Vice President of Finance
Reports to: President/CEO
Supervisory: This position supervises Accounting, Information Technology, and Secondary Market Departments.
This position is a key member of the Executive Management Team, who are charged with setting the strategic direction of the Company. Daily supervision of three areas of the company require the VP of Finance to effectively direct teams and work well with people.
This position is responsible for; various Government Reporting requirements (working with the Staff Attorney to assure timely filings). Daily management of maintaining margins through sales and hedges of mortgage loans, options, and securities. Reviewing and analyzing financial information in order to meet budgetary goals and objectives.
The VP of Finance attends meetings of the Board of Directors with regular reporting and presentation items.
The VP of Finance will often be assigned special projects by the President/CEO and work pro-actively to support and advance MMS’s brand platform.
- Daily evaluation of margins on new rate locks and overall margin of the pipeline
- Approval of rate locks and changes to rate locks in accordance with MMS policies
- Review and confirm hedge trades
- Ongoing review of financial markets, including MBS securities, to determine pricing of mortgage loans and preserving margins
- Sales of closed loans with investors. Calculate gain on sale on every sale transaction to determine if the required margin has been met
- Review dynamic pipeline position of pipeline and adjust hedge positions accordingly
- Monitor active financial markets to take advantage of pricing opportunity
- Review quarterly service release premium pricing to see if changes need to be made
- Review and update the rate lock extension policy and the re-lock policy as needed
- Oversee and coordinate IT staff for upgrades and improvements to computer systems
- Conduct SSAE 18 audits annually
- Work with correspondent credit unions concerning any rate lock challenges or pipeline hedging issues they may have
- Provide sales support for sales staff by reviewing call reports for possible sales leads
- Make sure that MMS is meeting its liquidity requirements for participation in Federal Loan Programs
- Develop benchmarks for financial performance to gauge how MMS is performing in relation to the industry
- Participate in TPO approval and renewal process
- Look for opportunities to be more efficient by replacing manual processes with technology
- Review internal controls and make recommendations for improvements
- Formulate a three year revenue and expense pro-forma for use in developing budgets for the organization
- In conjunction with other staff develop a three year strategic plan for the organization
- Perform all other duties as assigned
- Ensure maintenance of confidentiality and compliance regulations
- Maintain a professional, friendly and helpful relationship with all staff and members
- Perform all essential job functions and responsibilities in a timely and professional manner
- Observe all MMS guidelines and policies
Required Education and Experience:
- Bachelor’s degree in Finance or Accounting required. CPA preferred.
- 5-10 years of progressive Accounting experience is required.
- Preferred previous experience issuing FNMA, FHLMC and GNMA securities.
- 5-10 years Secondary Market experience preferred.
- Preferred knowledge of pricing structures and interest rate risk management.
- Preferred knowledge of trading and hedging techniques preferred.
- Advanced analytical, research and mathematical skills required.
- Ability to work efficiently and accurately in a fast paced environment.
This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.