The Vice President of Residential Lending will have strong leadership and management skills, will be a strategic thinker, have strong credit management skills and a background familiar with regulatory and compliance. This position will propose, initiate and oversee all mortgage loan programs provided by the company; assure that lending activities of the company meets the needs of the customers, comply with all organizational policy and regulatory requirements and are administered to minimize risk to the financial institution. Ultimately responsible that the lending goals are set and achieved and evaluates, responds to changes in regulatory, market and competitive conditions. Develops drafts, maintains and oversees implementation of loan policies, products and strategies. Responsible to lead the strategy, manage the technology delivery channels and expand mortgage lending at Stanford Federal Credit Union.
Major Duties & Roles
- Promotes all aspects of any department project and allocates financial and talent resources appropriately;
- Develops, drafts and applies mortgage lending policies and procedures in conjunction with the SVP, CLO and maintains compliance with SFCU, Regulatory and Investor Guidelines. Ensures the compliance of all real estate loan products, procedures and policies.
- Manage direct reports to maximize productivity, efficiency, and the potential of the human assets of the company, including hiring, directing job assignments, monitoring staff performance, coaching, counseling, training, assuring compliance with regulatory requirements and organizational mission, values, policies, procedures and employee work rules. Appraise performance and provide recommendations for staff compensation, promotion and termination as appropriate.
- Knowledge and direct experience working with a Mortgage LOS. Will be responsible for administration, performance and optimization of the mortgage system(s).
- Analyses and develops departments metrics and prepares reports for review by SVP, Chief Lending Officer and Executive team.
- Maintain and review monthly statistics on management and reports to evaluate quality of loan applications submitted from various channels and the quality of loan decisions made by underwriters. Manages and monitors the Real Estate pipeline to ensure that loans are processed in a timely manner.
- Make recommendations for changes or additions to loan programs, processes or services, workflow, delivery channels which offer expanded benefits to credit union customers. Implements approved loan products and processes throughout the financial institution.
- Oversees underwriting and approval of all real estate loan applications in accordance with SFCU, Investor and Regulatory Guidelines. Reviews loan documentation to ensure that it accurately describes loan products and remains in compliance with SFCU, secondary market quality control, Investor and Regulatory Guidelines.
- Manages the secondary market function including: overseeing the lock desk, rate lock extensions, secondary market commitments, loans sales and delivery.
- Monitors that member service is being provided by every employee in the department and provide whatever coaching necessary to ensure it meets our high level of member satisfaction requirements. Manages the Department's net Promotor Score in accordance with credit union goals and coaches team members when appropriate.
- Monitors third vendor services to ensure delivery of quality product and service in a cost-efficient manner. Interviews potential vendors for future use. Responsible for Department expense management, monitoring and control.
- Promotes business development efforts through: developing and executing outreach programs for new members, residential realtors and affinity groups, Select Employee Group visits, and conducting seminars and information fairs for member and potential members.
- Must comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, the Office of Foreign Assets Control, Fannie Mae seller guidelines, internal Policies & Procedures and all Regulatory Guidelines.
- Other duties may be assigned.
Knowledge & Skills
Experience:Eight to ten years of similar or related experience and/or training; or equivalent combination of education and preparatory experience. requires well-rounded knowledge of the Banking an/or Credit Union industry, regulations, secondary mortgage market guidelines and operations as would normally be obtained by seven or more years' experience at a managerial or supervisory position in a financial institution.
Education, Certifications, and Licenses:Bachelor's degree from a four-year college or university. Participation is a formal credit training program is preferred.