |
| Job Type: |
Finance
Banking |
Relocation Covered: |
No |
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| Contact: |
Recruiter |
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| Phone: |
Not Available |
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| Email: |
Send Email Now |
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| Fax: |
Not Available |
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| Ref ID: |
11039.9928915 |
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Purpose and Scope:
The Investor Repurchase Manager exists in order to assist the Director of Investor Repurchase in the day to day operations and oversight of the Repurchase Team.The Manager is responsible for monitoring production of audit staff to ensure investor repurchase requests, and mortgage insurance rescission notices are reviewed and responded to in a timely manner, in accordance with investor requirements. Manager must have ability to train Auditors to investigate investor repurchase demands and mortgage insurance rescission notices and to respond findings using the latest technology, tools and vendor resources. Must possess an in depth knowledge of company guidelines, products and programs. The position requires a close working relationship with investors’ as well as mortgage insurance account management teams.The Manager will work with repurchase team to make recommendations for improvements to internal and external processes as well as for data management and reporting. The Manager will oversee the repurchase staff which includes participation in the hiring, counseling, performance planning, performance evaluations and training on an ongoing basis. This position requires a close working relationship with Capital Market, Servicing, Legal, and Lending Channel leadership to understand specific repurchase requests and the impact the requests have on the organization.
Major Accountabilities:
1. Responsible for second level review of loans recommended for repurchase by the audit staff. Train and develop new staff members to ensure consistent audit reviews and provide timely feedback on second level reviews for seasoned auditors.
2. Ensure that repurchase requests are moved through the review process in a timely manner and responses to investors’ or mortgage insurance companies’ demands are made in accordance with investor’s requirements.
3. Ensure no investor repurchase requests are aged beyond investor requirements.
4. Manages Audit team on individual and team productivity, quality, goals as well as auditor successful rescission/reinstatement rates.
5. Monitor loan file retrieval progress and follow up with QC Support and Records Management on all outstanding loan files.
6. Responsible for completing monthly repurchase reports and presenting to Director for final approval.Analyze results to identify trends and potential process improvements.
7. Serve as a subject matter expert to audit team.
8. Updating/revising the Repurchase Policy and Procedures Manual.
9. Responsible for making recommendations and taking a leadership role in implementing department processes and improvements.
10. Facilitate origination channel action plans and provide recommendations to reduce overall error rates
11. Stay current on organizational, product, underwriting and Investor changes in all origination channels and disseminate information to audit personnel (when needed) in order to ensure the continued effectiveness of the Repurchase process.
12. Participate in and coordinate special projects as needed.
13. Manage goals, performance evaluations and PTO time for audit and support staff.
Qualifications required:
1. Four year college degree or equivalent work experience.
2. Five to eight years residential mortgage lending experience required, with experience in Quality Control, Audit, Underwriting and/or Risk Management are preferred.
3. Two to three years personnel management and/or supervision experience is required.
4. Must be a team player with the ability to see the big picture
5. Excellent written and verbal communication skills, as well as problem resolution skills required.
6. Excellent time management and the ability to manage multiple tasks and meet deadlines are required
7. Proficiency in the use of spreadsheet and word processing software required
Technical Skills:
1. Review and identified investors’ audit findings select an appropriate rating and course of action.
2. Extensive knowledge of mortgage loan origination policies and procedures.
3. Extensive knowledge of Automated Underwriting Systems specifically Desktop Underwriter, Loan Prospector, and Assetwise.
4. Expertise in fraud related research, analysis and risk assessment
5. Comprehensive knowledge of Microsoft Word, Excel, and Internet applications
6. Strong organizational, analytical and work management skills
Personal Competencies:
Ability to make sound decisions related to gathering and sharing confidential information
Ability to exercise independent judgment on complex risk issues
Ability to clearly present and support findings and appeals, assimilating issues to ensure and accurate and thorough understanding of the overall picture
Ability to communicate effectively to all levels of management and make sound recommendations in the best interest of the organization
Ability to prioritize workload and balance multiple projects as well as adjust to changing priorities
Demonstrate organization time management skills including the ability to set and meet difficult deadlines and service level agreements
Results oriented team player
Conditions of Work:
Position is goal and deadline oriented, and performance will be measured in part by completing agreed upon goals and meeting established deadlines.
While this job description is intended to be an accurate reflection of the job requirements, management reserves the rights to modify, add, or remove duties from particular jobs and to assign other duties as nec
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