ABOLISHED 12/01/2014 PER PAY LETTER 15-04 - Mortgage Loan Accounting Series

California State Personnel Board Specification

Series established July 19, 1983

Scope

This series specification describes four classes in the California Housing Finance Agency performing mortgage loan and bond accounting duties.

Definition of Series

With respect to the Agency's function in purchasing and monitoring the servicing of single family mortgages from private mortgage companies, incumbents in these classes develop and implement procedures to properly account for the purchase of loans and ensure loan eligibility; establish complete accounting records for each private mortgage company servicing loans and for each single family loan program by bond series; reconcile and record monthly mortgage loan payments; resolve problems with mortgage companies, including delinquent loans, loan modifications, foreclosures, notice of default, trustee sales, rehabilitation work, and pay-off of foreclosed loans. Incumbents also prepare financial statements by bond series and by program, maintain books and records by bond issue, and prepare reports and surveys as required by bond underwriters, bond counsel, rating agencies and program staff.

With respect to the Agency's function in servicing multiunit rental loans, incumbents in these classes develop and implement record-keeping procedures to account for each loan throughout the term of the mortgage, including their amortization, the financing of construction draws, the allocation of Housing Assistance Payments, the invoicing of projects for amount owing on impounds, the investment of various funds, and the payment of expenses for the projects. Incumbents also prepare financial statements by bond series and by program, maintain books and records by bond and note issue, and prepare reports and surveys as required by bond underwriters, bond counsel, rating agencies and program staff.

With respect to bond accounting, each new issue requires that a separate accounting system be established to account for everything that pertains to that bond issue as defined in the bond indenture. Incumbents must create completely new general ledgers and accounts; assist in the design and creation of management reports; account for commitment fee cash and letters of credit; establish procedures to draw down on the letters of credit; create amortization tables; establish procedures to account for and maintain investment agreements; establish procedures to ensure that proper amounts of insurance premiums are paid for the amount of loans outstanding and procedures to ensure that the proper amounts are filed against any insurance claims; establish operating procedures with the trustee or co-trustee; and if the Federal Department of Housing and Urban Development funding is involved, establish books and accounts in the format required by them.

Entry Levels

Entry into this series is typically at the class of Mortgage Loan Accountant. Positions assigned supervisory responsibilities are allocated to the class of Mortgage Loan Accounting Supervisor.

Factors Affecting Position Allocation

Level, variety and complexity of work; supervisory responsibility; complexity of funds and loan administration responsibilities.

Definition of Levels

Mortgage Loan Accountant

This level under supervision, performs semiprofessional mortgage loan and bond accounting work. Incumbents assist in maintaining general ledgers and journals and other accounting records and perform one or more of the following functions: (1) review promissory notes and other legal documents for single family loans to be purchased to ensure accuracy and internal compliance; (2)�monitor single family loans to ensure that the proper amount of insurance premium and delinquency insurance payments covering regular principal and interest payments are paid and received; (3) reconcile each lender's account to the general ledger; (4) maintain and reconcile the individual investment agreements established for each bond issue; (5) reconcile State Controller's accounts and resolve differences; (6) monitor each project's impound accounts to assure sufficiency of funds.

Mortgage Loan Accounting Officer

This is the first professional accounting level in the series. Incumbents, under direction, are responsible for a segment of the mortgage loan and bond accounting program. They are responsible for either (1) the purchasing and monitoring of single family mortgages; or (2) the maintenance of single family loans after purchase until the loan is removed from the Agency's records; or (3) the accounting of bond and note funds for multifamily projects from the time of their closing; or (4) the maintenance and servicing of multifamily loans; or (5) maintaining and reconciling the more complex investment agreements which require more analysis of funds to ensure funds are available for�debt service and resolving differences; or (6) preparing all monthly, quarterly and year-end financial statements. Incumbents in this class may have lead responsibility over a small group of subordinate staff.

Mortgage Loan Accounting Supervisor

This is the working supervisor level in the series. Incumbents, under general direction, are responsible for the supervision of mortgage loan accounting staff and assist in the planning, design, installation, modification and evaluation of the accounting systems and procedures for the multifamily or single family program. Incumbents also direct the preparation of monthly, quarterly, and annual financial statements, and other reports as necessary to meet requirements of indenture and Board resolutions, underwriters, rating agencies, bond counsel and the State of California and supervise staff who aid in gathering the information necessary for the preparation of such reports.

Mortgage Loan Accounting Administrator

This is the top supervisory level in the series. The incumbent assists the Comptroller in planning, organizing and directing a variety of complex specialized fiscal and financial reporting activities; manages the day-to-day internal and external accounting operations of either the single family or multifamily program.

Minimum Qualifications

Mortgage Loan Accountant

Either I

One year of experience in the California state service performing bookkeeping or accounting duties of a class comparable to that of Accounting Technician. and

Education: Twelve semester units of college courses which shall have included elementary (Accounting 1A and 1B) and intermediate accounting, and introduction to data processing.

Or II

Education: Equivalent to graduation from college with a degree in economics, business, finance, or accounting. Curriculum must have included elementary (Accounting 1A and 1B) and intermediate accounting, and introduction to data processing. (Registration as a senior student in a recognized institution will admit applicants to the examination, but they must produce evidence of successful completion of the curriculum and the prescribed courses before they may be considered eligible for appointment.)

Or III

Experience: Two years of experience performing bookkeeping or accounting duties preferably in a mortgage lending agency such as: a commercial bank, a mortgage bank, a savings and loan association, a private mortgage insurance company, the Federal Housing Administration, the Federal Home Loan Mortgage Corporation, or other government housing agency. (Experience in the California state service applied toward this requirement must be in a class equivalent in level of responsibility to that of an Accounting Technician.) and

Education: Twelve semester units of college courses which shall have included elementary (Accounting 1A and 1B) and intermediate accounting, and introduction to data processing.

Mortgage Loan Accounting Officer

Either I

One year of experience in the California state service performing accounting duties at a level of responsibility not less than that of a Mortgage Loan Accountant. (Applicants meeting the educational requirements who have completed six months of service performing the duties of a Mortgage Loan Accountant will be admitted to the examination, but they satisfactorily complete one�year of this experience before they can be considered eligible for appointment.) and

Education: Same as Mortgage Loan Accountant.

Or II

Experience: Two years of increasingly responsible professional accounting experience preferably working on one or a combination of the following: a commercial bank, a mortgage bank, a savings and loan association, a private mortgage insurance company, the Federal Housing Administration, the Federal Home Loan Mortgage Corporation, or other government housing agency. (Experience in the California state service applied toward this requirement must include at least one year performing duties of a class equivalent in level of responsibility to that of Mortgage Loan Accountant.) and

Education: Equivalent to graduation from college with a degree in economics, business, finance, or accounting. (Additional qualifying experience may be substituted for the required education on the basis of one year of experience equals two years of college education, except that nineteen semester units of college courses must be completed which shall have included elementary and intermediate accounting, auditing, cost accounting, business law, and introduction to data processing.)

Mortgage Loan Accounting Supervisor

Either I

One year of experience in the California state service performing accounting duties at a level of responsibility not less than that of a Mortgage Loan Accounting Officer.

Or II

Experience: Three years of increasingly responsible professional accounting experience preferably working in one or a combination of the following: a commercial bank, a mortgage bank, a savings and loan association, a private mortgage insurance company, the Federal Housing Administration, the Federal Home Loan Mortgage Corporation, or other government housing agency. (Experience in the California state service applied toward this requirement must include at least one year performing duties equivalent in level of responsibility to that of Mortgage Loan Accounting Officer.) and

Education: Equivalent to graduation from college with a degree in economics, business, finance, or accounting. (Additional qualifying experience may be substituted for the required education on the basis of one year of experience equals two years of college education, except that nineteen semester units of college courses must be completed which shall have included elementary and intermediate accounting, auditing, cost accounting, business law, and introduction to date processing.)

Mortgage Loan Accounting Administrator

Either I

One year of experience in the California state service performing professional accounting work at a level of responsibility not less than that of Accounting Administrator I.

Or II

Two years of experience performing the duties of a Mortgage Loan Accounting Supervisory.

Or III

Experience: Five years of increasingly responsible professional accounting experience preferably working in one or a combination of the following: a commercial bank, a mortgage bank, a saving and loan association, a private mortgage insurance company, the Federal Housing Administration, the Federal Home Loan Mortgage Corporation, or other government housing agency. For at least one year, this responsibility must have included supervising a staff in the operation of a complex accounting system. (Experience in the California state service applied toward this requirement must include at least one year performing duties equivalent in level of responsibility to that of Accounting Administrator I or two years equivalent in level of responsibility to that of a Mortgage Loan Accounting Supervisor.) and

Education: Either

(1) Equivalent to graduation from college with a degree in economics, business, finance, or accounting. [Additional qualifying experience may�be substituted for the required education on the basis of one year of�experience equals two years of college education, except that 24 semester units of college courses must be completed which shall have included elementary (Accounting 1A and 1B), intermediate accounting, fund/governmental accounting, cost accounting, auditing, business law, and computer applications/management information systems.] or

(2) Completion of the equivalent of 45 semester units given by a collegiate-grade residence or correspondence institution, of which 24�units must include courses in financial accounting, managerial accounting, intermediate/advanced accounting, fund/governmental accounting, cost accounting, auditing, business law, computer applications/management information systems. (Persons who will complete course work requirements during the current quarter or semester will be admitted to the examination, but they must produce evidence of successful completion of the curriculum and the prescribed courses before they may be considered eligible for appointment.)

Knowledge and Abilities

Mortgage Loan Accountant

Knowledge of: The basic functions and organization of the California Housing Finance Agency, principles and practices of financial record keeping and basic principles of accounting, computers and mortgage lending terminology.

Ability to: Operate common office equipment used in financial record-keeping work and make arithmetical computations rapidly and accurately; analyze data, identify discrepancies and errors, and draw logical conclusions; establish and maintain cooperative relationships with others; communicate effectively both orally and in writing.

Mortgage Loan Accounting Officer

Knowledge of: All of the above, and purposes, policies and operations of the California Housing Finance Agency; State of California and private accounting principles, practices and requirements; basic mortgage loan servicing procedures including FHA and VA requirements; loan foreclosure procedures; familiarity with a wide range of mortgage documents including FHA insurance and VA guarantee procedures, construction draw documents, and financial statement preparation.

Ability to: All of the above, and effectively direct the work of others in the performance of mortgage loan and bond accounting.

Mortgage Loan Accounting Supervisor

Knowledge of: All of the above, and accounting systems; principles and applications of data processing; principles and techniques of personnel management and supervision, planning, organizing, and directing the work of others; a supervisor's role in the Affirmative Action Program and processes available to meet affirmative action objectives.

Ability to: Apply the State of California and private accounting principles and procedures; analyze data and draw sound conclusions; design purchasing, accounting, and monitoring systems; prepare clear, complete, and concise reports; effectively direct the work of others in the performance of mortgage loan and bond accounting; effectively contribute to the Agency's affirmative action objectives.

Mortgage Loan Accounting Administrator

Knowledge of: All of the above.

Ability to: All of the above, and prepare special financial and managerial reports as required.

Special Personal Characteristics

All Levels:

Ability to qualify for a fidelity bond.

Class History