Collateral Initiatives and Support Specialist I

Responsibilities

• Manage the Bank’s ability to perfect security interest in collateral pledged through the Bank’s agreements and UCC filings.
• Manage collateral custody of loans in possession onsite and with Bank engaged third-party custodians.
• Respond to member’s requests to pledge new types of collateral.
• Affirmatively assist with vault management: Ensure the proper safekeeping of documents and files physically held in the Bank’s vault.
• File, amend, search, or review UCC Financing Statements in a timely manner.
• Perform Large Loan Collateral (CRE) Reviews.
• Affirmatively assist with vault activities including monitoring documentation movement, updating inventory, etc.
• Ensure timely response to release of collateral files back to members.
• Perform annual vault reconciliation.
• Review mortgage documentation: Process, review and reconcile all mortgage collateral documentation submissions to ensure compliance with procedures and assess eligibility as collateral.
• Create inventory of all documentation exceptions cited during loan review for each Member.
• Notify members with exceptions cited during loan review, help members to resolve exceptions, and work towards a timely resolution.
• Ensure eligibility status for members are properly recorded and barcoded in the collateral system.
• Perform vault inspections: Occasional travel to perform vault inspections of member and/or custodian locations as required.
• Perform operational review visits to custodial sites to confirm eligibility of their facility and services for third party custody providers.
• Perform site verification when members collateral category are changed.
• Affirmatively assist with incoming member requests for third party pledging, and other Collateral Initiatives and Support functions as documented in standard operating procedures.
• Conduct loan reviews for large CRE and Multifamily mortgages by performing re-underwriting, financial analysis, and review prospective pledge for compliance with Bank’s collateral requirements.
• Prepare written recommendation regarding whether to accept proposed mortgage for pledging.
• Ensure timely completion of all UCC activities for new and existing members as outlined in Bank standards and procedures.
• Order UCC searches, execute UCC-3 amendments including timely continuations, name and address amendments.
• Support member third party pledging by coordinating with legal department and collateral management any contract changes.
• Ensure that all third-party custodians and servicers have collateral rights agreements executed.
• Manage the relationship between the Bank and third-party custodians and coordinate pledge process within Collateral Risk.
• Perform annual on-site audits of Bank engaged third party custodians.
• Provide support for legal agreements, document retention and tracking: Prepare legal agreements to support collateral from members (i.e., third party pledge agreements, Collateral Rights Agreements, MERS Agreements and other documents, etc.).
• Work with legal counsel regarding the review of agreements as it relates to Collateral pledge activities.
• Maintain, track and monitor member documentation (i.e., UCC related documentation, compliance of Representation and Warranties, member questionnaires, MERS documentation and tracking, etc.).
• Affirmatively assist with collateral pledge requests: Assist with collateral requests, category changes, legal and regulatory updates.
• Work with management and areas with the Bank’s timely response to member requests for guidance regarding collateral pledge needs.
• Prepare memos for system update to set up collateral pledge.
• Inform customers of collateral added to their position through email communication while updating the change in status in the collateral request database (as needed).
• Address Collateral Initiatives Support requests: Research inquiries originated by members, other external departments, internal auditing, examiners and communicate resolution/results in a timely manner.
• Includes performing on-site review of pledged mortgage collateral, with periodic projections of position calculations for collateral affected by changes in category or compliance, respond to inquiries regarding subsidiary/affiliate pledging, etc.

Qualifications

• Strong knowledge of residential and commercial mortgage loan documents to facilitate the validity of loan deliveries and identify loan documentation deficiencies and conduct loan reviews to determine eligibility.
• Highly detailed oriented to safe keep and track mortgage files, their documents, UCC filings, and legal agreements, while maintaining Bank and regulatory compliance.
• Result driven to manage tasks with accuracy to their deadlines.
• Excellent written and oral communication skills, organizational skills, analytical and interpersonal communication skills.
• Being a team player and adapting to changing roles and willing to learn new skills.
• Lead in effective communications with both external members of the Bank and with internal business partners (Legal, Relationship Managers, etc.).
• Proficiency in Microsoft Excel, Access, Word, PowerPoint, etc.
• Knowledge of the mortgage lifecycle.
• Some experience reviewing legal agreements.
• An understanding of collateral arrangements and corporate structures.
• Strong analytical skills in order to perform data analysis and comparisons.
• A working knowledge of Uniform Commercial Code for secured transactions and iLien Online is helpful.
• Experience 3-5 years’ experience with Residential, CRE and Multifamily real estate credit and underwriting analysis, mortgage asset documentation, legal documentation, and vault operation.
• Experience with vault operations and managing mortgage collateral is preferred.