Mortgage Compliance Manager

at  Central Pacific Bank

POSITION FUNCTION:

Oversees, manages, and improves the Bank’s mortgage compliance function in accordance with the Bank’s Compliance Management System (CMS), for the purpose of ensuring the Bank’s compliance with all federal and state mortgage laws, rules, and regulations, the Bank’s internal policies and procedures, and industry, ethical or fiduciary practices or standards, as applicable. Leads and manages the Bank’s mortgage compliance under the direction of the head of the Bank’s Home Loans Division (HLD) and head of the Bank’s Compliance Division. Communicates, promotes and reinforces a strong and proactive culture of mortgage compliance.
Performs all duties and interacts with internal and external customers in a manner that is expressly aligned with the Company’s Core Values of approaching all actions with a “Voyaging Spirit” and being “Positively Ohana”. Exhibits core competencies that result in consistent delivery of positive Customer Interactions, Empowerment and Ownership and demonstrates key professional and performance skills such as Active Listening, effective Oral and Written Communication, Action and Solution Oriented and Thoroughness.

PRIMARY ACCOUNTABILITIES:

• Actively assist and advise HLD management on their responsibility to promote and enhance a robust mortgage compliance culture, through demonstration of mortgage compliance knowledge and experience, skillful and effective communication, development of strong internal relationships, continual development, and reinforcement of mortgage compliance as a core competency, and achievement of corporate and business objectives. The Mortgage Compliance has dotted line reporting to the Compliance Division Manager, and is responsible for engaging in activities that contribute to the day-to-day compliance oversight of HLD and any related third-party vendor relationships in alignment with the Compliance Management System Policy, Bank Secrecy Act Policy, and Business Unit Compliance Officer Program. The Mortgage Compliance Manager is accountable for implementing the Compliance Management System Policy and Bank Secrecy Act Policy, including but not limited to the following activities:
• Facilitate the Compliance Risk Assessment process by identifying, assessing, and managing regulatory compliance risks within the business unit.
• Have and maintain a solid understanding of all mortgage compliance laws and regulations, keeping abreast of any mortgage regulatory changes, and ensure that any mortgage regulatory changes are properly addressed by or incorporated into the Bank’s mortgage operations.
• Devise, implement, maintain, and continually improve HLD’s compliance program.
• Ensure HLD’s compliance program is current, documented, tested, and effective.
• Develop and maintain the mortgage compliance policies, procedures, processes, and internal controls to ensure that regulatory requirements are sufficiently addressed and that day-to-day activities operate in a compliant manner.
• Develop and maintain the mortgage compliance training program and schedule in accordance with the Bank’s Compliance Training Program, which shall include appropriate mortgage compliance education and training for all HLD personnel.
• Develop and maintain the mortgage compliance monitoring program and schedule in accordance with the Bank’s Compliance Monitoring Program, and HLD’s Monitoring Procedures, in order to identify procedural, system, training, or other weaknesses in an effort to preclude regulatory violations.
• Monitor and ensure HLD personnel are complying with all fair lending laws and regulations in accordance with the Bank’s Fair Banking Policy and procedures, to include testing, analyzing, and reviewing approved and denied loans, exceptions, waivers, pricing, redlining, steering, marketing, etc. for discriminatory treatment.
• Escalate compliance concerns to the Corporate Compliance Department for inclusion on the Issues Tracking Log, and ensure that timely corrective action is taken as necessary and appropriate to address regulatory concerns.
• Support the Customer Complaint Program by ensuring that the business unit employees understand and fulfill their responsibilities for reporting and addressing customer complaints; and by handling and responding to mortgage compliance-related complaints, inquiries, or comments from consumers and customers.
• Review all applicable mortgage related systems, products, services, activities, and vendors for mortgage compliance.
• Represent the Bank in all mortgage compliance examinations and audits, and ensure that timely corrective action is taken for any mortgage compliance issues or violations.
• Each month, provide Corporate Compliance with a complete and accurate Home Mortgage Disclosure Act (HMDA) Loan Application Register (LAR).
• Ensure HLD maintains all records and documentation as required by laws and regulations.
• Attend all management meetings to keep appraised of developments within HLD that may impact the compliance function.
• Actively participate in and advise on key business decisions within HLD, including new or changes to existing products, services, processes, projects, and vendors.
• Ensure that the Bank has adequate mortgage compliance human and other resources. Responsible for developing and managing mortgage compliance staff and managing external mortgage compliance resources.
• Review marketing materials for compliance with applicable laws and regulations prior to submission to the Marketing Department.
• Assist Loan Originating System (LOS) Team by: Assisting with developing, updating, and maintaining all forms and documents for sales and operations as needed. Participating in all testing plans following system updates. Assisting the vendor manager, and participating in all calls and communications with the vendor(s). Assisting Secondary Marketing to compare pricing and run sample pricing as appropriate.
• Complete other compliance related projects and tasks as requested to support the Bank’s Compliance Management System Policy and Bank Secrecy Act Policy.
• If designated as the Business Unit Compliance Officer (BUCO)- the following duties will apply:
• Responsible for business unit compliance oversight as the “Business Unit Compliance Officer” (BUCO) with dotted line reporting to the Compliance Division Manager. The BUCO is responsible for engaging in activities that contribute to the day-to-day compliance oversight of the business unit and any related third-party vendor relationships in alignment with the Compliance Management System Policy, Bank Secrecy Act Policy, and BUCO Program. The BUCO demonstrates and applies business acumen to promote a culture of compliance and the identification, escalation, and timely mitigation of compliance risks. This role exercises judgment and influence, and may constructively challenge business unit management to support compliance objectives, balancing business strategy with appropriate controls.
• The BUCO is accountable for implementing the Compliance Management System Policy and Bank Secrecy Act Policy, including but not limited to the following activities:
• Facilitating the Compliance Risk Assessment process by identifying, assessing, and managing regulatory compliance risks within the business unit.
• Knowing and understanding all state and federal compliance laws, rules, and regulations (“laws and regulations”) applicable to the business unit, and how such laws and regulations impact or affect the business unit.
• Keeping abreast of changes to the laws and regulations, as tracked and disseminated on the Regulatory Tracking Log, and implanting regulatory change within the business unit.
• Attending all management meetings to keep appraised of developments within the business unit that may impact the compliance function.
• Actively participating in and advising on key business decisions within the business unit, including new or changes to existing products, services, processes, projects, and vendors.
• Ensuring that the business unit has sufficient resources to adequately manage compliance risks.
• Reviewing, drafting, and/or updating business unit policies, procedures, processes, guidelines, and controls to ensure that regulatory requirements are sufficiently addressed and that day-to-day activities operate in a compliant manner.
• Identifying compliance training needs, providing subject matter expertise to support the development of training curriculum, and conducting or coordinating compliance training for the business unit, in addition to and in support of the Compliance Training Program.
• Conducting and/or facilitating transactional and non-transactional monitoring and testing to assess the business unit’s compliance with all applicable laws and regulations, in support of the Compliance Monitoring Program.
• Escalating compliance concerns to the Corporate Compliance Department for inclusion on the Issues Tracking Log, and ensuring that any corrective action is taken as necessary and appropriate to address compliance concerns.
• Supporting the Customer Complaint Program by ensuring that the business unit employees understand and fulfill their responsibilities for reporting and addressing customer complaints.
• Facilitating regulatory audits and examinations.
• Completing other compliance related projects and tasks as requested to support the Bank’s Compliance Management System Policy and Bank Secrecy Act Policy.

MINIMUM QUALIFICATIONS:

Education:

• Bachelor’s degree from an accredited four-year university required.

Experience:

• 7+ years of experience in mortgage compliance, audit, examination, and/or relevant legal experience (A bachelor’s degree can substitute for 2 years of work experience.)
• 4+ years management experience required.

PHYSICAL REQUIREMENTS & WORKING CONDITIONS:

• Must be able to perform light physical work and to move or lift items including but not limited to boxes, files and papers up to 20 pounds unless otherwise as indicated.
• Must be able to operate and proficiently use standard office equipment, including phone, copier, personal computer and/or other work related mechanical or electronic devices and applications.
• Must be able to clearly communicate verbally and in writing with all internal and external customers. Must also be able to hear sufficiently to engage in daily discussions and interactions.
• Must be able to read and understand bank-related documents.
• Must be able to work in a conventional office setting, involving sitting at a desk or workstation for long periods of time. Must also be able to adapt to different work environments as needed to perform the job.

Please refer the Job description for details