The Servicing Risk Manager in the Performing Servicing division is responsible for providing strategic support to the core servicing business units by managing risk related functions including issue self-identification, risk and control assessments, compliance and fraud assessments. Risk Manager supports Senior and Executive Management with issue trending and overall process and documentation control support. The role is designed to evaluate, identify, and implement areas of needed improvement with process strengthening in a fast moving environment. Risk Manager will follow process and project methodology to assess current state of risk and associated controls to then develop and recommend updates to business owners in alignment with best in class service, while remaining compliant with regulatory and investor guidelines. Also functions as the primary point of contact for internal risk partners on regulatory action plan(s) related to tracking, status updates and training & documentation within operations teams. Must have working knowledge of servicing regulations, guidelines and requirements.
Audits/Exams/Reviews – Oversee audits, exams, and reviews which impact Performing Servicing, including all Regulatory, subservicing and/or rating agency exams. Responsibilities include coordination and communication with all applicable business units, information request responses, loan level review of processes, controls, reporting, and exception management to craft the business unit response and/or rebuttal, as well as 100% quality control. Manage audit, exam, and review process from start to finish. Responsibilities includes working directly with examiners and Senior Management as well as investors, regulators, auditors, and outside consultants and attorneys. For significant exams (i.e. FDPA, Credit Bureau Reporting, etc.) craft and distribute daily status updates to senior and executive leadership.
Enterprise Risk Management Self Identification Issues and divisional assessments –Manage all divisional self-identified issues including a full assessment of the issue, submission to the Enterprise Risk Management (ERM) division, and the tracking and implementation of remediation or resolution actions taken; including but not limited to testing and validation in support of the business unit operations teams. Risk assessments include an annual Consumer Compliance Assessment, Risk and Controls Assessment, and Fraud Assessment. Any applicable losses are reported and tracked through the ERM operational loss reporting process.
Regulatory and Legal Matters– Analyze and support the execution of servicing action plans (including investors and regulators) and documentation including response submissions. Oversee business unit activities for regulatory and legal matters. Must track and clear all findings and recommendations in a timely manner with communication to Senior Management. Receive, track, and analyze any state law changes which need operational process updates. Work with business units where applicable to ensure state laws relevant to Flagstar and/or Flagstar subserviced clients are understood and adhered to by business unit operations teams.
Project Lifecycle. Identify and define the operational opportunities, collect and analyze data and requirements, evaluate processes and procedures, develop recommendations to resolve the issue as part of an action plan, support testing and implementation, including policy and procedures updates and drive project through production rollout, including official publication. Independently craft solutions with measurable results (streamlined processes and reduction in cost). All process changes that stem from an Enterprise Risk Management (ERM) issue are required to be managed through the official ERM self-identification process including potential operational loss reporting.
Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
Bachelor’s Degree Required with Field of study: Business, Management, Finance, Law Required
or 10 years of Comparable Work Experience
Professional Certifications: PMP, CIPP, Six Sigma
5-6 years mortgage servicing experience, including risk management such as issue identification, root cause analysis, and remediations. This experience may be in the form of compliance and/or oversight of servicing operations.
Maintain the highest levels of confidentiality
Comfortable in Microsoft Visio, Project, Access, Publisher, Excel, PowerPoint, Word
Must have regulatory working experience and proficient knowledge of investor guidelines
Working knowledge of operational best practices and working knowledge of risk and control frameworks for Servicing Operations
Focused on creation of efficiencies, root cause analysis, and process improvements
Strong problem solving and negotiation skills with an ability to identify problems and recommend solutions quickly
Exceptional written and oral communication
Must be highly organized self-starter and independent worker with a strong attention to detail
Must have the ability to work with, lead, and consult with all levels in the organization up to and including executives
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