The primary purpose of this position is similar to the Staff Review Appraiser. The person/people in this position would also assist in the training of new staff members and Associate Staff Appraisers, as well as assisting the Chief Residential Appraiser with our Department functions as needed or directed. This position is responsible for verifying the quality and credibility of valuations written for the Bank. Ensuring the Bank obtains quality and credible valuations is essential in making loans that are both profitable and saleable. Enabling the Bank to provide quality and credible valuations to our Agency investors increases the productivity and service level of the entire lending process. This will allow the Bank to retain and grow current accounts, as well as obtaining new accounts
- 70% of time; Review of valuations for various business units throughout the Bank (Underwriting, Secondary Lending, Sales, Loss Mitigation, Servicing, etc..). Reviews of appraisals completed by Flagstar approved AMC’s, and AIR compliant lenders for compliance with GSE guidelines and requirements. Also complete reviews of appraisals for Jumbo loans for private investor guidelines and requirements. The Senior Staff Review Appraiser will utilize their knowledge and experience to help protect the Bank from increased risk of loss and delinquencies.
- 10% of time; Coach and/or mentor Staff Appraiser’s and Associate Staff Appraiser’s with more difficult/complex review tasks. Coordinate daily tasks/reviews when the Chief Appraiser is unavailable or out of the office.
- 10% of time; Reconcile statuses of appraiser’s on the Flagstar appraiser panel, and direct appropriate correspondence to be sent.
- 5% of time; Compose detailed letters for State complaints. Dodd/Frank requires complaints to be filed against appraisers for all USPAP violations. After recognizing USPAP violations, staff appraisers are required to provide a detailed letter to the appropriate state agency providing evidence, and insight to support the alleged violation(s). Complaint letters should include all documentation supporting the claims reported in the letter.
- 5% of time; Rebuttal review. After appraisers have been placed on our internal ineligible appraiser list, they will frequently provide a rebuttal. Staff Appraisers will revisit the case and re-review the original appraisal, any review tool used to identify or support the problem in the original appraisal, and the appraiser’s rebuttal. The Staff Appraiser will reconcile the additional data, with the original data and comments; and determine if removing the appraiser’s eligibility was appropriate. A letter will be sent to the appraiser notifying him/her of the outcome of the rebuttal review.
- Ensures compliance with applicable federal, state and local laws and regulations. Completes all required compliance training. Maintains knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Takes responsibility to keep up to date with changing regulations and policies.
- HS Diploma, GED or Foreign Equivalent
- The Senior Staff Appraiser position requires an appraisal License/Certification
- Prior experience working in other bank departments that deal with appraisals, risk, or regulatory affairs would be a plus.
- Minimum of 5 years of appraisal experience
- 2 years internal appraisal review experience
- Solid current working knowledge and understanding of bank activities, operation, and functions
- Basic knowledge of Microsoft Word and Microsoft Excel
- Basic knowledge of all internal bank operating systems (Mortrac, Loantrac, PeopleSoft) is preferred
- Demonstrated ability to read and comprehend appraisal reports
- Excellent written and verbal communication. Demonstrated ability to provide clear and concise communication and commentary.
Internal Only: Band G
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