Regulatory Correspondence Specialist III

Primary Function

The Regulatory Correspondence Specialist III is accountable for handling Qualified Written Requests and Disputes submitted to Regulatory agencies. The job entails reviewing all escalated written inquiries, disputes and complaints from borrower’s or their authorized representatives, researching and resolving issues, and providing formal written responses within prompt deadlines. This position requires dealing and speaking directly to Regulatory Agencies and escalated borrowers to identify areas of their issue and de-escalating the complaint or dispute. The Regulatory Correspondence Specialist III works with various department leaders within the company, to investigate and resolve issues for the consumer. They are also responsible for the outreach and communication to consumers when needed after the complaint is received.

Principal Duties

• Monitor the mailbox and web portals to ensure complaints are logged within 24 hours of receipt and responded to within deadlines.
• Handle more legal risk complaints such as bankruptcy, foreclosure, allegations of UDAPP, attorney complaints, monetary compensation, threatening lawsuit, etc.
• Update and maintain the database for written complaints with details of the complaints, research, resolution for tracking and reporting purposes.
• Collaborate with internal departments to obtain complaint resolution and corrective action.
• Be a liaison between Legal and Clients, when needed.
• Correspond in writing and verbally with Regulatory Agencies (federal, state, and local level).
• Prioritize and complete tasks according to escalated regulatory deadlines.
• Research the consumer’s loan to determine the problem and next steps toward resolution. Identify root causes and direct internal business owners a corrective action plan for resolution to prevent future complaints.
• Make outbound calls to discuss resolution and confirm satisfaction with the consumer.
• Ensure the necessary actions or corrections are made to the accounts to resolve disputes, complaints, and inquiries.
• Compose written responses to borrower’s (or their authorized representatives) providing final resolution to regulatory agencies.
• Provide guidance to other team members to resolve complaints.
• Review written responses from other writers to ensure accuracy of information, the response addresses the complaint content, and the information provided is clear and understandable.
• Aid leadership with follow-up escalations or provide additional information to the Examiners.
• Provide daily reporting on the open regulatory complaints.
• Mentor and train Regulatory Correspondence Specialists I and II.
• Communicate with Senior Leadership for all regulatory complaints and corrective actions.
• Become subject matter expert in at least two main areas of Homeowner Advocacy Dispute classes.
• Perform additional projects and duties as assigned by supervisor.

Education And Experience Requirements

• High school diploma or equivalent, required.
• Bachelor’s degree, preferred.
• 5+ years of Mortgage Servicing experience.
• Experience in Regulatory Affairs and/or Quality Assurance in mortgage servicing, previous complaint handling experience strongly preferred.
• Experience in late-stage mortgage collections, including handling modifications, short sales, and Deeds in Lieu of Foreclosure is a plus.
• At least 2 years demonstrated quality (no less than 95% quality scores) and productivity performance (no less than 12 resolutions per day average), in the Homeowner Advocacy Department.

Knowledge, Skill, And Ability Requirements

• Ability to apply critical thinking and problem-solving skills to work collaboratively to find the best solution.
• Strong verbal and written communication skills with professional use of grammar, spelling, punctuation, and sentence structure.
• Demonstrated attention to detail and organizational skill.
• Superior work ethic.
• Proficient in Microsoft Office, Servicing Director, and OnBase Imaging software.
• Analytical, problem solving, and mathematical skills with the ability to gain agreement from multiple levels of the organization and reach sound decisions.
• Strong negotiation and follow-up skills, as well as the ability to meet strict deadlines.
• Comprehensive knowledge of all aspects of mortgage servicing industry, including payment processing, escrow, taxes, insurance, loan boarding, credit reporting, loss mitigation, foreclosure, bankruptcy, etc.
• Ability to multi-task without sacrificing quality, as well as quickly adapt to changing work assignments.
• Requires continuous learning and keeping up to date with the Regulations related to the Real Estate Settlement Procedures Act (“RESPA”), Truth in Lending Act (“TILA”) the Fair Credit Reporting Act (“FCRA”), the Consumer Financial Protection Bureau (“CFPB”), and policies and procedures regarding Fraud/ID Theft.