VP, Fraud Prevention

loanDepot   •  

Foothill Ranch, CA

Industry: Accounting, Finance & Insurance

  •  

8 - 10 years

Posted 187 days ago

VP, Fraud Prevention

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loanDepot, America's lender, matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives. While there are many loan-touch career opportunities within loanDepot, we could not take care of our employees, nor our customers, without the amazing support of our corporate teams. From HR & Marketing to Finance & Compliance, #TeamloanDepot is always searching for the best talent out there. With over $100 billion in funded loans since inception, the evolution & enthusiasm is not slowing down anytime soon. Come join us.

loanDepot — We are America’s Lender

Position Summary:

Responsible for the implementation, oversight, and growth of an effective Fraud Strategy and Investigations Unit (“FIU”) whose primary focus is to protect the company and its assets from risk via the investigation, identification, and remediation relating to allegations of suspicious activity. Establishes effective processes, standards, reporting, and recommendations to balance mitigation efforts against acceptable service levels; manages fraud losses in alignment with enterprise financial plans; and oversees all fraud operations areas including analytics, investigations, and claims resolutions. Ensures the performance of all duties in accordance with the company’s policies and procedures, all U.S. state and federal laws and regulations, wherein the company operates. 

Responsibilities:

  • Develops appropriate policies and procedures which assure compliance with the relevant provisions of the Bank Secrecy Act (“BSA”). Ensures regulatory reporting per the BSA is appropriately documented and relevant documents are maintained.
  • Develops and maintains appropriate policies and procedures relative to the investigation, mitigation, and regulatory reporting of suspicious activity. Manages complex, high-profile internal and/or external investigations.
  • Develops and disseminates communication and training to the organization relative to each employee’s responsibility concerning the identification and escalation of suspicious activity.
  • Develops and maintains appropriate and periodic fraud training to be disseminated throughout the organization.
  • Develops robust metrics reporting based on volume, production and investigative outputs. Develops and disseminates appropriate Key Risk Indicator (“KRI”) reporting.
  • Develops appropriate risk-mitigation strategies and/or “root-cause” analysis which incorporates relevant case information, as well as supporting documentation.
  • Engages internal business units and stakeholders on a periodic basis or as needed concerning FIU work products, escalations, or overall risk.
  • Performs periodic testing to determine if suspicious activity is being detected and escalated. Escalates high profile issues and/or briefs management on urgent or high-risk investigative work products. Prepares reports as needed to be disseminated tomanagement documenting high-risk events and subsequent remediation efforts.
  • Identifies and remediates potential process/product weaknesses or gaps.
  • Works with outside third parties as necessary including regulators and/or law enforcement.
  • Researches and recommends appropriate risk-mitigation tools or resources. Keeps abreast of relevant changes to applicable laws, procedures and policies which may fundamentally alter risk to the organization.
  • Develops innovative methods to detect and/or mitigate suspicious activity or operate more efficiently.
  • Acts as BSA/AML Officer for Enterprise and “Subject Matter Expert” relative to suspicious activity.
  • Assures that organizational resources are utilized appropriately and efficiently.
  • Performs other duties and projects as assigned.

Requirements:

  • Demonstrates knowledge of, adherence to, monitoring and responsibility for compliance with state and federal regulations and laws as they pertain to this position.
  • Intermediate skills in computer terminal and personal computer operation; Microsoft Office applications including but not limited to: Word, Excel, PowerPoint and Outlook.
  • Intermediate math skills; calculate interest and percentages; balance accounts; add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions and decimals; locate routine mathematical errors; compute rate, ratio and percent, including the drafting and interpretation of bar graphs.
  • Effective organizational and time management skills.
  • Exceptional verbal, written and interpersonal communication skills.
  • Ability to make decisions that have moderate impact on the immediate work unit and cross functional departments.
  • Ability to organize and prioritize work schedules on a short-term and long-term basis.
  • Ability to provide consultation and expert advice to management.
  • Ability to make informal and formal presentations, inside and outside the organization; speaking before assigned team or other groups as needed.
  • Ability to deal with complex difficult problems involving multiple facets and variables in non-standardized situations.
  • Ability to work with little to no supervision while performing duties.
  • Experience in the Mortgage industry preferred.
  • Minimum seven (7) + years of management experience preferred.
  • Bachelor’s Degree preferred and a minimum of ten (10) + years’ experience working in a similar field.

The Perks:

  • Competitive compensation reliant on ability & experience
  • Excellent benefits package including multiple health, dental & vision options
  • Company paid life and AD&D Insurance, as well as additional voluntary benefit possibilities
  • 401K with robust company match
  • 15+ PTO days, in addition to 8 paid company holidays
  • The opportunity to work for America’s Lender under the vision of industry legend, Anthony Hsieh