Collateral Initiatives and Support Specialist I

Federal Home Loan Bank of New York•New Jersey, NJ

23h•$105,000 - $120,000•Onsite

About The Position

This position performs the day-to-day operational support of the collateral vault, including safekeeping, review, analysis, management, and organization of a wide scope of collateral documentation and other Bank-wide documents secured in the vault. The role involves filing, amending, searching, or reviewing UCC Financing Statements in a timely manner and performing Large Loan Collateral (CRE) Reviews.

Requirements

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.
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.
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.

Nice To Haves

A working knowledge of Uniform Commercial Code for secured transactions and iLien Online is helpful.
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.).

Responsibilities

Assist with vault management, ensuring proper safekeeping of documents and files physically held in the Bank’s vault, including accounting for all delivered mortgage collateral files.
Perform vault activities including monitoring documentation movement, updating inventory, and ensuring timely response to the release of collateral files back to members.
Perform annual vault reconciliation.
Process, review, and reconcile all mortgage collateral documentation submissions to ensure compliance with procedures and assess eligibility as collateral.
Communicate eligibility status to members and notify them of exceptions cited during loan review, assisting in their resolution.
Ensure eligibility status for members are properly recorded and barcoded in the collateral system.
Perform occasional travel to conduct vault inspections of member and/or custodian locations.
Perform operational review visits to custodial sites to confirm eligibility of their facility and services.
Perform site verification when members collateral category are changed.
Maintain the Bank’s vault, secure the bank’s security interest via UCC processes and physical inventory of member loan files and loan instruments.
Facilitate collateral category changes and assist with incoming member requests for third party pledging.
Conduct loan reviews for large CRE and Multifamily mortgages by performing re-underwriting, financial analysis, and reviewing prospective pledge for compliance with Bank’s collateral requirements.
Prepare written recommendations regarding whether to accept proposed mortgage for pledging.
Ensure timely completion of all UCC activities for new and existing members, including filing UCC Financing Statements, ordering UCC searches, and executing UCC-3 amendments.
Review proposals of new third party pledges, outside servicers and custodians, and newly submitted mortgage collateral delivered to the vault.
Support member third party pledging by coordinating with the legal department and collateral management on 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.
Prepare legal agreements to support collateral from members (i.e., third party pledge agreements, Collateral Rights Agreements, MERS Agreements).
Work with legal counsel regarding the review of agreements as it relates to Collateral pledge activities.
Ensure storage of imaged and electronic documents in the document management system.
Maintain, track, and monitor member documentation (i.e., UCC related documentation, compliance of Representation and Warranties, member questionnaires, MERS documentation).
Prepare requests and responses to and from the legal department’s review for pledges involving loan participation interest or syndication.
Assist with collateral requests, category changes, legal and regulatory updates.
Work with management and areas within the Bank’s timely response to member requests for guidance regarding collateral pledge needs.
Prepare memos for system updates 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.
Research inquiries originated by members, other external departments, internal auditing, examiners and communicate resolution/results in a timely manner.
Assist in reviewing and updating departmental procedures, operating standards, documentation, Member’s Product Guide and materials on the Bank’s public website.
Actively engage in enterprise-wide initiatives and functional groups (i.e., business continuity plan as it relates to vault duties, user acceptance testing efforts).