Loan Compliance Officer

About the role

The Loan Compliance Officer, under the direction of the CCO, performs compliance reviews on internal processes and procedures to support ongoing regulatory compliance with consumer and commercial lending financial regulations and reports observations to the CCO for further consideration and corrective action.

Responsibilities

• Develop, administer, and monitor a program ensuring the Loan Department’s compliance with all applicable laws, regulations, and rules governing loan origination and servicing activities.
• Maintain a thorough understanding of state and federal laws and regulations related to lending compliance, including bank secrecy and anti-money laundering laws.
• Monitor changes in lending compliance laws, inform senior management with analysis and interpretation, and recommend internal procedure changes to maintain compliance.
• Serve as an in-house expert to provide loan compliance advice, address compliance questions, and offer solutions related to regulatory changes.
• Perform and/or assist with compliance reviews of internal processes and procedures across business units, including mortgage, consumer and commercial loans, collections, marketing, and website.
• Input, review, and prepare annual HMDA submission, including data transfer, accuracy review, regulatory review of LAR, data scrubbing, and annual submission.
• Identify, prepare, research, implement, and instruct regulatory and compliance training courses for Loan Department staff.
• Review a defined sample of loan files (pre and post-origination), track missing and outstanding items, and report aged items to management.
• Prepare regular internal reporting for the Board of Directors.
• Prepare compliance review reports by collecting, analyzing, and summarizing information for decision-making.
• Conduct quarterly reviews and ongoing assessments of flood policies for adequate coverage.
• Administer and prepare for regulatory and internal audits, including report creation, responses, and file organization.
• Complete annual CRA reporting and ongoing CRA efforts to identify loans qualified for community development designation.
• Complete regular fair lending risk assessments and quarterly fair lending evaluations of lending policy exception activity.
• Perform ongoing NMLS administration and reporting for staffing changes, including new hires and terminations.
• Comply with all corporate policies, procedures, and federal regulations, including BSA/AML and OFAC.
• Consult on special projects and other duties as assigned by the CCO.

Requirements

• Bachelor’s degree or related experience required.
• 5 or more years of regulatory experience in loan documentation, processing, operations, and/or lending.
• 3–5 years’ exposure to loan compliance.
• Proficiency in Word, Excel, and Outlook.
• Experience with loan documentation software such as LaserPro, MortgageBot.
• Experience with compliance software such as Ncontracts.
• Working knowledge of federal regulations including Truth in Lending Act, Real Estate Settlement Procedures Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Home Mortgage Disclosure Act, and other related regulations preferred.
• Fully knowledgeable of the lending process, laws and regulations, credit, and risk assessment of the loan process.
• Experience establishing and maintaining company compliance policies and procedures.
• Excellent interpersonal skills with the ability to develop working relations within the department and other bank locations.

Physical/Mental Requirements

Job functions are performed in an office environment. The incumbent operates various types of office equipment, secures supplies and files, communicates with customers and/or other employees, and frequently moves about the branch and/or office location. Physical demands include:

• Digital dexterity and eye/hand coordination in operating office equipment.
• Light to moderate lifting and carrying of supplies and files.
• Ability to speak and hear customers and/or other employees on the telephone and in person.
• Body and motor skills sufficient to move between office locations.
• Capability to learn complex data processing equipment and perform moderate to complex mathematical calculations.
• Ability to work extended hours as needed.