Collateral Initiatives and Support Specialist I

Team Overview
Collateral Initiatives and Support is a functional team within Collateral Risk
Management. Responsibilities include managing the Bank’s ability to perfect
security interest in collateral pledged through the Bank’s agreements and UCC
filings and manage collateral custody of loans in possession onsite and with
Bank engaged third-party custodians. The team also responds to member’s
requests to pledge new types of collateral.

Position Overview
Works to perform the day-to-day operational support of the collateral vault that
includes safekeeping, review, analysis, management and organization of a wide
scope of collateral documentation and other Bank-wide documents secured in
the vault. File, amend, search, or review UCC Financing Statements in a timely
manner. Performs Large Loan Collateral (CRE) Reviews.

Essential Job Function

Assist with vault management:

Ensure the proper safekeeping of documents and files physically held in the Bank’s vault which includes accounting for all delivered mortgage collateral files containing Promissory Notes, Trust Certificates, documentation and/or agreements for third party custodian and servicers, etc.

Work with team to perform 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 (i.e., residential, multifamily, and commercial) to ensure compliance with procedures and assess eligibility as collateral. Communicate eligibility status to member for each collateral file. 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. Performing site verification when members collateral category are changed.

Responsible for Risk Management Related Activities through maintaining the Bank’s vault, securing bank’s security interest via UCC processes and physical inventory of member loan files and loan instruments, facilitate collateral category changes, assisting with incoming member requests for third party pledging, and other Collateral Initiatives and Support functions as documented in standard operating procedures.

• Assist with Large Loan Collateral Reviews:  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.

• Complete Uniform Commercial Code (UCCs) Processes: Ensure timely completion of all UCC activities for new and existing members as outlined in Bank standards and procedures. This includes filing the appropriate US state and territories’ UCC Financing Statements, ordering UCC searches execute UCC-3 amendments including timely continuations, name and address amendments.

• Work with all parties on third party (pledgors, custodians, servicers, and Bank engaged custodians) pledge requests: 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 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. Ensure storage of imaged and electronic documents are also stored in the document management system in accordance with Bank standards. Maintain, track and monitor member documentation (i.e., UCC related documentation, compliance of Representation and Warranties, member questionnaires, MERS documentation and tracking, etc.).

• Assist with pledges involving loan participation interest or syndication: Prepare requests and responses to and from the legal department’s review. Preparation requires a documented assessment of the agreements and reconciliation of participation interests of all parties as well as assessment to ensure all required documents are included for legal review. Document status updates for the reviews.

Collateral Support

• Support 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.

Other Duties

• 5-10% travel may be required to confirm category changes and vault compliance.

• Occasionally involves lifting boxes approximately 10-20 lbs. in weight.

• 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, etc.).

Skills

• 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. In addition, 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.

Education
MS/MBA, or BA/BS in Finance, Economics, Accounting or equivalent work experience in the mortgage industry.
 

Base Salary Range: $105,000-$120,000

The Federal Home Loan Bank of New York is committed to recruit, hire, develop, motivate, promote, retain, and compensate all applicants and employees in a nondiscriminatory manner without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, status as a parent, disability, genetic information, military or veteran status, or any other characteristic protected by applicable law (including title VII of the Civil Rights Act of 1964).