Compliance Specialist

Compliance Specialist The purpose of the department is to review conventional, equity and subprime products and audit the closed loan packages to ensure that the purchase is complete within the requirements set by the division. The loans must meet our investment/product criteria as well as the collateral/banking requirements and must be purchased within the stated management objectives set for the division each year.
The Compliance Specialist is responsible for reviewing closed loan files ensuring compliance with items related to Truth in Lending, High Cost and Section 32 regulations. Consistently supports the commitment to compliance by insuring adherence to all applicable federal, state, and local laws and regulations and Countrywide Bank's policies and procedures and reporting all incidence of non-compliance to immediate manager.
Primary responsibilities include:

Review Section 32/High Cost screen for accurate input. Responsible for completing the manual high cost work sheet ensuring that the fees are not over the allowable limits.

Complete compliance related reviews on closed loan files across prime, equity and/or subprime channels, including HELOC fee comparisons, TIL/APR validations and other compliance related tasks associated with federal, state and local regulations.

Train Suspense Coordinators in compliance related matters. Includes responding to suspense phone calls and emails, preparing handouts/emails/feedback forms. Involves one-on-one training, and classroom training.

Handle follow-up calls/emails with sellers to explain Countrywide Bank's policies and procedures regarding Fee Disclosures and refunds. Run reports to ensure that all loans pending audit are addressed in a timely manner.
A successful candidate will have:

Expertise in the use of Ruby module of Gems.

Knowledge of HUD 1, Truth in Lending disclosure and a broad understanding of the mortgage banking and closing processes.

Please see Job Description