Residential Mortgage Credit Manager

2 weeks ago

Charlotte, United States Barings Full time

At Barings, we are as invested in our associates as we are in our clients. We recognize those who work diligently for us and reward them for personal and professional integrity, communication skills, distinct competencies and expertise in specific strategies, ability to collaborate as a team member and true dedication to the interests of our clients.

We thank you for your interest in joining the Barings team, and invite you to explore our current employment opportunities.

Title: Residential Mortgage Credit Manager, Director/AD

Business Unit: Barings Private Debt Group

Location: Charlotte, NC

Barings is a leading global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe, and Asia Pacific.

Job Summary

Barings is seeking a residential mortgage credit leader who is well-versed in managing non-agency mortgage programs, collateral analysis, and counterparty credit risk. This role is primarily responsible for managing credit policy, underwriting, following regulatory changesand risk for various sellers (who have multiple residential mortgage origination channels). This includes all aspects associated with credit, underwriting/eligibility review, and purchasing/selling quality loans.

The role will contribute to the management of Barings' Residential Whole Loan Platform bringing deep insight into the evaluation of whole loans for purchase or sale on behalf of Barings' investors. The individual in this position works closely with sellers to build strong customer relationships and provide superior service levels. The role includes a high level of interaction with internal parties (loan due diligence, transaction coordination, capital markets, legal, regulatory compliance, operations, and technology) as well as external parties including loan originators/sellers, servicers, custodians, TPRs, and warehouse providers. The position will reside in our Charlotte, NC office. Ability and willingness to travel

Primary Responsibilities

Credit Policy, Product Development, and Compliance

Provide and implement a holistic approach to evaluating loans and creating guardrails and risk criteria through the acquisition and retention/distribution processes. This includes:

  • Develop and maintain Barings' residential underwriting guidelines
  • Perform a comprehensive review of third-party underwriting guidelines, including soft guideline requirements and identify key areas for consideration
  • Follow regulatory changes and make necessary adjustments to the programsCoordinate with Barings Risk/Capital Markets to determine the need for additional due diligence requirements in connection with approved seller product variances
  • Track and document all approved variances to seller underwriting guidelines
  • Research/understand loan conditions and work with sellers to resolve or remediate findings. Support credit and compliance loan reviews and provide loan purchase decisions
  • Maintain direct relationships with sellers - ensuring proper updates are provided and programs are successfully managed.
  • Manage corporate credit policy and underwriting authority levels
  • Ensure the mortgage assets being purchased meet risk criteria
  • Develop deep knowledge of program offerings (Seller Guide and Program Matrices)
  • Participate in the development and implementation of new products
  • Work together with Barings Risk to identify prospective changes to guidelines from a credit perspective
  • Formulate recommendations to Residential Product and Credit group
  • Participate exception processing, decisioning, and reporting
  • Proactively escalate loan and service issues when necessary
  • Seller on-boarding and training (systems, operational, and program guidelines)
  • Seller support including scenarios, exception management, and loan level escalations
  • Assists in the identification, building/modification, and UAT of new and updated software/systems and actively assist in implementation.
  • Analyze current processes, technology, and resources for pre-and post-close due diligence and making recommendations and implementing improvements to enhance operations, quality, and customer experience.
  • Create and maintain consistent, transparent, customer centric service approach
  • Create of analytical presentations and communication to management
Qualifications
  • Bachelor's Degree required
  • 5 + years of manual mortgage underwriting experience, not reliant on an automated underwriting system. Experience with Non-QM, DSCR and RTL preferred.
  • Ability to direct the activities of multiple teams, projects, and deadlines.
  • Deep product expertise and underwriting in non-agency residential first mortgages as well as closed end 2nd liens and HELOC's with the ability to make sound underwriting and business decisions.
  • Up-to-date knowledge, training, and application of all regulatory and compliance rules and regulations
  • Ability to interpret, comprehend, and apply guidelines on a loan level basis.
  • Organized, analytical, detail oriented, and self-motivated.
  • Ability to maintain the highest level of confidentiality; excellent work ethic
  • Able to identify misrepresentation, inconsistencies, and/or fraudulent activity from analyzing the loan documentation.
  • Ability to quickly adapt or learn new systems and technology.
  • Self-motivated problem-solver, detail-oriented, strong work ethic, resourceful and organized
  • Effective communicator with the ability to discuss issues/problems with internal and external business partners to resolve operations, underwriting, and due diligence matters
  • Present self in a professional manner and interact with all levels of organization and outside contacts appropriately.
  • Ability to complete responsibilities effectively and efficiently with minimal direction.
  • Ability to set both higher level corporate strategies as well as implement detailed solutions
  • Strong interpersonal skills and excellent team player
  • Proficient in MS Office including Word and Excel.
#LI-JS1

Barings is an Equal Employment Opportunity employer; Minority/Female/Age/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply.

Barings offers a comprehensive benefits package including:

CORE BENEFITS & WELLNESS
  • Medical (including Virtual Care), Prescription, Dental, and Vision Coverage
  • Fitness Center Reimbursement Program (Including Online Memberships)
  • Employee Assistance Program (EAP)
  • Fertility Benefits
FINANCIAL WELL-BEING
  • Highly competitive 401(k) Plan with Company Match
  • Health Savings Account (HSA) with Company Contributions
  • Flexible Spending Accounts (FSA) - Health Care & Dependent Care
  • Retirement Health Reimbursement Account
LIFE INSURANCE
  • Basic and Supplemental Life Insurance
  • Spouse and Child Life Insurance
TIME OFF, DISABILITY AND LEAVE OF ABSENCE
  • Paid Vacation, Sick Days and Annual Holidays
  • Paid Leave of Absences (Maternity Leave, Parental Leave, Caregiver Leave, Bereavement Time)
  • Short and Long Term Disability Plans
  • Paid Volunteer Time
OTHER BENEFITS
  • Education Assistance Program
  • Charitable Matching Gifts Program
  • Commuter Reimbursement Program
  • Adoption and Surrogacy Reimbursement Program

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