Job Information
OceanFirst Bank Senior Mortgage Risk and Control Specialist in Toms River, New Jersey
Position : Senior Mortgage Risk and Control Specialist
Location : Toms River, NJ
Requisition ID: : 4113
At OceanFirst Bank, each one of our employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with our core values. Together we foster an environment of respect, professionalism and diversity that makes OceanFirst a great place to work and do business.
Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, hybrid schedule after initial onboarding has been completed (3 days in office, 2 days remote), employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!
PRIMARY PURPOSE:
The Senior Mortgage Risk and Control Specialist provides support and collaborates with the Senior Manager Mortgage and Risk Control, providing risk assessment models and other duties as directed.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
Assist in developing risk assessment models and methodologies to optimize lending strategies and minimize potential losses.
Conduct thorough risk assessments by evaluating processes, policies procedures, and all the other relevant factors.
Monitor and review loan portfolios to identify potential risks and recommend appropriate actions for mitigation.
Collaborate with cross functional leadership teams and consumer lending to ensure adherence to risk management policies and regulatory requirements.
Prepare comprehensive reporting and presentations outlining risk findings, trends, and recommendations for senior management review.
Stay updated on industry best practices, regulatory changes, marketing trends related to consumer lending risk analysis.
Identify enhancements needed for processes, Loan Origination systems, pricing engines, and document vendor interfaces to support new or enhanced product offerings. Evaluate new product requests and manage new product request database.
Perform market research to inform product strategy and development, pricing and go-to-market strategy.
Create materials related to new product offerings including product profiles, underwriting guidelines, new product announcements, and training presentations.
Leverage consistent project management standards to ensure the successful implementation of all mortgage products.
Effectively engage partners in other departments (Legal, Credit Risk, Compliance, Fair Lending, QC, Post Closing, etc.) in the product development process to ensure parameters are within risk tolerances and department specific needs or issues associated with new or enhanced product are identified. Work with marketing and sales teams to develop go-to-market strategies and launch plans.
Apply system updates for product and eligibility rules within Loan Origination System (Encompass).
Test all fee and loan package information for new products and product updates to determine acceptability prior to implementation.
Ensure product offerings are always within investor standards so that loans carry the highest level of marketability and liquidity.
Define and track key performance metrics for the product and use data to inform product decisions.
Mentor and guide junior Mortgage Risk and Control Associates.
Develop and maintain strong relationships with internal and external stakeholders.
Act as a product champion, promoting the product internally and externally.
JOB SPECIFICATIONS:
Knowledge, Skills & Abilities
Strong knowledge of underwriting and regulatory requirements related to all areas of mortgage lending operations.
A proactive mindset with willingness to learn and adapt to evolving industry practices.
Experience developing and implementing policies, procedures, and controls to mitigate risk.
Excellent analytical and problem-solving skills, with the ability to identify and assess risks and develop effective solutions.
Strong communication and interpersonal skills, with the ability to collaborate effectively with internal stakeholders at all levels of the organization and effectively convey risk analysis findings and recommendations.
Attention to detail and the ability to work independently and prioritize tasks effectively in a fast-paced environment.
Proficiency in Microsoft Office, including Excel, Word, and PowerPoint.
Demonstrated ability to deliver high level of customer service/satisfaction with internal and external customers.
Strong written and verbal communication skills and system proficiencies, including refined analytical skills, computer proficiency, and the capability of making objective decisions.
Strong organizational skills and objective decision making; self-motivated.
Ability to maintain a flexible work schedule in order to meet the needs of customers with regard to their schedule. and location, while meeting established production levels.
Experience & Education
Bachelor's degree in Finance, Economic, Statistics or Mathematics, or equivalent work experience.
Minimum of 3 years in Operations Management, Compliance, Audit, Risk Management or related field.
Internal and External Contacts
- Will interact with a range of bank employees in a variety of seniority levels. Must have strong interpersonal skills.
Working Conditions/Physical Requirements
Office environment. Ability to operate a computer. Ability to communicate to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.