Loan Compliance Manager

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Salary Max

Overview

The Loan Compliance Manager (LCM) ensures that the organization’s lending operations comply with all applicable federal and state regulations related to loan compliance.  Acting as a liaison between regulatory agencies and internal departments, the LCM interprets regulatory guidance, oversees compliance monitoring, audits, and advises on policy updates related to loan compliance for the organization.  This role involves developing, implementing, and managing compliance programs, policies, and procedures.  Moreover, the LCM drives process improvements, utilizes data analytics for risk monitoring, and supervises compliance initiatives for loan compliance within the organization. 

Responsibilities

Compliance Program Development and Management:

• Create, review, advise, and update lending policies and procedures to align with regulatory requirements and industry best practices.
• Stay informed about changes in federal/state lending laws and regulations.
• A subject matter expert (SME) in the evaluation, development, and implementation of an internal control system for Fair Lending and UDAAP.
• Ensures compliance with all applicable laws (state and federal) to include UDAAP, Regulation X (RESPA) and Regulation Z (TILA), ECOA, FHA, HMDA and all other applicable regulations and regulatory guidance concerning lending operations.
• Develop policies, procedures, guidance, checklists, forms, disclosures, notices and risk assessments for all areas of responsibility to include quality assurance (loan review) and assure adherence as appropriate.

Risk Management:

• Conduct regular risk assessments and audits of lending activities to identify potential compliance issues and implement corrective solutions as necessary.
• Address and resolve compliance-related issues, such as interpreting complex regulations and determining appropriate corrective actions.
• Executes annual reviews of pre-closing/post-closing processes, servicing processes, and initial and closing packages to include denials (consumer and mortgages).
• Monitors industry and legislative developments and continuously updates programs to ensure they are competitive and effective.
• Performs, at least annually, compliance review of the credit union’s marketing, signage, text, overdraft and any other opt-in and opt-out programs. Documents findings and ensures timely remediation.
• Provides quality control for examinations and independent reviews conducted by internal and external stakeholders, including regulators and auditors, providing verbal and written responses to requests for information and/or documentation.

Training and Communication:

• Designs and delivers training programs to educate staff on compliance policies, procedures, and regulatory changes.
• Prepare and present compliance reports to senior management and regulatory bodies as required.
• Leads the development and delivery of training and awareness programs within the business/group to increase awareness of compliance with lending requirements.
• Prepares reports and promptly provides other documentation and information to management, the Board of Directors, auditors, examiners, and ensures remediation of any findings and recommendations.
• Interface with and provide progress reports to Chief Lending Officer related to department performance, KPI development and achievement, team member functions through scheduled one-on-ones and additionally as needed.

Leadership and Supervision:

• Supervise and mentor compliance staff, providing guidance and support to ensure departmental objectives are met.
• Additional Supervisory responsibilities include interviewing, hiring and training associates, planning, assigning and directing work, defining effective workflow scheduling, appraising performance, addressing complaints and resolving problems.
• Supervise team member work schedules, PTO, workload, managing daily activities and projects, long-term priorities, and monitoring service levels.

Qualifications

• Bachelor’s degree in finance, business administration, or a related field.
• Minimum of 5 years’ experience in loan compliance within the financial services industry, with at least 2 years in a supervisory role.
• In-depth understanding of federal and state lending regulations, including but not limited to UDAAP, TILA, RESPA, ECOA, HMDA, and Fair Lending laws.
• Strong analytical, organizational, and communication skills.
• Ability to interpret complex regulations and apply them to operational processes.
• Proven ability to develop and implement effective compliance programs.
• Strong ability to provide evidentiary information for recommendations to Management, that are compelling, practical, actionable and with different options to solve potential concerns.
• Persuasive in verbal and written communication, providing a robust rationale and a strong qualitative and/or quantitative evidentiary conclusion.
• Practices professional skepticism, respectful disagreements, and seeks for common-ground resolutions that further the goals of the Credit Union.
• Ability to lead, coach, and train others in compliance and assessments and other activities.
• Professional compliance certifications are preferred, such as; CUCO, CRMC – If no certification, designation to be obtained within 1 year from date of hire.