Recourse Source Specialist

Position Title

Recourse Source Specialist

 

Location

Troy, MI 48098

 

Job Summary

Pay Range: 86-112K

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.

 

Job 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.

Job 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.

Internal Use Only:  Band E

Flagstar is an Equal Opportunity Employer

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Please click the following link for detailed information: Benefits | Flagstar Bank