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Sr Director of Default Servicing

Company: Flagstar Bank
Location: Troy
Posted on: March 17, 2023

Job Description:

The Senior Director of Default Servicing is responsible for the efficient, effective, and compliant servicing of all loans in the Flagstar's delinquent asset portfolio (Flagstar MSR asset, MSR assets serviced for others, and consumer loans). The leader is responsible for developing and implementing the strategy associated with, and managing the two teams critical to this operation: (1) the Collections Call Center; and (2) the Default Servicing Oversight (DSO) Operations, as well as the infrastructure that supports them. The Collections Call center is responsible for efficient, effective, and compliant customer telephone outreach at the early stages of delinquency. The Default Servicing Oversight Team represents each functional area of default (Collections, loss mitigation, foreclosure, bankruptcy, reo), and is responsible for managing Flagstar's two tier-one default servicing vendors (DSVs). Role is responsible for developing and executing the department's strategy to achieve operational excellence, and is responsible for interfacing with senior leadership, and will represent the group to key third parties including clients, investors/insurers, and regulators. In addition to the DSVs, this position has senior-level interaction with Flagstar's various risk groups (QC, compliance, internal audit, etc), external regulatory agencies (OCC, CFPB) and external investors (Fannie Mae, Freddie Mac, FHA).Provide day to day leadership and management to two default operations teams (Collections and DSO) to ensure efficient, effective and compliant servicing of the delinquent asset portfolio with the assistance of management level direct reports

Developing ongoing strategy and vision for default operations in order to achieve and/or surpass all business goals and objectives, while maintaining a conservative perspective of regulatory risk

Monitors and manages third party relationship and operations with default servicing vendors, to ensure Servicing Agreements are follow as expressed for the benefit of the company Evaluating processes performed for improvement to reduce business risk and to ensure overall business model operates to fullest capability and functionality.

Providing, and managing team to provide best in class connectivity and communications with internal risk and business, as well as external client (MSR Owner), investor, and insurer relationships ((Fannie Mae, Freddie Mac, FHA, etc).

Continuously providing expert level strategic direction associated with and comfortably communicating with regulatory agencies and examiners including the OCC and the CFPB.

Job Requirements:

  • HS Diploma, GED or Foreign Equivalent
  • Bachelor's Degree or 10 years comparable work experience
  • Master's or Professional degree in a related field is strongly desired
  • 15 + years of default servicing experience in default servicing, banking or financial services in an operations, legal, consultant and/or other industry role
  • 5+ years of supervisory experience
  • 5+ years in one or more of the following: project management, implementation or strategic planning
  • 5+ years' experience working with regulators and high-risk regulatory issues, preferably OCC, FED, CFPB and GSEs
  • 5+ years in-depth exposure to four or more of the following: loss mitigation, bankruptcy, foreclosure, litigation, and reo asset management
  • 3+ years of vendor management experience in Default Servicing (strong preference)
  • Strong understanding of best practices in Mortgage Banking industry-wide Servicing Operations (end-to-end) as well as regulatory expectations for Servicing Operations in Experience in bridging statistical analysis, technology and process optimization
  • Demonstrated strong leadership and management skills. -
  • Expert knowledge in default servicing, including loss mitigation, foreclosure, bankruptcy and litigation.
  • Effectively communicate complex technical concepts and approaches to a non-technical audience. Have experience in discussing models with regulators and internal reviewers
  • Proven analytical and problem solving skills. Ability to manage stress/deadline pressure
  • Highly effective communication, motivation and coaching skills
  • Proven Leadership skills with an emphasis in performance management
  • Business acumen and independent decision making skills
  • Ability to handle stress and multiple projects with competing interests for time
  • Diagnostic skills with the ability to analyze technical, business and financial issues and alternatives
  • Ability to work independently with minimal direct supervision and as a part of a diverse team
  • Ability to build and maintain effective business relationships, both internal and external
  • Ability to identify areas for continuous improvement and make recommendations

    For internal use only: A Band

Keywords: Flagstar Bank, Troy , Sr Director of Default Servicing, Executive , Troy, Michigan

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