The Compliance Manager for Mortgage will implement and enhance Ally's enterprise compliance program within the Retail Origination channel by working with the Mortgage Line of Business to mitigate compliance risks associated with the origination of retail mortgage loans. The Compliance Manager will assist the line of business in understanding applicable regulations, work with the origination team, review exceptions presented for compliance approval and educate the business on regulatory requirements. The Compliance Manager is responsible for ensuring the origination channel is generating residential mortgage loans that have been originated in compliance with regulatory and legal requirements and do not unnecessarily expose the company to regulatory risk.
- Analyze line of business impact of new and changing mortgage lending compliance regulations including, but not limited to: Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Housing Act, Truth in Lending Act, RESPA, Flood Disaster Protection Act, Dodd-Frank, CRA, HMDA, Fair Lending, HOEPA, Predatory Lending, FACT Act, and UDAAP
- Provide guidance to the Mortgage Retail Origination channel in all aspects of compliance, taking a consultative approach to the compliance process.
- Serve as a resource for regulatory matters and compliance related initiatives relating to mortgage lending.
- Implement an effective compliance monitoring program, including procedures, scripts and reporting.
- Represent the Compliance Department and the Bank demonstrating core values, support of Bank policies and practices, and encouraging a culture of compliance throughout the Bank.
- Provide regulatory training to Retail Origination.
- Maintain an advanced awareness of regulatory and legislative developments and industry trends.
- Review and provide regulatory guidance prior to release of advertising materials.
- Support implementation of mortgage compliance program and vendor oversight program
- Review and approve revisions to existing line of business policies and procedures pertaining to compliance topics.
- Execute special or enhanced monitoring, as needed, for new, complex, or high-risk requirements or in response to certain weaknesses discovered through routine self-assessments, monitoring, testing, or auditing.
- Support the business efforts responding to complaints received, and evaluate complaints for trends indicative of regulatory risk.
- Review data at both aggregate and transaction levels; work with the line of business to develop corrective action plans to mitigate compliance risk and reduce the potential for recurrence.
- Conduct training, as appropriate, to address identified weaknesses in knowledge of regulations, policies, or procedures.
- 7-10 years Compliance and/or Mortgage Lending experience; financial services experience strongly preferred.
- Bachelors' degree in business or related major.
- Strong understanding of related laws and regulations.
- Extensive analytical and problem solving skills and experience.
- Excellent oral and written communication skills.
- Strong organizational skills; ability to prioritize and work in a fast-paced environment.
- Ability to work both independently and cooperatively on project teams (both inter- and intra-Compliance); prior experience in team leadership will be a plus.
- Strong proficiency in MS applications (Word, Excel, PowerPoint, Outlook)