PHILLIP T. NOWAK
Homer Glen, IL 60491
Experienced Manager with demonstrated ability to develop and motivate employees, creating a high performance culture focused on successful achievement of team goals. Strategic leader and business partner with proven track record to drive positive impact on company performance and profitably through leadership of business process improvement and optimization efforts. Strong background taking underperforming business units, then driving efficiencies to create a positive impact on both individual and team performance.
Fifth Third Bank 2006 – Present
Vice President –Business Controls Manager Quality Assurance 2015 – Present
Act as First Line of Defense for the Mortgage Line of Business from Origination through Post Closing. Develop, build, implement, and perform gap analysis, testing and monitoring to improve quality and performance.
Identified process/procedure discrepancy with CoreLogic Vendor Fraud Tool resulting in annual cost savings of $500k to the Bancorp.
Improved Quality Levels on Line of Business Processes reducing error rates from 50-70% down to 0-5%.
Managed and trained team of 30+ contract employees during initial rollout of TRID. Reduced error rates from 80% down to 5% for New LE, COC, and CD processes.
Worked on Design, Development, Build Out, and UAT Testing on 2 New LOS Systems for the Mortgage Line of Business for Retail, Direct, and Correspondent Channels.
Performed Due Diligence on CRA Loan Purchases and Jumbo Loan Sales/Purchases.
Vice President –National Mortgage Underwriting 2012 – 2015
Mortgage Risk and Operations Manager
Regional Underwriting Manager
Provided regional oversight and guidance for Underwriting Managers in Retail, Wholesale, and Correspondent Fulfillment Sites. Assisted in the management of cross functional project teams to align and correct deficiencies identified through branch reviews, audits, compliance findings, and agency assessments.
Aligned all Five Fulfillment Sites so they all operated seamlessly and consistently from site to site.
Implemented Quality Standards & Checklists to provide consistency of process to drive down errors.
Reduced Quality Defects from 30% to less than 3%.
Handled complex underwriting decisions and resolved underwriting questions requiring senior level knowledge and/or unique problem solving abilities.
Reviewed escalated underwriting loan approvals requiring Senior Level Lending Approval.
Oversight over 10 Underwriting Managers supporting underwriting staff of 120+ and 40 offshore agents.
Lending Approval Authority up to $10 million per loan transaction.
Vice President –National Mortgage Underwriting 2010 – 2012
Mortgage Exception/Escalation Group
Handled underwriting decisions requiring senior level knowledge and underwriting ability for Agency, FHA, VA, Portfolio, and Private Banking Products. Acted as final decision maker for escalated loan issues for all product types and loans that were outside of guidelines. Interfaced with our Sales Partners and Fulfillment Teams to provide consistency of loan decision for Retail, Direct, Wholesale, and Correspondent Channel.
Traveled to Bangalore India to train our offshore business partners 40+ agents on how to underwrite HASP, DU Refi, DU Refi Plus, and VA IRRRL products for the Bancorp.
Created and Administered Credit Analyst Training Program via Test Case Process for Lending Authority.
Created and Administered Credit Underwriter Test Case Program for New and Existing Underwriters for Lending Authority.
Administered DE Certification Program for current conventional underwriters requesting DE Certification.
Executed Pilot and Implementation of Second Review Denial Team.
Vice President –Fulfillment Site Director 2006 – 2010
Built, recruited, trained, and opened New Wholesale Operations Center for Bancorp. Responsible for managing Wholesale staff end to end, from Loan Input to Post Closing.
Interacted and aligned goals in coordination with 30 external Sales Executives in 10 States.
Experienced growth which resulted in management of 3 Wholesale Fulfillment Sites.
Managed staff and middle level managers totaling 80 employees.
Grew Fulfillment Site from New Operation to over $2 billion in annual loan fundings.
Contract Underwriter – Triad Guaranty (assigned to Chase) 2002 – 2006
Amicus FSB – Regional Underwriting Manager 2001 – 2002
Oversight of monthly production for 6 Retail Account Executives and 20 Operational Staff. Responsible for review and approval of loans outside of staff lending authority.
Successfully trained and implemented program for brokering out denied loans to other investors which resulted in additional $100,000 in monthly Bancorp revenue.
Maintained Freddie Mac Secondary Marketing functions which included rate sheets, locking loans, pair offs, and loan deliveries to the GSE.
Attended Board Meetings to review Portfolio Performance and presented at Loan Committee recommendations for Portfolio Loan Approval Requests.
BWM Mortgage LLC – Regional Sales Manager 1999 – 2001
Oversight of production for 4 Account Executives and 10 Operational Staff.
Grew monthly volume three fold in 12 months.
Sourced new business which consisted of third party brokers, realtors, home improvement dealers, and direct referral sources.
Guaranty Bank –Vice President of Lending 1998 – 1999
Created Sub Prime and Alt A Lending Department for Billion Dollar State Savings Bank.
Developed Underwriting Guidelines and Matrix for launch of Portfolio Loan Programs.
Worked with Sales Team for 3 Bank Owned Mortgage Companies to train, educate, and implement Portfolio Sub Prime and Alt A Loan Programs.
Reduced denied loans by 50% while increasing additional revenue for Bancorp.
The CIT Group –Regional Operations Manager 1993 – 1998
Opened New Direct to Consumer & Wholesale Operations Site for Consumer Finance Company.
Expanded Fulfillment Site to encompass Direct to Consumer, Wholesale, and Correspondent Division which consisted of over 200 employees.
Transitioned to Correspondent Operations Manager with oversight of 6 Account Executives and 25 Operational Staff for both Non Delegated and Delegated loan purchases.
Maintained Correspondent Territory of 20 States.
Traveled to Correspondent Lender Sites for on site due diligence reviews and bulk purchases.
Attained Correspondent volume, profitability, and quality goals every quarter.
Masters of Business Administration –North Park University
Bachelor of Science –Northern Illinois University
DE Underwriter Designation
Fifth Third Directors Policy Committee Member
Fifth Third Horizon Award Committee Member
Fifth Third Spirit of the Pin Awards
Credit/Underwriting 25 years
Management 25 years
Operations 20 years
Sales 15 years
Credit Risk 15 years
Fraud 5 years