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Management Quality Control

St Petersburg, Florida, United States
October 22, 2013
Contact Info:

charles j. freeman
*** **** ****, *******, ** . Tel 813.***.**** . Email:

Underwriting, Loss Mitigation, Operations and Risk Executive - with 20
years of mortgage experience; adding value in companies through operations,
process re-engineering, underwriting, quantitative risk management,
compliance, and loss mitigation.


> Business Strategist - with a broad understanding of mortgage market
dynamics and firms.
> Presentation Skills - Years of creating consulting and business
presentations for senior management.
> Collaborative Skills - working with regulators, auditors, senior
management, and SME's.
> Communication Skills - Published author with New York Times Book
> Operational Expertise - Experience in all operational phases of
mortgage business.
> Team Leadership - Exceptional leader known for building and managing
successful teams.


. Underwriting Management - Responsible for day to day management of the
Underwriting Department at HomeBanc (all retail) and WAMU
Correspondent Subprime. SVP of Front End Origination Scoring and AUS
at Chase Home Finance.

. Origination Quality Control - Member of Chase Quality Control
Committee managed QC at WAMU Correspondent Subprime and HomeBanc, and
member of Citimortgage QC committee.

. Risk and Compliance Project - led project team at Citibank that
implemented the OCC policy and process for current bankruptcies for
all home loans for all functions (acctg. finance, compliance, default,
servicing, credit).

. Loss Mitigation QC Projects - expert on Loss Mitigation QC and
compliance with Consent Order modifications on Government, Agency, and
Private Mortgages (HAMP, Traditional, Alt., Mod24, etc.).

. Mortgage Credit Policy - Head of Credit Policy at WAMU Correspondent
Subprime and HomeBanc, managed numerous Credit Policy projects at
Citimortgage and Chase Home Finance.

. Mortgage Risk Based Pricing - led project team that designed a system
for pricing higher risk mortgages that included fraud, repurchase, and
QC defects into pricing formula.

. Process Re-engineering - managed a project that implemented a new U/W
approach that minimized operating touches on a file and "Doom Loops".

. Automated Underwriting Implementation - lead quantitative team at
Chase that set all AUS and manual U/W rules, policies, scoring
triggers and operating process flows for all home loans for all

. Collateral Analytics - Developed and implemented a system of AVM
cascades and vendor testing (validation) for Chase, compliant with OCC

. Fraud Analytics - Developed and implemented at WAMU for Dual Risk
Fraud Score (Identity/Collateral) for use at origination of subprime


Risk: Mortgage Credit Policy Auto
Collateral Risk Credit Card
Third Party Risk Port. Risk Mgt.
Quality Control

Operating Change Management Operating Risk Mgt.
Process/Risk: Market Analysis Project Management
Team Leadership
Cost/Benefit Analysis Operations Mgt. Mergers
& Acquisitions

Loss Mitigation: Short Sale Marketing Default Strategy HAMP
Outsourcing Repurchase Collections
Investor Short Sales Mortgage Insurance
Default Analytics


AMERICAN EQUITY MORTGAGE, Saint Louis, MO 4/2013 - 9/2013
Prime Mortgage Originator with volume of about $1 Billion annually.
Managing the functions of Underwriting, Processing, Processing Support,
Audit, Post Close and Closing. Several new processes implemented resulting
in significant productivity and bottom line impact:
. Pipeline Expeditors - Liaison between Processing and the field that
drive in submissions and stips by collecting documents.
. Counter Offer and Deal Desk - Review daily declines and counter - offer
for the field, and structure deals for the sales force.
. Processors Calling Customers - Developed program for processors directly
calling customers to efficiently collect documents and provide greater
levels of service.
. Impaired Loan Mitigation Program - Implemented program to reduce
impaired loans and other defects through statistical analysis and
targeted quality reviews.
. Sales Total Quality Management Program (TQM) - Two way TQM between
Operations and the field that greatly increased branch performance,
teamwork, pull - through, and quality.
. Rate Rescue Desk - Centralized program for identifying and sweeping
loans with rate lock issues into an outbound campaign that expedited a
solution based on quality, LO contribution, and customer needs;
increasing pull - through.
. Rewards Management - Centralized program for identifying and sweeping
loans with closing issues into an expedited solution based on quality,
LO contribution, and customer needs; increasing pull - through.

Consulting company providing a wide range of services to the mortgage
Loss Mitigation/Forensic Underwriting
Providing Loss Mitigation Review and Forensic Underwriting services to
Clayton principally related to modification programs (HAMP, Traditional,
Apollo, Mod 24, Cap and Extend, etc.) for FNMA, Freddie, FHA/VA, private
investors to determine borrower harm and adverse actions (program

APASAN, LLC 10/2010 - 4/2013
Financial Analytic consulting company headed by Sudhir Alankar, most
recently the Global Head of Financial Services Analytics at Accenture.
Project Team Leader
Providing high value services and advice to major financial institutions on
a wide range of topics including Third Party Operating Risk Controls, Cross-
Selling, Risk Based Pricing, Credit Scoring, Collateral Management, Quality
Analytics, and Process Re-engineering.

9/2010 - 2/2012
Consulting company affiliated with New York University and several members
the faculty, such as Prof. Andrew Caplin.
Providing high value services and advice to Ironwood LLC on a wide range of
topics including Purchase of Distressed Assets, FHA Risk, and Mortgage
Market Economics.

CitiMortgage, O'Fallon, MO 2007 - 2010
Member of Citigroup and focused on providing the highest quality mortgage
products as part of an expansive portfolio of financial services.

senior director, risk operations (2008 - 2010)
director, credit loss mitigation (2007 - 2008)

Quickly promoted to reduce losses by combining breakthrough leadership with
extensive industry acumen in managing the First MI Rescission Review,
Second MI Claims, Default Oversight, Repurchase, Counterparty Risk, HELOC
Line Mgt., and Investor Doc Fulfillment departments. Led and mentored 52+
professionals as well as numerous offshore and outsourced vendors in
effectively managing a pipeline of rescissions and claims for first and
second mortgage portfolios. Established strategic partnerships with key
stakeholders to mitigate losses.
Key highlights as part of the HAMP team:
. Architected a credit document repair function to reverify and replace
missing information on old loans that is projected to save $20M in
repurchase losses in 2010.
. Implemented a document minimization strategy that sends only the
necessary paperwork to third-party firms.
. Transitioned all business filing functions to a paperless process,
dramatically reducing the risk of missing paperwork and identity theft,
while substantially increasing the availability of credit files via
electronic delivery.
. Achieved a 200% reduction in Type I & II error rates through negotiation
of short sale delegated MI authority.

Homebanc, Atlanta, GA 2005 - 2007
Member of the senior management team at a Southeastern based retail
mortgage originator ($3B annually), and a portfolio (REIT, $6B).
chief credit officer

Recruited to provide support, direction, credit information, and loan
policies/procedures to ensure the quality of the bank's loan origination
process, portfolio and servicing. Oversaw professional staff (100+) in
executing repurchase, collateral valuation, fraud detection, and
underwriting (personal credit authority $10M); promoted to manage product
development. Ensured compliance with Federal, fiduciary, and corp. credit
regs, policies, and procedures.

Key highlights
. Reduced fraud and EPD losses 50% ($1M) by creating a bankruptcy score
overlay used with credit scores.
. Integral role in the executive management committee's decision to exit
the subprime, saving the bank $50M.
. Substantially improved approval efficiency and quality (23%) by
initiating a "one-touch" underwriting program.

Washington Mutual / Long Beach Mortgage, Long Beach, CA 2004 - 2005
Savings bank holding company and the former owner of Washington Mutual

first vice president / chief credit officer

Managed the credit activities (25 FTE) for wholesale subprime loan
origination channel ($35B). Also oversaw all risk modeling, U/W, database
mining, and a frequent presenter to investor and conferences.
Key highlights
. Saved $40M in pre-funding fraud by orchestrating a multi-faceted
approach incorporating automated borrower fraud, automated collateral
scoring, and an innovative fraud "toolbox."
. Removed 800 brokers with EPD issues, saving $40M, by creating and
implementing a broker scoring system.
. Dramatically decreased FPD and EPD-related credit spoilages by
initiating process controls (Est. $20M annually).

JP Morgan Chase / Chase Home Finance, Tampa, FL 1996 - 2004
Leading US home mortgage company.

senior vice president

Built on a successful career in credit, default, and portfolio risk
assessment to lead the credit activities for this high-profile division.
Directed all related efforts including origination credit and collateral
scoring, credit automation, home equity line of credit (HELOC) product
management, portfolio modeling, reporting, and fraud/risk mitigation.

Key highlights
. Architected numerous quantitative modeling initiatives that generated
substantial cost savings, including an agency automated valuation model
process that saved an estimated $25M annually.
. New credit bureau strategy using preference tables, BK scores, and small
business scores, saving $5M annually.
. Co-inventor on several portfolio risk management patents for Early
Warning Systems that saved $25M annually.

Additional executive and senior-level positions held at Chemical Bank,
Merrill Lynch, and Citibank.


MBA, Finance, UCLA, Los Angeles, CA - Graduated Cum Laude, completed 3
doctoral courses.

BS, Finance, Rider University, Lawrenceville, NJ - Finance Major, Cum
Laude, Four Honor Societies.

Advanced Credit Skills, JPM Chase, New York, NY - Graduated in upper third
of class.



Housing Partnerships, Caplin, Chan, Freeman, Tracy; MIT Press (1997)


"Household Asset Portfolios and the Reform of the Housing Market" Caplin,
Chan, Freeman, Tracy; TIAA/CREF Research Dialogues (1999)
"Collateral Damage: How Collateral Constraints Exacerbate Regional
Recessions," Caplin, Freeman, Tracy, Journal of Money and Banking (November
"Housing Partnerships," Caplin, Freeman, Tracy, Columbia Working Paper


"Consumer and Commercial Credit Trends," ABS West, February, 2006
"Subprime Underwriting," IMN Subprime Conference, December, 2005
"Consumer and Commercial Credit Trends," ABS East, September, 2005
"Valuing Residuals," ADco Conference, June 2005
"Collateral Valuations: Best Practices," Predictive Methods
Conference, June 2005
"Credit Underwriting," AFS East, June, 2005
"Credit Underwriting," AFS West, February, 2005
"AVM's; Collateral Rep & Warranty Risk," C&S AVM Conference, August
"Collateral Scoring," Predictive Modeling Conference, May 2003
"Asset Marketing: Real Estate," NBER Summer Institute, Summer 2002
"Automated Valuation Models," MIC Housing Conference, Summer 2001
"Asset Marketing: Real Estate," NBER Summer Institute, Summer 2001
"Housing Finance Alternatives," Senate Housing Subcommittee, Fall 1999
"Credit Risk Management as a Profit Center: SAS Conference, Fall 1999
"Dynamic Underwriting," MIC Risk Conference, Summer 1999
"Future of Housing Markets," London School of Economics, Fall 1998
"Urban Planning and Housing Finance," Chicago Federal Reserve, 1997
"Policy Issues Of Housing Equity Finance," New York Federal Reserve,
"Alternative Mortgage Finance," American Economic Assoc, Winter 1995
"Housing Equity Sharing Methods," Princeton University, Fall 1997
"Housing Partnerships," NBER Conference: Housing Markets, Winter 1994
"Prepayments and Mobility," MIC Risk Conference, Summer 1995
"Early Warning System," MIC Risk Conference, Summer 1996