Secondary Market Mortgage Specialist

Position Summary

The Secondary Market Mortgage Specialist will support collaboration and service excellence across FHLBank's teams and membership. The individual will work with colleagues in Business Development & Strategy, in addition to Capital Markets, Centralized Operational Resources, Finance, and Credit Risk to support the Mortgage Partnership Finance (MPF) Program. This role includes creating reports, providing training and technical assistance to members and other mortgage program related functions, mostly in loan servicing and default management.

Primary Success Factors

Participates in the MPF program training function as it relates to servicing and document custody. Responsible for maintaining the approval, operational and loan servicing components of the program to ensure quality delivery to participating members and to ensure safety and soundness and compliance requirements are met. Interacts with Participating Financial Institutions (PFIs), internal personnel and departments who are involved with MPF transactions, the MPF Provider and other MPF Banks to complete tasks and support programmatic goals and strategies. Ability to back up the quality assurance functions when needed.

Provides assistance with operational issues involving commitments, transactions, and loan servicing

Responsible for monitoring, researching and reconciling the various investor remittance structures and PFI's compliance with loan servicing and reporting requirements. Checks remittances for Actual / Actual Master commitments, ensuring the PFI are transferring funds in accordance with program guidelines and assists with biannual quality control review of PFI compliance with process.

Monitors the clearing account held at FHLBank Chicago; transfers monies, generates general ledger and DDA entries, as necessary to account for mortgage transactions. Reconciles daily and monthly origination and servicing reports.

Reviews monthly custodial reports for defects and / or document delivery issues; ensures timely resolution of all exceptions by participants and applicable custody fees are properly accounted for.

Responsible for the mortgage default and loss mitigation process which includes "high level concern" loans, modifications, and repurchases. Works with applicable internal and external stakeholders to ensure compliance with program and regulatory guidelines.

Ability to augment and provide support for Quality Assurance functions, which entail customer support and the quality control function related to loan reviews and predatory lending compliance.

Participates in internal and system- wide meetings, committees, or task forces relative to mortgage system enhancements, new products, risk assessments or any other special projects.

Prepares and distributes the PFI application package to prospective applicants; maintains all application forms. Performs the initial file review, interfacing with prospective members to collect and complete required information, preparing the approval documentation and file set-up within requisite timeframes.

Other tasks may include assisting with the annual eligibility certification process, ensuring timely receipt of information and reviewing for completeness and accuracy; coordination of the master commitment process including amendments and changes to credit enhancement obligation levels; administration of the contract database which includes document input, scanning and system monitoring.

Ensures compliance with applicable policies, procedures and regulations to ensure safe and sound business operations

Required Experience

Bachelor's degree or equivalent work experience; process management or training

Preferred- 3 or more years of experience in Mortgage Banking with emphasis / concentration on mortgage loan servicing including custodial account reconciliation, investor reporting, knowledge of loan servicing systems and vendors, as well as overall operational experience in loan origination, loan closing, packaging and shipping but will consider others with accounting or relevant work experience

Strong interpersonal, written and oral communication, and analytical skills

Ability to learn quickly, manage multiple priorities, coordinate work assignments and responsibilities

Excellent analytical skills- ability to detect problems and or trends and find resolution as well as the ability to read and interpret regulations, guidelines and laws affecting the mortgage program and bank membership

Excellent PC skills- proficiency with MS, Excel, PowerPoint and Word

Candidates with 5+ years' experience in the following will be considered for a higher level role :

Mortgage loan servicing experience, including familiarity with loan servicing software and investor reporting modules

Ability to lead the training of new and dormant MPF Program participants in loan servicing (Actual / Actual or Scheduled / Scheduled remittance types) and default management

Experience with loan servicing accommodations including modifications, deferrals, and forbearance

It is the policy of the Federal Home Loan Bank of Pittsburgh to ensure equal employment opportunity (EEO) for all employees and applicants for employment without regard to race, religion, color, sex, national origin, age, disability status, genetic information, veteran's status, ancestry, sexual orientation or status as a parent as defined by applicable law. It is the Bank's policy to comply with applicable laws concerning the employment of persons with disabilities, including reasonable accommodation for applicants and employees with disabilities.