Director of Mortgage Programs

Background

ABOUT CITY FIRST ENTERPRISES

City First Enterprises (CFE) is a financial institution working at the intersection of financial innovation and impact investment in the quest for a more equitable economy. CFE’s core mission is to provide accessible debt capital to entrepreneurs, innovators, and change-makers working in affordable housing, small businesses, education, nonprofits, community facilities, green energy, and commercial real estate. To learn more about our organization, please visit our website at https://www.cfenterprises.org.

ABOUT Homes by CFE

A subsidiary of CFE, Homes by CFE (HBCFE) is CFE’s consumer mortgage lending arm. It provides down payment assistance to African American/Black and Hispanic/Latinx borrowers purchasing properties in the District of Columbia and select counties in the State of Maryland through a Down Payment Assistance (DPA) Program operated as a Special Purpose Credit Program (SPCP).

As a Community Development Financial Institution (CDFI), HBCFE’s mission is to increase homeownership for low-to moderate-income households to contribute to the expansion of generational wealth and opportunity. To learn more about Homes by CFE, please visit our website at https://www.homesbycfe.org.

Summary

We are seeking an experienced leader to serve as the Director of Mortgage Programs for Homes by CFE.

The ideal candidate will be passionate about expanding affordable homeownership opportunities for low to moderate-income borrowers, particularly those from African American/Black and Hispanic/Latinx communities in the DC and Baltimore Metro areas. The role will play a crucial role in continuing the organization’s mission to open the door to homeownership for underserved communities, helping borrowers achieve stable and affordable housing while avoiding additional costs like mortgage insurance.

This position will be based out of our office in Washington, DC.

Responsibilities

• Provide strategic leadership and oversight for Homes by CFE’s programs, particularly the Down Payment Assistance (DPA) initiative.
• Oversee the implementation of Special Purpose Credit Programs (SPCPs) residential second mortgage program, including loan origination, underwriting, processing, and closing of residential mortgages.
• Provide the ability to author processes and procedures of loan operations, including pipeline management, TRID compliance, and product fulfillment.
• Ability to manage LOS system administrator, managing credentials, system customizations, upgrades, and application interface.
• Provide operational training and support in loan origination, underwriting, processing, and closing with comprehensive knowledge of compliance and regulations of residential mortgages.
• Manage all aspects of program execution, including application intake, eligibility approval, underwriting, and customer closings.
• Lead tracking and reporting on key performance indicators and preparing dashboards for internal and external stakeholders.
• Ensure the organization maintains its commitment to transparency, equity, and responsibility in all operations.
• Develop and implement strategies to help borrowers break the cycle of renting and achieve stable, affordable homeownership.
• Manage and grow partnerships with financial institutions, community organizations, and government agencies.
• Stay up-to-date on state and federal policy, identifying new programmatic opportunities for HBCFE and our clients.
• Conduct periodic audits of the lending process to identify potential error sources and implement corrective measures.
• Develop and maintain comprehensive risk management practices to identify, assess, and mitigate potential errors and their impacts on the lending process.
• Collaborate with internal teams to ensure alignment of homeownership initiatives with organizational goals and values as well as external funding commitments.
• Lead the HBCFE’s engagement with external consultants working in all matters related to homeownership, including the outsourcing of technical expertise related to regulatory and programmatic matters.
• Work in partnership with senior team members on business development activities, including participating in client and/or prospect calls and representing the organization in meetings with potential business and funding partners.
• Educate customers on the program by meeting with them individually and in groups on an as-needed basis to address questions and concerns.
• Maintain and expand relationships with CFE’s lending and funding partners to ensure program growth and resiliency.

Requirements

• Bachelor’s degree in a relevant field from a four (4) year college or university, or equivalent combination of training and experience.
• The ideal candidate has a minimum of 5-8 years of experience in a related role.
• Deep understanding of mortgage loan operations, originations, and procedures.
• Deep understanding of mortgage regulatory compliance.
• Extensive experience in affordable housing, community development, or related fields.
• Strong project management skills with a track record of successful program implementation.
• Proven leadership skills and ability to manage a team.
• Deep commitment to social equity and addressing the homeownership gap for underserved communities.
• Demonstrated experience building and maintaining internal and external stakeholder relationships.
• Strong communication, writing, and composition skills.
• Entrepreneurial approach to work (a must).

DESIRED QUALITIES

• Strong understanding of down payment assistance programs and mortgage lending processes.
• Understanding of the specific challenges and opportunities in the DC and Baltimore Metro housing markets.
• Proficiency with loan origination software.
• Continuous improvement mindset and willingness to stay informed about industry changes and implement innovative lending solutions.
• Familiarity with green mortgages especially as they relate to relevant federal policies related to renewable energy and energy efficiency standards.

Compensation and Benefits

In addition to a competitive salary range between $100,000 to $120,000 annually, CFE offers a generous benefits package that includes employer-sponsored health and dental insurance, life insurance, a health savings account with annual employer contributions, a retirement plan with employer matching, paid parental leave, and a generous paid-time-off program.

Our robust benefits package includes:

• 403b with employer match
• Medical and dental insurance with employer contribution
• HSA with an employer contribution of $2,800 annually for a family or $1,400 for an individual
• 16 PTO days to start; more after three years
• 13 paid holidays
• 7 paid sick days
• End of Year Winter Break
• Employer-paid short-term and long-term disability insurance
• Remote work with 2 days per week at the office (subject to change)
• Transportation benefit
• Employer-paid life insurance
• Home office budget

WORKING AT CFE

CFE offers a unique, start-up-like work environment that is open, innovative, and collaborative. We are committed to serving the communities we work and live in by leveraging financial tools, creativity, and technology. CFE is the right fit for intellectually ambitious individuals willing to work hard and always hold themselves accountable to a high bar of performance.

The City First family of organizations is dedicated to promoting diversity, multiculturalism, and inclusion in our work and hiring practices. City First Enterprises entirely focuses on equality and economic inclusion and believes that diversity in opinion and background only helps further that mission.

How to Apply