The Special Assets Center of Competency safeguards Cenlar's and our partners' financial interests by managing receivables, addressing unique loan conditions involving cash, and monitoring distressed loans with higher credit and financial risks. This team is responsible for reconciling and balancing loan and bank balances, as well as ensuring the accurate collection and distribution of funds within allowable guidelines and limits.
A critical function of the Vice President, Financing Solutions and Loss Analysis involves overseeing the Loss Analysis processes, which is performed following the liquidation and post-liquidation advance recovery processes. This analysis involves preparing a profit and loss statement to reconcile advances and recoveries for each loan. To the extent there are unrecovered losses, the function is responsible for researching the root cause to determine responsible party for the loss, clearly and transparently. The function is also responsible for continuous improvement in our asset management related to these advances to minimize those which are deemed unrecoverable, treating our guarantors', insurers', and clients' funds as our own.
In addition, this role is instrumental in developing the operational infrastructure for managing new products and services, including Servicing Advance Financing, Financing of Mortgage Servicing Rights, and other collateralized assets. The Vice President will work closely with the Vice President, Special Assets to design, implement, and run the infrastructure to perform these future services for our bank clients. The individual will work closely with the SVP, Portfolio Management to identify our financial and credit risk positions on these financing vehicles.
Responsibilities:
1. Loss Analysis
Oversee the Loss Analysis processes following liquidation and post-liquidation advance recovery.
Create an automated process enabling preparation of profit and loss statements to reconcile advances and recoveries for each loan.
Lead a team of analysts performing investigation and identification of the root cause of unrecovered losses to determine the responsible party.
Ensure transparent and accurate reporting of loss analysis findings.
Develop and maintain documentation and procedures for loss analysis processes.
Provide insights and recommendations to senior management based on loss analysis outcomes.
2. Asset Management and Continuous Improvement
Develop proactive monitoring of Cenlar and client portfolio around conditions that could lead to the inability to collect advance reimbursements from investors, insurers, and guarantors.
Ensure operations are compliant with agency and client requirements and demonstrate prudent management over operational and financial risks.
Implement continuous improvement strategies to minimize unrecoverable advances.
Treat guarantors', insurers', and clients' funds with the utmost care and responsibility.
Collaborate with internal teams to enhance asset management practices related to advances.
3. New Product Implementation around Financing Vehicles
Develop and implement the operational infrastructure for new financing products and services, including Servicing Advance Financing and Financing of Mortgage Servicing Rights.
Collaborate with the Vice President, Special Assets to design and execute processes for managing new collateralized assets.
Work closely with the SVP, Portfolio Management to assess and manage financial and credit risk positions associated with new financing vehicles.
Ensure compliance with regulatory requirements and internal policies for new product offerings.
Lead cross-functional teams to integrate new products into existing systems and workflows.
Monitor the performance and effectiveness of new financing solutions, making adjustments as necessary.
Provide strategic insights and recommendations to senior management on the development and enhancement of financing products.
Oversee the training and development of staff to support new product implementation and management.
Foster relationships with external partners and stakeholders to facilitate the successful launch and operation of new financing services.
Continuously evaluate market trends and competitor offerings to identify opportunities for innovation and improvement in financing solutions.
4. Leadership & Collaboration:
Team Leadership and Development: Lead and mentor your direct reports as well as members of the expanded Special Assets team, fostering a collaborative and high-performance culture. Work effectively with other business units who influence advance outcomes and positions.
Cross-Functional Collaboration: Collaborate with other departments, including Risk Management, Compliance, and Finance, to ensure cohesive strategies and actions. Facilitate communication and coordination to address systemic risks and enhance operational efficiency.
Qualifications:
Experience
Minimum of 15 years of experience in financial services, with a focus on asset management, finance management, loan servicing, advance financing, financing of mortgage servicing rights, and special asset types.
Proven track record in managing distressed loans and high-risk financial assets.
Technical Skills
Strong analytical skills: Ability to conduct thorough risk assessments and financial analyses.
Proficiency in financial modeling and valuation techniques.
Expertise in using financial software and tools for loan servicing and asset management.
Knowledge of regulatory requirements and compliance standards in the banking industry.
Strong data acumen and ability to design data infrastructures to enable data-driven decision making.
Leadership
Proven experience in leading and mentoring high-performing teams.
Ability to work effectively with cross-functional teams and stakeholders.
Capable of articulating complex financial concepts to clients and internal teams.
Ability to develop and execute long-term plans to safeguard financial interests and support business growth.
Education
Bachelor's degree in Finance, Business Administration, Economics, or a related field which may be offset by direct and material experience performing this role.
Master's degree or MBA preferred.
Relevant certifications such as CFA (Chartered Financial Analyst) or FRM (Financial Risk Manager) are desirable.
Competencies
Strategic thinking with a strong ability to translate complex data into actionable insights.
Deep understanding of end-to-end mortgage servicing operations and drivers of financial, credit, and operational risk.
Strong communication skills with the ability to present technical information to senior leadership.
Experience in leading the automation of business processes.
Strong problem solving and analyzing skills to come up with a mutually acceptable solutions.
Excellent coaching and mentoring skills.
Excellent organizational skills and ability to manage multiple large-scale complex projects enterprise-wide.
Resourceful and broad mortgage industry knowledge.
Ability to plan strategically as it relates to business unit responsibilities.
Ability to conceptualize long-term business goals and develop orderly process of planning to accomplish goals.
