The Federal Home Loan Bank of Chicago
Sr. Director, MPF Servicing Portfolio Management
The Federal Home Loan Bank of Chicago, Chicago, Illinois, United States, 60290
At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.
Collaborative, in-office operating model
Retirement program (401k and Pension)
Medical, dental and vision insurance
Lifestyle Spending Account
Competitive PTO plan
11 paid holidays per year
Who we are:
FHLBank Chicago partners with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for their community investment activities. We are one of 11 Federal Home Loan Banks created by Congress in 1932 as a government sponsored enterprise to support mortgage lending and community investment. We are member owned and member focused. Our members include banks, credit unions, insurance companies and CDFIs.
What it's like to work here:
At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us.
What you'll do:
The Senior Director, Servicing Portfolio Management will have broad responsibility for management and oversight of the servicing of residential mortgage loans funded through the Mortgage Partnership Finance (MPF) Program, a secondary market channel used by FHLBank Member institutions. This leadership role will partner closely with internal stakeholders and external servicers and investors to lead the vision, strategy, operational execution, and performance management for the MPF Program's $70B portfolio serviced by 1,000+ institutions nationally on behalf of various investors. This role requires a strategic thinker with excellent leadership, communication, and organizational skills with deep mortgage industry knowledge, experience with current servicing technology standards, and in-depth expertise in investor guidelines and loss mitigation products and strategies. The individual will oversee the teams dedicated to the servicing and administration of the portfolio, guiding them towards achieving key performance goals. The ideal candidate will have experience with both the servicing and secondary investor side of the industry, and will be a strong collaborator with a focus on continuous improvement as the MPF Program evolves in size and scope.
How you'll make an impact:
Strategy and Guidelines:
Collaborate with cross-functional partners to ensure that the vision, strategy, and guidelines directing MPF Program servicing are clear, compliant, well documented, and comprehensively reflect objectives for borrowers, servicers, and investors.
Operations Enabled by Technology:
Drive engagement with customers and stakeholders to ensure processes and technology supporting cash remittance and data collection efforts are efficient and aligned with industry best practices.
Performance Management:
Oversee portfolio performance with a focus on servicer level performance assessments and overall default management, including research, promoting, and optimizing loss mitigation products and strategies.
What you can expect:
Enhance and refine the MPF Program's servicing strategy, with a focus on driving strong operations enabled by technology and an exceptional customer experience.
Partner with legal, risk, and compliance teams to ensure servicing strategies, processes, and external guidelines align with regulatory and compliance standards.
Collaborate with policy and other stakeholders on ownership of MPF Program servicing guides.
Own and actively manage key third-party relationships, including end investors and vendors responsible for master servicing, custody, appraisals or other valuation assessments, and other data or service needs.
Serve as the primary business point of contact responsible for third-party driven servicing reviews, audits, or information requests, including investor reviews and regulatory or audit driven engagements.
Maintain robust servicing retained and released options available to MPF Program sellers across all product offerings.
Partner with risk and counterparty stakeholders on review and approval of industry partners, particularly the use of non-FHLBank Member servicers as aggregators or purchasers of MPF Program Mortgage Servicing Rights (MSR) under certain scenarios.
Oversee the performance of the portfolio, maintaining strategies and procedures for addressing non-performing loans, REO, claims, and loss handling.
Ensure availability of solutions to address borrower, servicer, and investor financial performance objectives and to minimize risk of loss.
Partner with policy colleagues to drive default and loss mitigation strategies and continually monitor industry developments to address current and potential future challenges.
Maintain a strong framework to assess the quality of third-party reports such as appraisals, environmental reports, and property condition assessments.
What you'll bring:
Bachelor's degree in accounting, finance, business, economics, or related field, or equivalent work experience
Master's degree a plus
10+ years of experience in financial services and residential mortgage servicing. Experience with both the servicing and secondary investor side of the industry preferred
Extensive experience in mortgage servicing operations, including loan servicing, custody, default management, and loss mitigation
Deep understanding of mortgage industry regulations and compliance requirements
Proven leadership skills (3+ years) with a track record of managing large teams and achieving operational and strategic goals
Strong analytical skills and business acumen to make informed, data-driven decisions
Excellent communication and interpersonal skills to effectively interact with customers, vendors, investors, and internal stakeholders
Proficiency in mortgage servicing systems and technology platforms
The perks:
We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program. Our retirement program includes a 401(k) and pension plan. Our well-being program supports employees at work and in their personal lives: Our PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for well-being activities; and our downtown location offers easy access to public transportation and views from our rooftop. Visit FHLBCbenefits.com for additional details about our benefits.
Salary Range: $217,550.00-$382,325.00
The above represents the expected salary range for this job requisition. We may consider your experience and other factors in determining pay. In addition to base salary, a comprehensive benefits package is offered.
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Collaborative, in-office operating model
Retirement program (401k and Pension)
Medical, dental and vision insurance
Lifestyle Spending Account
Competitive PTO plan
11 paid holidays per year
Who we are:
FHLBank Chicago partners with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for their community investment activities. We are one of 11 Federal Home Loan Banks created by Congress in 1932 as a government sponsored enterprise to support mortgage lending and community investment. We are member owned and member focused. Our members include banks, credit unions, insurance companies and CDFIs.
What it's like to work here:
At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us.
What you'll do:
The Senior Director, Servicing Portfolio Management will have broad responsibility for management and oversight of the servicing of residential mortgage loans funded through the Mortgage Partnership Finance (MPF) Program, a secondary market channel used by FHLBank Member institutions. This leadership role will partner closely with internal stakeholders and external servicers and investors to lead the vision, strategy, operational execution, and performance management for the MPF Program's $70B portfolio serviced by 1,000+ institutions nationally on behalf of various investors. This role requires a strategic thinker with excellent leadership, communication, and organizational skills with deep mortgage industry knowledge, experience with current servicing technology standards, and in-depth expertise in investor guidelines and loss mitigation products and strategies. The individual will oversee the teams dedicated to the servicing and administration of the portfolio, guiding them towards achieving key performance goals. The ideal candidate will have experience with both the servicing and secondary investor side of the industry, and will be a strong collaborator with a focus on continuous improvement as the MPF Program evolves in size and scope.
How you'll make an impact:
Strategy and Guidelines:
Collaborate with cross-functional partners to ensure that the vision, strategy, and guidelines directing MPF Program servicing are clear, compliant, well documented, and comprehensively reflect objectives for borrowers, servicers, and investors.
Operations Enabled by Technology:
Drive engagement with customers and stakeholders to ensure processes and technology supporting cash remittance and data collection efforts are efficient and aligned with industry best practices.
Performance Management:
Oversee portfolio performance with a focus on servicer level performance assessments and overall default management, including research, promoting, and optimizing loss mitigation products and strategies.
What you can expect:
Enhance and refine the MPF Program's servicing strategy, with a focus on driving strong operations enabled by technology and an exceptional customer experience.
Partner with legal, risk, and compliance teams to ensure servicing strategies, processes, and external guidelines align with regulatory and compliance standards.
Collaborate with policy and other stakeholders on ownership of MPF Program servicing guides.
Own and actively manage key third-party relationships, including end investors and vendors responsible for master servicing, custody, appraisals or other valuation assessments, and other data or service needs.
Serve as the primary business point of contact responsible for third-party driven servicing reviews, audits, or information requests, including investor reviews and regulatory or audit driven engagements.
Maintain robust servicing retained and released options available to MPF Program sellers across all product offerings.
Partner with risk and counterparty stakeholders on review and approval of industry partners, particularly the use of non-FHLBank Member servicers as aggregators or purchasers of MPF Program Mortgage Servicing Rights (MSR) under certain scenarios.
Oversee the performance of the portfolio, maintaining strategies and procedures for addressing non-performing loans, REO, claims, and loss handling.
Ensure availability of solutions to address borrower, servicer, and investor financial performance objectives and to minimize risk of loss.
Partner with policy colleagues to drive default and loss mitigation strategies and continually monitor industry developments to address current and potential future challenges.
Maintain a strong framework to assess the quality of third-party reports such as appraisals, environmental reports, and property condition assessments.
What you'll bring:
Bachelor's degree in accounting, finance, business, economics, or related field, or equivalent work experience
Master's degree a plus
10+ years of experience in financial services and residential mortgage servicing. Experience with both the servicing and secondary investor side of the industry preferred
Extensive experience in mortgage servicing operations, including loan servicing, custody, default management, and loss mitigation
Deep understanding of mortgage industry regulations and compliance requirements
Proven leadership skills (3+ years) with a track record of managing large teams and achieving operational and strategic goals
Strong analytical skills and business acumen to make informed, data-driven decisions
Excellent communication and interpersonal skills to effectively interact with customers, vendors, investors, and internal stakeholders
Proficiency in mortgage servicing systems and technology platforms
The perks:
We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program. Our retirement program includes a 401(k) and pension plan. Our well-being program supports employees at work and in their personal lives: Our PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for well-being activities; and our downtown location offers easy access to public transportation and views from our rooftop. Visit FHLBCbenefits.com for additional details about our benefits.
Salary Range: $217,550.00-$382,325.00
The above represents the expected salary range for this job requisition. We may consider your experience and other factors in determining pay. In addition to base salary, a comprehensive benefits package is offered.
#J-18808-Ljbffr