Job Information
TEKsystems Mortgage Compliance Specialist in Trenton, New Jersey
Description:
The Special Products Compliance Specialist is responsible for the review of all formal and release of liability files post-closing, to ensure adherence to state, federal, and investor guidelines. The Compliance Specialist also assists Assumption Processors with document and disclosure review for files in process, and performs a monthly review of Assumption underwriting to ensure accuracy.
Responsibilities:
• Performs review of necessary assumption disclosures prepared by the processors prior to mailing (LE, CD, ECOA, Credit Score Disclosure, etc.)
• Ensures accuracy of all disclosures approved to send
• Reviews daily task reporting to monitor timeliness of task completion
• Monitors processing to ensure timely mailing of assumption disclosures
• Monitors underwriting to ensure timely underwriting decision
• Performs monthly review of all formal and release of liability files to ensure accuracy and compliance with state and federal guidelines.
• Ensures that all Assumption guidelines and P&P are maintained and current with industry standards
• Assists management with the implementation of regulatory changes, federal or state level, including developing processes changes and working with staff to ensure understanding and adherence to policy changes
• Conducts monthly meetings to discuss any compliance findings from the prior month and report back to management
• Provides management with monthly trend analysis to identify repeat findings
• Communicates effectively with Clients, Investors, Title companies, Attorneys, Master Servicers, and borrowers.
• Responds to Assumption audits, and make necessary process changes
• Appropriately assess risk when business decisions are made, include but not limited to compliance and operational risk. Demonstrate consideration for Cenlar’s reputation as well as our clients, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.
Additional Skills & Qualifications:
Prior Assumptions experience is a plus
Bachelor’s degree or equivalent work experience preferred
It is critical that you have an understanding of the following:
• Requirements under the Equal Credit Opportunity Act (ECOA) specifically:
o notifications of action taken, ECOA notice, and statement of specific reasons,
o notice of incomplete applications, and
o specific rules concerning use of information.
• Requirements under the Truth and Lending Act (TILA) specifically:
o rate adjustments with corresponding change in payment, and
o initial rate adjustments.
• Requirements under the Servicemembers Civil Relief Act (SCRA) specifically, maximum rate of interest on debts incurred before military service and mortgages and trust deeds.
About TEKsystems:
We're partners in transformation. We help clients activate ideas and solutions to take advantage of a new world of opportunity. We are a team of 80,000 strong, working with over 6,000 clients, including 80% of the Fortune 500, across North America, Europe and Asia. As an industry leader in Full-Stack Technology Services, Talent Services, and real-world application, we work with progressive leaders to drive change. That's the power of true partnership. TEKsystems is an Allegis Group company.
The company is an equal opportunity employer and will consider all applications without regards to race, sex, age, color, religion, national origin, veteran status, disability, sexual orientation, gender identity, genetic information or any characteristic protected by law.