What are the responsibilities and job description for the Lending Compliance Specialist position at ELGA Credit Union?
ELGA Credit Union
Structured Compensation - Job Description
Lending Compliance Specialist
Data Year: 2025
Prepared On: 03/06/2025
Prepared On: 03/06/2025
Department:
Compliance
Grade:
10
Reports To:
Compliance Operations Officer
Classification:
Non-Exempt
Supervises Direct:
0
Supervises Indirect:
0
Approved By:
CEO
Effective Date:
03/03/2025
Revised Date:
03/03/2025
Role:
Lending Compliance Specialist is responsible for ensuring a financial institution adheres to all applicable laws and regulations governing lending practices, by monitoring loan activities, identifying potential compliance risks, and implementing preventative measures to mitigate those risks, often collaborating with various departments within the organization to maintain compliance across all lending products and services.
Essential Functions & Responsibilities:
E
35%
Regulatory Expertise: Deep understanding of relevant lending regulations such as TILA (Truth in Lending Act), RESPA (Real Estate Settlement Procedures Act), HMDA (Home Mortgage Disclosure Act), Fair Lending laws, and other applicable state and federal guidelines.
E
15%
Compliance Monitoring: Performing audits and reviews of loan files to ensure compliance with regulatory requirements, including proper documentation, disclosure practices, and adherence to credit criteria.
E
15%
Policy Development and Implementation: Assisting in developing and maintaining comprehensive lending compliance policies and procedures, ensuring they are clearly communicated and followed by all relevant staff.
E
15%
Training and Education: Collaborate with Consumer Loan Coach in providing training programs for loan officers, underwriters, and other staff on current lending compliance regulations and best practices.
E
10%
Reporting and Analysis: Generating regular compliance reports for senior management, highlighting any potential issues and recommended corrective actions.
E
5%
Staying Updated: Keeping abreast of regulatory changes and industry trends to proactively address emerging compliance risks.
N
5%
Other related duties as needed.
Performance Measurements:
1.
To meet established expectations of ELGA's Core Factors including but not limited to Accountability, Attitude, Communication, Competence, Continuous Improvement & Innovation and Relationship Building.
2.
To assist in the development and administering aspects of the Lending Compliance Program including additional Credit Union Compliance.
3.
To complete audit duties including but not limited to: audit/exam document prep, maintenance report reviewing and internal audits.
Knowledge and Skills:
Experience
Three years to five years of similar or related experience.
Education
(1) A bachelor's degree, or (2) achievement of formal certifications recognized in the industry as equivalent to a bachelor's degree (e.g., information technology certifications in lieu of a degree).
Interpersonal Skills
Work involves contact with persons beyond immediate associates regarding routine matters for the purpose of giving or obtaining information which may require some discussion. Outside contacts take the form of service to the public (members or vendors), requiring ordinary courtesy in providing assistance and information
Other Skills
- Strong understanding of lending regulations and compliance principles
- Proven experience in the financial services industry, preferably in lending compliance
- Excellent analytical and problem-solving skills
- Strong communication and interpersonal skills to effectively collaborate with different departments
- Detail-oriented with strong organizational abilities
Physical Requirements
Work Environment
Work is primarily conducted in the office with flexibility for occasional remote work.
