Loan Operations Manager

NEIGHBORHOOD LENDING SERVICES (NLS)
TITLE: Loan Operations Manager
REPORTS TO: CHIEF CREDIT OFFICER

NEIGHBORHOOD LENDING SERVICES

Neighborhood Lending Services (NLS) is the largest nonprofit lender for both home buyers and homeowners in the state of Illinois and one of the largest lending operations in the national NeighborWorks America () network. NLS is a Community Development Financial Institution (CDFI) organized in 1983 to combat the redlining practices of financial institutions which perpetuated (and continue to perpetuate) the economic inequities in distressed and underserved neighborhoods of yesterday and today. NLS currently lends an estimated $20MM annually to low-to-moderate income borrowers purchasing single family homes (i.e. 1-to-4-unit properties) that are move-in ready or need rehab work or to homeowners funding their home improvements projects. Through its lending operation and public grant administration efforts, with its parent company, Neighborhood Housing Services of Chicago, NLS facilitates over $25MM in capital investments annually in target areas on the south and west sides of Chicago. In addition to competitively priced Freddie Mac loan products, portfolio loan products and healthy purchase subsidies, NLS offers home buyers and homeowners technical assistance in the form of Construction Services. Its Construction Services team provides health and safety focused home inspections for all purchases as well as a variety of construction management activities for rehab and home improvement projects, free of charge.

In addressing socioeconomic and racial barriers that contribute to homeownership challenges across LMI demographics, NLS not only provides greater opportunity for LMI borrowers to realize their dreams of owning a home, but also does its part in closing the racial wealth gap and promoting economic resilience for its clients.

NLS is an affiliate of Neighborhood Housing Services of Chicago (NHS), a nonprofit community revitalization organization whose mission is to create opportunities for people to live in affordable homes, improve their lives, and strengthen their neighborhoods.

POSITION DESCRIPTION:

The CDFI Operations Manager is a new position created to assist with the development and management of compliance resources needed to support the Neighborhood Lending Services (NLS) mortgage lending program. NLS is a new FHLMC Seller/Servicer and is in the process of building out all of the systems required to deliver a closed loan to FHLMC. In addition NLS has a lending pool funded through a proprietary program called the Participatory Sales and Service Agreement (PSSA) financed by regional banking partners focused on supporting lending in underserved communities. Additionally, NLS leverages other bank loan products as a correspondent lender for other, mainly national banking partners. To adequately position itself for growth, this role was created to focus on managing the CDFI compliance operation including activities such as loan program compliance, impact evaluation, setting and monitoring program policies, assisting with investor/banking partner needs and monitoring the risk associated with the potential buy-back of FHLMC loans.

RESPONSIBILITIES INCLUDE:

• Preparing Quarterly compliance reports for the State of Illinois IDFPR using the NMLS system and annual compliance reports for the CDFI Fund.
• Reviewing monthly loan data for completeness and the standardized reports for participants in the Participatory Sales and Servicing Agreement (PSSA), secondary loan sales sources, correspondent relationships, the City of Chicago and internal departments
• Developing and continuously reviewing privacy and program policies
• Developing and testing compliance criteria and processes
• Audit loan files for compliance
• Assisting in the preparation of annual NLS audits
• Working with NHS Finance team to confirm all NLS transactions are properly posted in a timely manner
• Participate in the development, optimization, or integration of the necessary IT systems and processes to support NLS operations and collaborations with NHS
• Primary oversite of mortgage sub servicer

SKILLS REQUIREMENTS:

• Deep knowledge about the mortgage lending industry
• Familiarity with different mortgage lending business models and investment transactions
• Knowledgeable about banking and lending regulations in the state of Illinois. Knowledge regarding banking and lending regulations in Wisconsin and Indiana a plus
• High proficiency in mathematics and data analytics
• High proficiency with web-based or enterprise lending applications
• Ability to write clearly and concisely. Technical writing experience a plus
• Ability to easily translate technical language into layman's terms.
• Must work well in a team environment, but also be self-directed
• Entrepreneurial and mission-driven
• A client-focused perspective is mandatory

EDUCATION/EXPERIENCE/CERTIFICATIONS DESIRED:

• Four-year college degree
• Minimum of 5 years of experience in the banking or mortgage lending industries with FHLMC experience a plus
• Experience working on Encompass a plus
• 5-8 years of experience designing and/or managing compliance programs
• Minimum of four years of program management experience

Keywords: Secondary Market Sales