Mortgage Compliance Job Description
Mortgage compliance
provides assistance and guidance to registered representatives regarding compliance issues, firm policies and procedures and industry regulations.
Mortgage Compliance Duties & Responsibilities
To write an effective mortgage compliance job description, begin by listing detailed duties, responsibilities and expectations. We have included mortgage compliance job description templates that you can modify and use.
Sample responsibilities for this position include:
Assign and track results of implemented changes to assess the level of continue compliance with all external and internal policies and procedures
Assist in updating mortgage operation procedures as a result of any audit findings
Research new processes and procedures as a result of any changes in delivery of loan documents to the borrowers to ensure compliance to all mortgage related regulations
Oversee the quarterly Enterprise Compliance Risk Assessment (ECRA) process for 8-10 business lines/products in accordance with ECRA Risk policies, procedures and methodologies
Review new/revised business line policies, standards and procedures
Ensure mortgage process is compliant with various requirements, including ECOA, RESPA, TILA, USA PATRIOT Act, HMDA, ATR, QM, HOEPA, Escrow, 2015 Integrated Disclosures, BSA reporting and “know your customer” (KYC) guidelines
Develop and update residential lending policies and procedures
Evaluating methods, processes and risks, and implementing improvements
Support ad hoc compliance testing and reporting, offline model documentation
Accessing /pulling loan-level data from multiple internal and external sources (ICDW, Info
Mortgage Compliance Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Mortgage Compliance
List any licenses or certifications required by the position: CRCM, CIA, CPA, CAFP, AMLP, CAMS
Education for Mortgage Compliance
Typically a job would require a certain level of education.
Employers hiring for the mortgage compliance job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Collage Degree in Business, Education, Finance, Accounting, Financial Services, MBA, Business/Administration, Management, Law, Legal
Skills for Mortgage Compliance
Desired skills for mortgage compliance include:
Accounting
Loan documentation and bank terminology
Necessary computer applications
Commonly used concepts
Practices and procedures within the mortgage industry
Procedures
General administrative and clerical duties
General banking operations and guidelines
Legal issues and regulations compliance
RESPA
Desired experience for mortgage compliance includes:
Oversees all compliance matters relating to eBusiness delivery channels
Manages Quality Assurance audits and serves as insurance liaison for banking exams, system testing and implementation
Serves as point of contact for line management regarding interpretation of policies and regulations
Assists with completion of annual risk assessment for the private label business
Manages the regulatory inquiry function for the private label business
Banking regulations knowledge, such as Regulation B, C, P, U, V, X, Z, Flood Insurance, SCRA, Fair Housing Act, Fair Lending, UDAAP, Homeowners Protection Act, CAN-SPAM, S.A.F.E
Mortgage Compliance Examples
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Mortgage Compliance Job Description
Job Description Example
Our company is growing rapidly and is hiring for a mortgage compliance. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for mortgage compliance
- Producing reports summarizing portfolio credit performance
- Maintain a robust compliance management system for mortgage origination fulfillment services
- Assist the Head of Residential Mortgage Compliance in project activities including document preparation based on compliance timing requirements, signature requirements, other federal and state-specific rules
- Research the Consumer Financial Protection Bureau (CFPB) and FDIC websites for regulatory guidelines to support the accurate production of loan disclosures
- Responsible for tracking, monitoring, and coordinating the implementation of all regulatory and agency guideline changes as they affect any area of the Residential Mortgage Department
- Primary contact for all internal and external audits
- Review, evaluate, and respond to audit findings to ensure adequate response is made and recommended changes are completed
- Conduct quarterly training for mortgage operations staff on compliance regulations
- Participate in management meeting
- Develop and manage reporting mechanisms to aggregate information gleaned from all risk analysis sources in order to identify and evaluate compliance risk trends
Qualifications for mortgage compliance
- The position operates independently and within a team environment and must exercise independent judgement and decision making
- Minimum of six years proven and progressive mortgage or risk management experience or equivalent
- Bachelor's degree, or equivalent work experience with banking regulatory compliance
- Minimum three years’ experience in banking regulatory compliance activities, to include a strong understanding of consumer banking laws and regulations as defined by FRB, CFPB, OCC, and state laws
- Compliance background for Mortgage Servicing, specifically defaulted borrowers
- Must have effective computer skills with good problem solving abilities
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Mortgage Compliance Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of mortgage compliance. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for mortgage compliance
- Review and approve revisions to existing line of business policies and procedures pertaining to compliance topics
- Conduct training, as appropriate, to address identified weaknesses in knowledge of regulations, policies, or procedures
- Coordinate the resources for development of the Policies & Procedures for mortgage operations
- Documenting/editing/maintaining Policies and Procedures approved by Sr
- Attend special project meetings to gather the data to draft Policies & Procedures
- Assist in training initiatives for implementation of the Policies and Procedures
- Manage implementation of FHA, GNMA requirements changes for all mortgage loan functions from origination through to post-closing
- Support business strategy team in development and implementation of new product initiatives, marketing strategies, marketing channels and product features
- Provide well-grounded and definitive interpretations of current and pending investor and insurer requirements to business partners
- Work with the Compliance Team to develop and maintain a legal compliance document library that includes, but is not limited to Fannie Mae, Freddie Mac, HUD, FHA, VA, Federal and State
Qualifications for mortgage compliance
- Track and provide support of incident completion (MRA's,etc.)
- At least 2 years of HMDA experience
- Experience working with CRA Wiz
- Bachelor’s Degree in Business, Finance, or related field from an accredited institution preferred OR equivalent experience combined with High school diploma required
- Four (4) to six (6) years of recent related experience in mortgage loan origination, processing, underwriting, or closing, is required
- Must have extensive knowledge of all applicable mortgage Federal, State and Agency guidelines
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Mortgage Compliance Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of mortgage compliance. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for mortgage compliance
- Work collaboratively with the Business Units to mitigate risk by identifying errors and assisting with the resolution and implementation of procedures and controls
- Work with the Compliance Manager to Maintain policies and procedures for the department
- Analyzes new and pending laws and regulations which directly affect the Bank’s Mortgage compliance program
- Serves as a resource for regulatory matters and compliance related initiatives relating to mortgage lending
- Represents the Compliance Department and the Bank, demonstrating core values, support of Bank policies and practices, and encouraging one common culture of Compliance throughout the Bank
- Maintain subject matter expertise of applicable consumer laws and regulations and Compliance Risk Management framework
- Keeping abreast of the latest industry and regulatory compliance developments through ongoing formal and self-education
- Implement necessary changes within the mortgage process and applicable policies due to changes in lending requirements or recommendations by CFPB, FRB and other regulatory agencies
- Work to remediate any self-identified noncompliant processes or areas of concern identified by internal audit or a regulator
- Provide updates and training to mortgage staff on new and upcoming regulation changes
Qualifications for mortgage compliance
- Must have demonstrated strong attention to detail and ability to read and interpret a GFE, TIL, HUD-1 and 1003
- Experience using mortgage loan origination, fair lending, HMDA, and compliance software systems strongly preferred
- Comply with the Bank Secrecy Act, Fair Lending and all banking regulations where applicable
- Demonstrates extensive knowledge and understanding of regulatory compliance of banking laws and third party risk management
- Demonstrates strong ability to make decisions
- Demonstrates understanding of product management and operational support
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Mortgage Compliance Job Description
Job Description Example
Our growing company is searching for experienced candidates for the position of mortgage compliance. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for mortgage compliance
- Serve as business liaison for all mortgage related audits and own any resulting action items
- Conducting independent testing and monitoring of the overall adequacy of controls related to consumer mortgage and equity
- Critically challenging first line management regarding the root cause analysis and corrective action plans proposed in response to monitoring and testing activities
- Assisting lines of business and other support units with compliance with various state and federal laws governing consumer lending with emphasis on mortgage and equity products
- Engaging with the lines of business and other support units to implement measures to mitigate the risks identified by other internal or external groups
- Assisting in the preparation and facilitation of examinations conducted by various regulatory agencies
- Other duties as assigned to support the consumer compliance program
- Update State Compliance Manual as needed
- Serve as compliance resource involving laws and regulations that have a significant impact on lending and capital markets operations
- Respond to and track compliance inquiries and resolutions
Qualifications for mortgage compliance
- Demonstrates working knowledge and understanding of credit scoring
- Demonstrates ability to project manage multiple projects simulataneously
- Demonstrates knowledge and understanding of examinations from regulatory agency such as CFPB, FRB, FDIC, or OCC
- Demonstrates mastery level of proficiencies regarding Banking Compliance laws and regulations
- Understanding of and experience with regulations related to financial institutions, specifically Community Reinvestment Act (CRA) and Home Mortgage Disclosure Act (HMDA)
- Audit testing or other compliance experience conducting independent testing of regulations
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Mortgage Compliance Job Description
Job Description Example
Our company is growing rapidly and is searching for experienced candidates for the position of mortgage compliance. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for mortgage compliance
- Directs and assists staff with the development or revision of policies, procedures, products, documents and marketing material to ensure compliance
- Coordinates the review of federal and state banking laws and regulations, reviews the financial institution’s policies and procedures, and ensures financial institution compliance with laws and regulations
- Execute audits from start to completion including detailed walkthroughs of key processes to identify internal controls, developing and execution of tests of control and substantive testing procedures for key controls, execution of testing, identification and reporting of issues
- Identify potential areas of vulnerability and risk and provide general guidance on how to minimize risk of non-compliance
- Assist with the preparation of training materials and ad-hoc presentations and reporting
- Represent the Compliance Department and the Bank demonstrating core values, support of Bank policies and practices, and encouraging a culture of compliance throughout the Bank
- Provide regulatory training to Bulk Mortgage
- Maintain an advanced awareness of regulatory and legislative developments and industry trends
- Support implementation of mortgage compliance program and vendor oversight program
- Execute special or enhanced monitoring, as needed, for new, complex, or high-risk requirements or in response to certain weaknesses discovered through routine self-assessments, monitoring, testing, or auditing
Qualifications for mortgage compliance
- Coordinate examinations and audits performed on the company records by state and federal examiners internal audit
- Prepare all documentation and respond to questionnaires required by the examiners/auditors
- Ability to effectively communicate to lines of business and senior management, both in writing and verbally Proven to be a proactive thinker
- Proven ability to drive results through people Strong project management and/or continuous improvement skills
- 7 years compliance experience in banking or financial service industry experience and certifications relative to specific area of concentration
- 5+ years of Mortgage operations, processing and compliance experience