Founded in early 2008, Fay Servicing is committed to providing innovative servicing solutions for both performing and non-performing mortgage loans. As a specialty mortgage servicer and originator who sees the customer behind every loan, we understand that our customers aren’t loan numbers — they’re homeowners.
Before founding our company, we conducted an exhaustive analysis of the mortgage servicing industry and gained valuable insight into the problems facing mortgage servicers and their customers. With that insight, we set out to build a different kind of servicing company from the ground up.Come join us on our journey to serve our customers and be the leader in our industry! We are currently looking for a VP, Loss Mitigation to join our team.The VP, Loss Mitigation will have day-to-day accountability for processing and underwriting borrowers’ requests for loss mitigation options, and closing and recording modifications.
This individual will help develop operating plans, procedures, and capacity to ensure the proper and timely processing of accounts with a focus on anticipated business growth. The VP, Loss Mitigation will complete projects and lead/develop teams to streamline processes and achieve the productivity, compliance, efficiency, and quality of a world-class operation. In addition, this individual will be responsible for the oversight of reporting, compliance, and communication with both federal and state borrower assistance programs.
What you will do for Fay:
- Lead, coach, and develop a team of 2-3 direct reports and 15-20 indirect reports
- Centralize and manage the opening and underwriting functions of Fay’s loss mitigation campaigns, including loss mitigation application receipt and review, income calculation, and borrower qualification evaluation to ensure compliance, consistency, and efficiency
- Work with various departments to both create business requirements for and build new reports to ensure all key compliance and SLA steps are captured
- Mitigates compliance risk by ensuring all compliance-related timelines pertaining to the receipt of borrower loss mitigation application acknowledgments and evaluations are met 100% of the time
- Ensure the department adheres to all policies and procedures to ensure compliance with various regulatory, investor, government, and company requirements
- Document end-to-end processes to map out workflows and recommend improvements
- Review, make recommendations for, and update/write new policies and procedures to increase quality, compliance, efficiency, and improve turn times.
- Develop comprehensive intra-departmental Quality Assurance plans, establish a consistent QA review routine, and ensure all results are reported to Fay’s Quality Assurance and Quality Control departments on a monthly basis
- Establish performance metrics to monitor staff productivity and work capacity, allowing for accurate allocation of human resources based on volume growth
- Establish and promote a positive work environment for all staff members
- Conduct performance reviews, and performance improvement plans and handle HR issues
- Provide support to senior management and carry out assigned duties and projects
- Stay abreast of updates to Agency loan modification programs that affect the accuracy and timeliness of loan modification documentation
What you will bring to Fay:
- Bachelor's degree; High school diploma/GED required
- 4-6 years in a key management position with significant responsibility in a large, complex environment
- Excellent team player and able to work independently or with a team to accomplish goals and objectives
- Excellent problem-solving and analytical skills
- 5-10 years of experience in mortgage banking
- Experience with GSEs and regulatory bodies
Diversity, Equity, and Inclusion are deeply embedded into our way of working at Fay. We believe that the best ideas come from having a team that is diverse in backgrounds, experiences, and perspectives. We strive to ensure each of our employees feels valued, respected and included and is presented with equal opportunities to be successful here at Fay. We are proud to be an equal-opportunity workplace. The Fay Group and affiliated companies participate in E-Verify. For more information go to www.dhs.gov/E-Verify.
E-Verify is a registered trademark of the U.S. Department of Homeland Security.
