Steven Bakst

Steven Bakst Email and Phone Number

Mortgage CFO at FM Home Loans, LLC NMLS #9469 @ FM Home Loans, LLC.
Steven Bakst's Location
Brooklyn, New York, United States, United States
Steven Bakst's Contact Details
About Steven Bakst

FM Home Loans, LLC – 2329 Nostrand Ave, 3rd Floor, Brooklyn, NY | 718-377-7900 CT, FL, IN, MD, MI, NC, OH, OR, PA, SC, TN, UT | Licensed by the N.J. Department of Banking and Insurance, NY- Licensed Mortgage Banker - NYS Department of Financial Services, Rhode Island Licensed Lender and Rhode Island Licensed Loan Broker| VA - NMLS ID #2212 (www.nmlsconsumeraccess.org)All loans subjected to approved credit and income requirements. The stated rate may change or not be available at the time of loan commitment or lock-in.

Steven Bakst's Current Company Details
FM Home Loans, LLC.

Fm Home Loans, Llc.

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Mortgage CFO at FM Home Loans, LLC NMLS #9469
Steven Bakst Work Experience Details
  • Fm Home Loans, Llc.
    Cfo Mortgage Banking
    Fm Home Loans, Llc. Aug 2013 - Present
    Brooklyn, Ny, Us
    • Manage multi-unit mortgage banking regions with over 12 branch locations in multiple states throughout the country • Grow annual production by 250%+; streamlined operations to keep up with deadlines with existing staffing• Create/update/maintain policies/procedures—regulator/investor requirements; developed COVID-19 company policy • Promote/maintain relationships with regulators/investors—they act as partners/not as enforcers when challenges arias • Automate disclosure process to ensure required loan estimates/initial disclosures are sent to the Borrower within timeframeo Reduce department staff by 50%—save the company money; generate better efficiencies • As HR Director; work closely with employees on personal issues to ensure satisfaction in roles within the organizationo Leverage employee feedback to provide benefits provider to facilitate and deliver better solutions going forwardo Secure medical coverage for employee wellbeing, I.E. mental health/dependents up to age 30/IVF for single women• Set up servicing platform for loans held for investment and work closely with Sub-servicer on loans in servicing portfolio
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  • Fm Home Loans, Llc.
    Managing Director/Cfo Mortgage Banking
    Fm Home Loans, Llc. Aug 2013 - Present
    Brooklyn, Ny, Us
    • Automate accounting system to import appraisal receipts/payables/closing/funding entries/balancing of the escrow accounto Save time for loan transactions to be entered—facilitate 100% accuracy of information going into the accounting system o Streamline reconciliation process for closing wire information set up by closing department; identify accounting effect o Create an export that runs nightly to capture each closing entry; set up similar process for other entrieso Facilitate ability to meet California Escrow account requirement of having escrow funds segregated upon deposit• Automate commissions payroll: budget analysis; pull in loans—eligible to pay loan officer/generate into payroll systemo Set up system to track salesperson profitability—based on benchmarks; loan officer regulations obligated fixed amount • Enable each loan officer to receive a copy of anticipated earnings; make necessary adjustments prior to payroll • Redeploy company’s hedging; started by training secondary staff on the concept of hedging in the secondary marketo Facilitate transition to more profitable hedging advisory firm Company with a clearer understanding of hedging process o Result in gain on sale due to increase from 25 basis points per/loan to over 40 basis points per/loan
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  • Consulting Services
    Mortgage Consultant
    Consulting Services Jan 2010 - Present
    • Leverage expertise in mortgage industry: language/banking process—sales/operations/compliance/technology• Advise brokers/lenders/investors on challenges facing the mortgage industry; facilitate assistance/support; I.E.: o Manage state/federal/financial/CFPB audits; streamline process throughout loan application through investor purchase • Collaborate with C-level executives to solve challenges: being “controlled” by lower-level managers—inefficient processes o Guide executives on process/what can be done to take things to next level; enable to take more involved leadership • Work with leading mortgage-pricing engine; automate process to monitor fair-lending compliance via “lock process:” o Develop proprietary system to ensure company pricing policy remains compliant—not compromising profitabilityo Create a strategic pricing policy to give loan officers compliant pricing/documents at time of lock for best product/rate  Enable companies to track any disparities at time of lock saving hundreds of hours of work at time of audit• Help small mortgage brokers navigate complex state regulations that can be too costly to maintain o Provide guidance and solutions to help make compliance manageable; work with developers to automate solutionso Create automated process to book all closing/investor purchase accounting entries from LOS into Accounting systemo Develop process to calculate commission payroll with flexibility to handle individualized pay structureso Automate solution to manage internal appraisal desk management to have appraiser rotation based in city/state/zip code  Enable to manage ordering/processing/payment of appraisal orders through desktop application without LOS login • Act as consulting CFO to mortgage companies to navigate challenges and create solid monthly financials/audits • Work with title company to create outsourced Nationwide final document processing center to service 100 lenders/investors
  • Gfi Mortgage Bankers, Inc
    Chief Operating Officer
    Gfi Mortgage Bankers, Inc May 2007 - Aug 2013
    New York, New York, Us
    • Managed full P&L accountability; created/streamlined process to determine profitability—company/branch/loan officer o Identified costs/profitability; offer more competitive compensation structures hire/retain top producing sales staff • Directed operations including 125 direct reports in 13 branches; ensured operational excellence; closed $750M annually• Developed relationships with state/federal regulators; worked with Deputy Superintendent of NY Mortgage Banking o Expanded business with Fannie Mae/Freddie Mac to create strategic partnership; grew servicing portfolio by 150%+o Collaborated with Fannie Mae Project approval team to streamline approval process; built key relationships on teamo Facilitated approval of many challenging projects that normally would not be approved to sell to the agencies Helped expand footprint in Manhattan by 200%+• Conceptualized/implemented operations policies/procedures; created fair-lending monitoring system with Optimal Blue o Enabled company to determine if a fair lending violation may exist at time of locking the loan• Collaborated with sales staff on challenging loan files to structure/get through approval/closing process, timely/efficiently
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  • Fairmont Funding
    Vice President
    Fairmont Funding 2002 - 2007
    Us
    • Led 100+ team members—mortgage banking operations/title company/settlement company with full P&L accountability• Managed Processing, Underwriting, Closing, Post Closing, and Secondary Market operations• Directed settlement agent and developed staff of attorneys and paralegals that closed loans for 25+ lenders
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  • Ostrolenk Faber Llp
    Developer
    Ostrolenk Faber Llp Jul 2001 - Aug 2002
    New York, New York, Us
    I created a reporting system for clients utilizing MS Access saving law firm $50K+ annually. I also established a computerized docketing system for an Intellectual Property law firm.
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Steven Bakst Skills

Mortgage Lending Loan Origination Mortgage Banking Loans Residential Mortgages Banking Credit Fha Refinance Real Estate Investment Properties Real Estate Economics Real Estate Financing Underwriting Investments Reverse Mortgages Mortgage Underwriting Credit Analysis Finance Fha Financing Investors Residential Homes Real Estate Transactions Commercial Real Estate Referrals New Business Development Construction Loans First Time Home Buyers Commercial Lending Due Diligence Real Estate Development Brokerage Mortgage Commercial Mortgages Va Loans Foreclosures Compliance Residential Hud Condos Short Sales Title Insurance Loss Mitigation Funding Certified Mortgage Planning Mortgage Servicing Government Loans Business Development

Steven Bakst Education Details

  • Touro University
    Touro University
    Accounting And Business/Management

Frequently Asked Questions about Steven Bakst

What company does Steven Bakst work for?

Steven Bakst works for Fm Home Loans, Llc.

What is Steven Bakst's role at the current company?

Steven Bakst's current role is Mortgage CFO at FM Home Loans, LLC NMLS #9469.

What is Steven Bakst's email address?

Steven Bakst's email address is st****@****uck.com

What is Steven Bakst's direct phone number?

Steven Bakst's direct phone number is +171837*****

What schools did Steven Bakst attend?

Steven Bakst attended Touro University.

What skills is Steven Bakst known for?

Steven Bakst has skills like Mortgage Lending, Loan Origination, Mortgage Banking, Loans, Residential Mortgages, Banking, Credit, Fha, Refinance, Real Estate, Investment Properties, Real Estate Economics.

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