The Vice President Portfolio Retention Pipeline Management is responsible for end-to-end management of the Portfolio Retention originations pipeline partnering with the Managing Director (MD) Portfolio Retention from the Private Label Solutions Channel and the Process Leaders within the Originations organization to ensure the highest levels of operational excellence and profitability.
The Portfolio Retention pipeline currently consists of approximately 2,000 loans, or $1 billion in UPB. The goal of Portfolio Retention is to minimize PHH’s portfolio runoff to maximize the value of its MSRs, which may include using new lending products such as HARP.
This role will be responsible for managing all the personnel involved in the end to end management of Portfolio Retention originations pipeline with the exception of Underwriting (whose personnel report to the Underwriting Process VP to maintain independence of risk) and the Closing and Post-Closing teams which are centralized in each site.
1. Achieve transactional excellence in the Management of the Portfolio Retention Originations Pipeline
· Proactively manage the Portfolio Retention pipeline end to end including: telesales, processing, underwriting, closing, escalations and support.
i. Meet targets for:
1. Cycle time from lead to registration of an application
2. Conversion rate from lead to registration
3. Cycle time from registration to fund
4. Conversion rate from registration to fund
5. Aged pipeline
· Proactively ensure there is sufficient capacity necessary to support the demand in all the end to end Portfolio Retention Originations functions.
· Manage the controllable operational risk in the pipeline including rate lock expiries and extensions.
· Conduct pipeline reporting and monitoring to ensure pipeline performance is optimized and drive prioritization of work effort where necessary.
· Maximize pipeline performance by working with the MD of Portfolio Retention and Portfolio Retention to ensure they are actively managing aspects of the pipeline in their control such as cancellations, escalations, etc.
· Partner with the Process Leader for a given Originations process where there are issues or greater optimization could be achieved.
2. Deliver target levels of Customer Service for Portfolio Retention Borrowers
· Deliver the target level of customer service for borrowers as measured by I Would Recommend (IWR) survey scores while striving to deliver unbelievable customer service.
· Ensure borrower and client escalations are handled in a timely manner.
· Make appropriate service recovery gestures as necessary.
3. Deliver a high level of client engagement, partnering with the MD Portfolio Retention
· Meet or exceed all contractual Originations SLAs including:
i. Average Speed to Answer (telesales)
ii. Service Levels (telesales)
· Ensure there is sufficient transparency surrounding the Portfolio Retention Originations team’s performance and results to the MD Portfolio Retention.
· Act as the central point of contact within Originations on behalf of Portfolio Retention.
· Work with the Process Leaders and others in the Mortgage Division to drive Portfolio Retention’ specific projects or processes.
· Advise the MD Portfolio Retention on ways to improve productivity, efficiency, growth or profitability for the account.
· Anticipate issues and/or problems that could impact the business and provide valid solutions using a pro-active approach.
4. Deliver quality and eliminate defects
· Deliver high quality loans that meet investor and regulatory requirements.
· Achieve defect reduction targets as we strive to achieve a zero defect goal.
· Responsible for ensuring quality at each stage of the pipeline – the submission to the next step meets the requirements of the next step.
5. Deliver continuous levels of productivity gains
· Achieve various productivity targets including:
i. Closed Loans per Person
ii. First Pass Yield at key process hand off points
iii. Cycle times
iv. Key process milestones such as package back loans ready to close by a certain date
· Be the Voice of the Process: Monitor trends, recommend solutions and provide consistent and timely feedback to Originations Process Leaders on strengths and areas of opportunity.
· Collaborate with the Process Leaders to continuously improve process excellence.
6. Comply with the Company’s Risk and Compliance frameworks and directives
· Responsible for the execution of the company’s compliance program within the Portfolio pipeline.
· Responsible for meeting investor and credit guidelines and policies within the Portfolio pipeline.
· Responsible for adhering to the Operational Risk program including incident reporting within the Portfolio pipeline.
7. Deliver on financial targets
· Achieve cost per loan targets.
· Assist the MD Portfolio Retention with target growth by providing the customer service, capacity and processes necessary to meet future demand.
8. Lead people associated with the Portfolio Retention Originations Pipeline and Demonstrate Leadership Behaviors
· Provide overall direction and leadership to Originations team for Portfolio Retention (Telesales, Processing, UW, Closing, Escalations and Support) on the Portfolio Retention source.
· Full people management responsibilities including hiring, restructuring/reorganization efforts, development, promotions, performance and compensation management.
· Motivate and inspirationally lead Portfolio Retention team to maintain positive employee morale.
· Demonstrate and promote Core Leadership Behaviors.
· Interact regularly with executive team, client, MDs and Process leaders to ensure that company’s operational priorities are aligned with total company direction.
· Ensure Directors in this chain of command are providing appropriate support to Process Leaders.
· Bachelors Degree required, Masters degree preferred
· A minimum of 10 years experience in an environment that is reliant upon time-sensitive delivery and adherence to high quality standards.
· The candidate must possess a minimum of 5 years client relationship management experience
· A minimum of 7 years management capacity required, must have experience at the Director level.
· Proven selling, business development and relationship building skills.
· Demonstrated experience at proactive and disciplined pipeline management
· The successful candidate must be familiar with the various PHH departments and their functions. Experience in various functions/departments preferred
· Professional presentation skills, with both individuals and groups required.
· Must demonstrate the a bility to analyze situations, define problems and develop and present recommendations and solutions.
· Ability to work collaboratively with people at all levels of organization to ensure effective implementation time-sensitive initiatives, and identify deficiencies and opportunities for improvement.
· Strong technical knowledge (rates, programs, underwriting, sales, systems) required.
· Excellent interpersonal and communication skills required in order to provide guidance and recommendations to Clients, Functional Leaders and employees at all levels.
· Must be a forward strategic thinker constantly focused on shaping the company to meet and anticipate both near and long-term business issues.
· Familiar with typical mortgage POS, LOS, AUS and closing systems
· Travel will be required
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