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ASSISTANT VICE PRESIDENT OF MORTGAGE FINANCE

The Housing Opportunities Commission of Montgomery County (HOC) was established in 1974 to better respond to the County's need for affordable housing. HOC is authorized to acquire, own, lease, and operate housing; to provide for the construction or renovation of housing; obtain financial assistance from any public or private source to assist its housing activities; and arrange for social services, resident services, and daycare.

Job Description:

This is a senior level professional management position responsible for assisting the Vice President of Mortgage Finance in the performance of and directing the operations of the Mortgage Finance Division. This includes performing all functions related to the management of financial aspects of the Housing Financing Agency, including HOC's Bond Program, the coordination and supervision of the underwriting and closing of all HOC bond financed transactions, and for participating in Executive Staff deliberations.

This position actively participates in the review, analysis, and reporting on debt instruments, including taxable and tax-exempt bonds, derivatives; underwriting of multifamily loans including FHA mortgages, agency debt, equity structures and other financing products and affordable housing programs; oversight of secondary market products ("MBS"), single family loans and other investments. The incumbent in this position is responsible for ensuring that all compliance related requirements and activities are met, including continuing disclosure requirements, FHA Risk Share reports, among others. General participation and engagement in all aspects of the Mortgage Finance Division are core requirements.

The position requires considerable knowledge of housing finance, GSE and FHA regulations pertaining to multifamily and general lending practices, conventional underwriting and specific laws and regulations applicable to HOC programs. An employee in this position must be capable of controlling all aspects of work assigned within limits of agency objectives and available resources. The nature of the work requires the employee to follow specific guidelines (i.e. appropriate federal, state and local laws and regulations as well as accepted industry practices); however, the employee uses their own judgment in locating, selecting and applying guidelines to specific cases and recommending creative solutions to meet objectives and further the work of the Commission.

The employee in this position must demonstrate analytical proficiency so that he/she may execute transactions timely and efficiently as well as direct the work of others to accomplish similar goals for the Commission.

Primary contacts are with employees throughout HOC, other government agencies and outside organizations and with members of the housing finance community. Contact with HOC partners is also required to provide technical information about financing, lending applications, alternative approaches, as well as to the monitoring and adherence to lender obligations during the life of a loan. Work is performed in a normal office environment with no significant hazards.

Responsibilities:

• Liaison with internal and external personnel on transactions and programs, advise the Vice President of Mortgage Finance on such matters, and facilitate a cohesive and respectful environment among the division's customers.
• Develop and maintain the Mortgage Division procedures manual regarding the various functions within the Division.
• Maintain FHA Risk Share Underwriting Guidelines and create required Underwriting Checklists to ensure compliance with all procedures outlined in the FHA Handbook from loan intake to final endorsement.
• Participate in the analysis and workflow for all multifamily developments.
• Ensure bond indenture requirements are met for each proposed issuance for both Single Family and Multifamily indentures.
• Participate in the bond underwriting process, including the preparation of materials to facilitate the structuring of bond issuances to achieve maximum yield and program funds.
• Assist with the management of annual state allocation of bond authority to ensure adequate resources are available for both single family and multifamily activities, engage with the State on carryforward volume cap, and ensure that no bond cap is lost due non-usage.
• Oversee and assist underwriter and analysts in completing the FHA County approval processes to ensure HOC tax-exempt bond financed projects obtain the requisite credit enhancements as well as approval in accordance with the Internal Revenue Code.
• Manage the Mortgage Purchase Program ("MPP"), ensuring that purchasers of single family homes are served as intended by the program. Continue to use the Mortgage Backed Securities Program and the whole loan program where appropriate, to ensure mortgages are made available to low and moderate-income home purchasers as well as all others approved under the program.
• Evaluate performance of the MPP lenders and recommend necessary changes. Evaluate demand for mortgages and make adjustments to stimulate and market.
• Approve foreclosure as appropriate but review each recommendation by the servicer to ensure that all efforts are made to remediate delinquencies. Evaluate each delinquent loan to determine if modifications are available within constraints of the mortgage insurer and the MPP.
• Supervise the review and amendment of all publications for the MPP and Closing Cost Programs to ensure usefulness to the population served by the program.
• Maintain working knowledge of rating agency requirements for each series of bonds to be issued and review of draft rating reports with the HOC Finance Division.
• Primary responsibility for periodic review by the rating agency of the HOC Finance Programs and provide financial updates as requested.
• Coordinate the completion of the bi-annual Moody's survey
• Manage certain administrative functions within the division, such as the timely payment of invoices.
• Assist the Vice President with the preparation of quarterly reports to the Commission, and attend Commission meetings or act in the absence of the Vice President.
• Perform other related duties as assigned.

Minimum Qualifications:

Experience:

• At least five to ten years of progressively responsible experience in a combination of Real Estate, Finance, Mortgage Finance or Investment Banking, and Multifamily development and project management experience.
• At least three years of supervisory experience involving professional level employees.

Education:

• Bachelor's degree from an accredited college or university in Finance, Economics, Accounting, Real Estate or Public Policy.
• Master's degree preferred.

Essentials Duties& Responsibilities:

• Knowledge of the various sources for financing real estate.
• Knowledge of bonds and the bond market.
• Knowledge of single family and multifamily products, tax-exempt finance, and other affordable housing finance tools.
• Knowledge of appraisal practices.
• Knowledge of underwriting practices.
• Knowledge of local, state and federal housing programs.
• Ability to perform financial analysis, development and operating budgets of housing developments, prepare and develop reports for the Commission or for storage of appropriate data.
• Ability to plan and direct the activities of others
• Excellent computer skills (MS Office Suite).
• Ability to work independently and exercise good judgment.
• Ability to communicate clearly both orally and in writing.
• Ability to deal with people tactfully, effectively and equitably with people.

*Grade 29: Min: $81,443 - Max: $138,244| Salary determined by departmental budget- Offer commensurate with experience

HOC is an equal opportunity employer committed to diversity and inclusion in the workplace. All qualified applicants will receive consideration for employment without regard to sex, race, color, age, national origin, religion, disability, genetic information, marital status, sexual orientation, gender identity, gender reassignment, citizenship, immigration status, protected veteran status, or any other basis prohibited under applicable federal, state or local law. HOC promotes a drug-free workplace.

HOC conducts criminal background checks, employment reference checks, and where applicable, reviews driving records to determine employment suitability. Selected applicants will be required to submit to pre-employment drug and alcohol screening. Employment is contingent upon drug and alcohol test results.