About Joseph Cilento, CPA, CMD

Over 30 years successfully managing, owning or advising Mortgage Lenders on a nationwide basis in a broad array of mortgage services and capabilities. Responsibilities include roles as CEO, COO, Secondary Marketing and Loan Administration and Servicing. Accomplishments include improving operational capacity, develop secondary marketing solutions, obtain GSE approvals, issue MBS’s in order to enhance profits while developing a cash-flow servicing retained loan portfolio. Executive experiences included developing and enhancing regulatory and compliance policies and practices that meet the rapidly changing regulatory landscape. Consulting services include Warehouse Lender Audits, FNMA pre-MORA audit reviews, FNMA/GNMA servicing audits, mortgage process improvement reviews.

As COO of American Financial Resources (GNMA # 4034), successfully transitioned a small NJ mortgage broker starting in 2002 into a nationwide GSE approved Seller/ Servicer and Issuer with a retail and wholesale lending platform with > $3B in GSE MBS’s. Guided the Company through its significant growth stage by transitioning the Company from selling production to large aggregators on a servicing released basis to a GSE approved Seller/Servicer.

Extensive experience guiding newly approved GSE’s from approval stage using a “hands-on” approach until the Company can successfully issue their own MBS’s. Helped develop and train designated in-house secondary marketing staff on procedures needed to successfully hedge, close and deliver MBS securities and then to properly board loans for proper loan servicing.

Prior experiences include ownership of a NY based mortgage banking entity, CFO for Merrill Lynch Mortgage Corp and as a CPA at a Big 10 accounting firm.

Specific experiences with start-up and established Lenders and GSE approved entities:

  • Obtain GSE authority with GNMA Issuer and FNMA, FHLMC Seller/Servicer
    • Guide Principals and designated staff to meet GSE requirements.
    • Preparation, review and coordinate all GSE completed applications
    • Identify & approve Third Party Vendors, Broker- Dealer relationships for hedging and trading, Document Custodian and select and oversee Sub-servicer for new servicing retained production, etc.
    • Oversee initial and ongoing regulatory applications with GSE authorities
  • Financial , Secondary , Treasury ,Warehouse Bank and Regulatory and Compliance Experiences
  • Direct and manage all independent annual audit reviews to meet the needs of GSE’s, Warehouse Banks, Correspondent Investors and others.
  • Direct and manage tasks associated with Mortgage Lender annual regulatory audits such as GSE’s, NMLS, HUD, FNMA, FHLMC, State Banking Departments, Fair Lending and other audits.
  • Successful executive management experience with
    • Financial Review and Financial Controls– Financial performance/Financial controls/Financial Statements.
    • Hedging and Interest Rate Management– implement hedging strategies and systems.
    • Systems and IT – review of operating systems and IT environment
    • Operations– adherence to Federal, State and regulatory requirements with emphasis on consumer loan disclosures, application and closing documentation, credit and underwriting risk controls, pre-and post-closing quality control functions and reviews and use of 3rd party risk management services to mitigate and detect fraud or unacceptable loans.
    • Metrics– overall review of Company vital statistics including current and historical application and closing volumes, pull-thru rates, originator loan sources, loan types, documentation types, purchase and refi volumes, wholesale and retail channels, broker activity and other ancillary products sold or marketed by the Company
    • Corporate Governance-includes a review and assessment of Corporate Governance/Company structure/Organization Chart/ Senior management resumes and experiences/Corporate culture / Licensing / Financial Audits/ Regulatory Agency and Banking Department audits/ Customer Satisfaction Reports/ Marketing and Advertising, etc.