Title: Retail Lending Compliance Monitoring Specialist Employment Status: Full Time
Department: Retail Lending Location: Headquarters/Hybrid
Reports To: SVP Retail Lending
SUMMARY: Reporting to the SVP Retail Lending Officer, the Retail Lending Compliance Monitoring Specialist monitors the day-to-day function and workflow of the Loan Center ensuring that all loans are disclosed, processed, and closed timely and in accordance with bank policy and federal and state regulations. The position will take the lead in the compliance monitoring of the Residential and Consumer Loan Department. Additionally, it is expected that this position will embrace the established sales and service culture while coaching employees to maximize their contribution to the Bank’s goals.
ESSENTIAL DUTIES and RESPONSIBILITIES:
Statements included in this description are intended to reflect in general the duties and responsibilities of this classification and are not to be interpreted as being all inclusive, other duties may be assigned. To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Develop a complete knowledge of MSB’s residential and consumer loan products, programs, loan policies and procedures.
- Assist in updating written procedures as needed.
- Maintain regulatory compliance including the disclosure of all loan files in accordance with RESPA, REG Z, ECOA, TRID, HMDA and other regulatory requirements for safety and soundness.
- Perform monthly initial scrub of HMDA LAR to validate required data points are being reported accurately generating monthly spreadsheet listing errors to be used as a training tool.
- Provide quarterly HMDA training for the loan center staff and sales personnel.
- Work with the Mortgage Operations Manager, Compliance Officer, and designated commercial lending personnel on the final scrub of the annual HMDA LAR and timely submission of the LAR to the CFPB
- Work with the Compliance Officer to perform monthly scrub of all residential files to ensure compliance with RESPA, REG Z, ECOA, TRID and other applicable State and Federal Regulations
- Perform an independent review of all Residential Appraisals and forward appraisals to the Bank’s compliance consultant for review when necessary.
- Responsible for running all mortgage appraisals through Freddie Mac’s and Fannie Mae’s shared Uniform Collateral Data Portal (UCDP)
- Be an active participant on the Compliance Committee. Maintain, Fair Lending and Loan Exception matrices for all Residential loan products.
- Keep abreast of regulatory changes to ensure compliance in the areas of job responsibilities, and recommend improvements or changes as needed for compliance and/or for department efficiency.
- Assist internal and external auditors and regulators with their respective engagements.
- Provides training and guidance to others in the department.
- Provide a positive team environment.
- Regular and consistent attendance is required to continue the high standard of customer service.
- In the performance of respective tasks and duties, the employee is expected to maintain knowledge of and ensure compliance with Bank Secrecy Act regulations and adheres to compliance procedures and internal/operational risk controls in accordance with all applicable regulatory standards, requirements and policies as well as attending all required training sessions and completing all required on-line training courses.
- Other duties as assigned.
LEVEL OF RESPONSIBILITY:
- Work is non-routine and analytical in nature.
- It adheres to specific policies and procedures that are prescribed by the Bank as well as, State and Federal regulations while relying heavily on prior directly related experience to prevent significant financial and reputational risk to the bank.
- The role works independently with limited supervision, alongside the Retail Lending Manager and the Compliance Officer, and is looked to as a subject matter expert within the organization.
- Bachelor’s Degree in Business desired or banking courses and related work.
- Minimum of three years’ experience in processing, analyzing, and underwriting loan application files for both consumer and residential products.
- Minimum of three years’ experience in performing independent monitoring of residential and consumer files for regulatory compliance within RESPA, REG Z, ECOA, HMDA, TRID and other State and Federal regulations
- Thorough working knowledge of Fannie Mae/Freddie Mac’s Uniform Collateral Data Portal
- Encompass systems knowledge preferred.
- Thorough working knowledge of QuestSoft’s HMDA Relief software
- Proficient in Microsoft Office Suite products and the Internet
- Solid understanding and application of administration activities with an understanding of office procedures and ability to operate standard office equipment.
- Excellent Communication Skills
- Accurate attention to detail
- Sound Judgement
- Confidentiality, Discretion
- Excellent Organizational Skills
- Proficient Prioritization skills
- Good mathematical problem solving
- Relationship Builder - Develops and maintains relationships with officers, employees and external contacts and maintains alignment with core values, vision, strategy and goals.
- Computer Technology Savvy - Utilize technology/systems to improve work processes and use a range of technology to solve problems.
The person in this position frequently communicates with customers, about the loan process as it pertains to the underwriting and processing of loans and therefore must be able to exchange accurate information in these cases. They will need to use judgment and discretion in decision making situations, interpret and follow all Bank policies and procedures, write/create reports, and business correspondence, (Main Street Bank’s standard language is English). As well as the ability to:
- Speak and effectively present/communicate information and respond to questions from customers, groups of managers, vendors, and other employees.
- Define problems, collect data, establish facts, and draw valid conclusions.
- Read, analyze, and interpret a variety documents such as financial statements, accounting system generated reports, income documentation, bank statements and Bank policies and procedures.
WORKING CONDITIONS AND PHYSICAL EFFORT: The physical and work environment demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is required to:
- Occasionally lift and/or move up to 25 pounds, (i.e., files/ file boxes)
- Frequently required to remain in a stationary position, greater than 50% of the time
Mental & Visual Demands
- Consistently operate a computer for extended periods of time
- Specific vision abilities may be required by this job include close vision, distance vision, peripheral vision, depth perception, and ability to adjust focus.
- Regular use of office productivity machinery (i.e., a calculator, copy machine, fax machine, computer printer).
Work Environment and Hazards
- Occasionally move throughout the inside the Bank to access resources and individuals.
- Occasional local travel for bank purposes and/or on behalf of the bank (i.e., training).
- The employee must be able to work schedules that meet the needs of the bank, which may include early morning, evening and/or weekend hours.
- It is a general office environment where the noise level is moderate.
AMERICANS WITH DISABILITIES ACT
Main Street Bank complies with all aspects of the Americans with Disabilities Act (ADA) and state disability laws. This means that we will not discriminate against qualified individuals with a disability in any phase of the employment relationship including application for employment, hiring, promotions and/or advancement opportunities, termination, compensation, training and any other conditions or privileges of employment