Vice President of Residential Real Estate Lending

Job Title: Vice President of Residential Real Estate Lending

Department: Mortgage

Reports To: Senior Vice President of Lending / Chief Loan Officer

Location: Worcester, MA (Onsite)

About Us

Established in 1928 and driven by a goal to make life more comfortable for our community, Webster First Federal Credit Union has grown to an over one-billion-dollar financial institution, serving over 90,000 members across our banking and lending services. Our mission is to leverage who we are as a credit union to empower our members to live their best financial lives. We focus on members, not profits, and our values of strength, exceptional service, and “New England authenticity” are at the heart of everything we do.

We can’t do it without an exceptional workforce! With approximately 250 employees spread across 15 locations in Massachusetts, Webster First Federal Credit Union is committed to empowering a diverse and inclusive workforce that is representative of the community we serve. Our members come from all walks of life and, not unintentionally, so do our staff. We hire great people from a wide variety of backgrounds, not just because it’s the right thing to do, but because it makes us stronger.

Summary

The Vice President of Residential Real Estate Lending is responsible for managing the operation of the Credit Union’s Mortgage department including processing, underwriting, pre/post-closing, and servicing of residential loans. The Vice President of Residential Real Estate Lending will work closely with Mortgage Loan Originators to ensure alignment to meet the residential loan goals of the Credit Union.

The Vice President of Residential Real Estate Lending is responsible to ensure that all residential loans comply with all federal, state, and municipal regulations (including but not limited to RESPA, HMDA, FFHA, Flood, FCA, TILA, and Right of Recission, etc.) and thus requires a thorough knowledge of real estate transactions, mortgage processing, underwriting, and servicing including adherence to FNMA and FHLMC standards and secondary market operations.

Essential Duties And Responsibilities

• Direct, lead, and manage daily activities of the Mortgage department to ensure review and approval guidelines and metrics are being achieved.
• Create a pipeline management process to ensure efficiency and that timeline requirements and goals are met. Cure issues that can improve the workflow.
• Oversee, assist, mentor, and motivate team members to create a strong operational group that focuses on continuous improvement to advance existing methods and service goals.
• Support the implementation and administration of policies and procedures to ensure compliance with various federal, state, and municipal regulations as well as investor and Credit Union expectations and requirements.
• Develop, manage, and improve operations related to the sale, delivery, and servicing of loans to FHLMC and other secondary market investors.
• Analyzes and coordinates new technology initiatives and business process improvements.
• Implement and oversee Quality Control measures within the Mortgage department to assure consistency and accuracy. Provide responses to the Senior Vice President of Lending / Chief Loan Officer, auditors, and examiners regarding audits.
• Maintain relevant aspects of the Credit Union’s fair lending compliance management system including activities related to ongoing government reporting and monitoring.
• Assist the Senior Vice President of Lending / Chief Loan Officer in product development, enhancements, and promotions which are harmonious with the Credit Union’s overall strategic plan.
• Perform routine quality checks on work performed by team members to ensure ongoing quality expectations are met or exceeded.
• Monitor and manage the timeliness and quality of disclosures, processing and closing pipelines, and provide routine status reports as requested.
• Serve as an administrator of the Credit Union’s residential loan origination system (LOS) and point-of-sale (POS) application system.
• Works with system providers to ensure the Lending functions operate at maximum efficiency and research, recommends and implements enhancements to the core and add-on systems.
• Resolve, escalate, or remedy Member or personnel issues in a professional manner.
• Identify better ways to address support issues and reduce errors.
• Conduct periodic team meetings to keep personnel updated with information on mortgage compliance, products and services, and system changes.
• Coordinate specialized training for personnel as applicable.
• Exercise the usual authority of a manager concerning staffing, performance appraisals, salary recommendations, promotions and terminations.
• Manage vendor relationships and report any issues through appropriate systems, IT, or management.
• Assures compliance with all applicable State and/or Federal banking regulations, Credit Union policies and procedures including but not limited to the Bank Secrecy Act (BSA), Anti-Money Laundering Program, and Information System Security Policies.
• Promotes overall BSA compliance by adhering to all BSA and OFAC regulations specific to the job function and assisting the Credit Union’s BSA department as necessary with any departmental function specific items.
• Actively promotes the security and privacy of member and employee information through adherence to both information security and physical security policies, procedures, and governing regulations. Training will be completed at least annually for Information Security topics, BSA, and GLBA; annual BSA training will be position specific. Annual training will also include courses on any of the following regulations as they relate to the position described herein: SAFE ACT, Regulations B, C, D, E CC, DD, and Z as well as any training deemed necessary to promote adherence to applicable regulatory requirements.
• Perform other duties as directed.

Qualifications/Requirements

• 5+ years of relevant experience
• Thorough knowledge of real estate transactions, mortgage processing, and underwriting including adherence to FNMA and FHLMC standards and secondary market operations
• Proficient in using Loan Origination Software (preferred Encompass)
• Proficient in using Fair Lending Software (preferred QuestSoft and NFairLending)
• Proficient in FHLMC’s Loan Advisor suite
• Highly motivated and goal-driven
• Ability to problem solve and influence others
• Ability to prioritize and work independently
• Ability to organize, interpret, and deliver information
• Ability to use sound judgement as directed
• Excellent verbal and written communication skills including all levels of corporate hierarchy including C-Suite
• General knowledge of banking products and services
• Good collaboration and team skills
• Proficient in MS Office suite (i.e., Microsoft Excel, Microsoft Word, etc.)

Education/Training Experience

Bachelor’s degree in business or related field required.

Physical Demands

This role primarily involves working at a desk, using a computer, and engaging in phone or video conversations. Employees may need to sit for extended periods, move about the office, and occasionally lift or carry items up to 20 pounds. Reasonable accommodations will be provided as needed.

Work Environment

This is a professional office environment with moderate noise levels and periods of higher activity, such as increased call volumes. Employees should be comfortable working in a fast-paced setting with occasional interruptions.