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Senior Manager, Subservicer Oversight and Operations

Job ID: 1001169
Company: PHH Mortgage

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Job Description

The Senior Manager, Sub-Servicer Oversight and Operations, MAV will be responsible for sub-servicer oversight and certain other operational aspects of the MAV entity. This will include the operational aspects of acquiring MSR for residential mortgage portfolios, post-acquisition tasks, and oversight related to those acquisitions, and engaging and overseeing third-party vendors. This position reports to the Chief Operating Officer of MAV.

Job Functions and Responsibilities:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Examples below:

  • Sub-Servicer Oversight:
    • Performance and management of the sub-servicer oversight processes ensuring compliance with the relevant policies and procedures.
    • Enforcing the standards and practices under the procedure and communicating compliance expectations with the sub-servicer
    • Tracking compliance with 32 SLAs governing sub-servicing contract
    • Production of periodic oversight analysis and reports
    • Work with COO to take appropriate actions in case of sub-servicer performance deterioration, including remediation plans
    • Review sub-servicers policies and procedures and periodically test their work product to ensure compliance as required by regulators and other governing bodies
    • Conduct periodic onsite visits
  • Perform numerous operational and oversight functions at MAV, including performance of certain transaction management and sub-servicer oversight processes and/or oversight of external vendors performing these tasks
  • Ensure compliance with policies and procedures, including the overall investment policy
  • Will assist in updating policies and procedures to ensure a high quality of monitoring activity.
  • Periodic review of management reports and internal/external audit findings
  • In cooperation with the COO, oversee purchase contract negotiation (done either directly or through outside vendors), including coordination with inside and/or outside counsel
  • In cooperation with the COO and the outside vendors, coordinate and oversee loan-level due diligence process including reviews of results with SMEs
  • Coordinate with sub-servicer on servicing transfers
  • Create, maintain, and deepen relationships with due diligence firms, sub-servicer personnel, and other outside vendors
  • Coordinate with sellers on all closing deliverables and payments and/or oversee third parties performing these functions
  • Monitor post-closing contractually-required follow-ups and payments and ensure compliance therewith
  • Monitor performance of third party service providers
  • Other operational aspects of MAV as needed

Key Result Areas:

  • Responsible for assuring the smooth, accurate and complete execution of all MSR acquisitions
  • Oversee the transaction management processes for investments ranging from 200 to 400 million USD per annum and ensure all functions performed by third-parties are performed correctly and punctually
  • Work with and drive cross-functional teams across multiple geographies to gather and share information and to ensure all relevant groups are informed of transactions
  • Closely monitor sub-servicer and other vendors for compliance with contract including contractually required service levels
  • Produce high quality and actionable reporting on sub-servicer and other vendor performance


To perform this job successfully, an individual must have the following education and/or experience:

· College degree from a 4 year college or university or equivalent combination of education and experience

· 5 years of servicing experience such as:

o Escrow management with tax disbursements, mortgage insurance or hazard and flood

o General servicing such as loan boarding and loan set up and payment processing

o Investor reporting and reconciliations

o Custodial funds, cash receipt processing and account maintenance and reconciliations

o Default management with contact, collections, property inspections reports, bankruptcy, loss mitigation and foreclosures

o Quality control procedures and audit

· Strong organizational and analytical skills

· Strong communication skills and the ability to effectively communicate to employees at all levels of the organization and to outside regulators and others

  • Ability to use sound and rational judgment, creativity and sound technical knowledge to obtain and recommend solutions.
  • Excellent presentation/communication skills to report up results to senior leaders or regulators

About Us

Company: PHH Mortgage

PHH Mortgage, a wholly owned subsidiary of Ocwen Financial Corporation, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing solutions to companies who own mortgage servicing rights and offers portfolio retention services to extend and enhance customer relationships.

PHH has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. We strictly focus on subservicing and portfolio retention allowing our diverse professional clients – representing some of the largest and most recognizable financial and wealth management institutions, investors of MSRs, regional and community banks, and credit unions – to concentrate on their core businesses, while providing borrowers with exceptional customer service throughout the life of their loans.

Adhering to the highest levels of risk and compliance, built to bank-like standards, we build relationships with our clients and their customers to promote a philosophy of retaining “customers for life.” We strive to be a natural extension of each client’s team, helping them to keep their expenses down, borrowers satisfied and service levels up while meeting today’s regulatory demands and changing market conditions.

Ocwen is proud to be an equal opportunity workplace and is an affirmative action employer. We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, citizenship, marital status, disability, gender identity or Veteran status. If you have a disability or special need that requires accommodation, please let us know.

This position is not eligible to be performed in the state of Colorado.

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