Associate Regulatory Counsel at ServiceLink

Remote
ServiceLink

Associate Regulatory Counsel

  • Job Locations US-remote
  • ID 2021-1774
  • Category Legal
  • Type Full Time

Overview

JOB SUMMARY

Associate Regulatory Counsel) will support legal by monitoring and evaluating new and amended state and federal laws/ regulations, case-law, as well as, proposed legislation specific to the servicing/ subservicing industry and mortgage industry in general. Regulatory Associate will be responsible for assessing and interpreting state/federal laws, regulations, case-law, determining relevance, potential risk and effectively communicating information regarding such to the Compliance department and/or Implementation department and/or business units in a timely manner (in order for operations to develop and implement legal changes and corresponding processes). Regulatory Associate, along with other regulatory counsel, is viewed as a subject matter expert with respect to the law and as such is responsible for responding to legal regulatory questions (from internal departments, clients, etc.). Regulatory Junior Associate will provide legal support to the Legal Regulatory (Federal & State) Counsel and assist with special legal-related projects as requested by the Legal Regulatory (Federal & State) Counsel and/or SVP/General Counsel.

Responsibilities

ESSENTIAL DUTIES AND RESPONSIBILITIES:

  • Remain current and knowledgeable about applicable federal laws and regulations pertaining to the subservicing and servicing of residential mortgage loans, including but not limited to TILA, RESPA, ECOA, HPA, FHA, FCRA, FTC regs, GLBA, UDAP, UDAAP, CAN-SPAM, US Bankruptcy Code, FDCPA, BSA/AML, advertising compliance, SAFE Act, Fair Lending and CFPB rules and regulations.
  • Remain current and knowledgeable about all state laws impacting mortgage servicing/subservicing, including but not limited to default practices (loss mitigation, pre-foreclosure requirements, documents required to commence foreclosure, breach letter requirements, etc.) and loan administration (escrow, document retention, servicing transfers, etc.).
  • Remain current and knowledgeable about applicable legislation, case law and administrative rulings, ordinances, as well as, proposed and pending matters.
  • Understand contractual liabilities and obligations to clients, investors and insurers.
  • Monitor and track all laws/ regulations, proposed legislation and case-law pertaining to the mortgage servicing/subservicing business.
  • Create and maintain, with regulatory team, a library of information.
  • Summarize legal changes/amendments and proposed laws/ regulations and timely advise Compliance and Implementation of relevant changes/amendments and/or individual business units. Provide legal regulatory guidance and support, as needed, regarding legal interpretations and assist and advise the business in the implementation of regulatory requirements.
  • Review required business-related documents as needed (default letters, affidavits, disclosures, etc.).
  • Act as internal point of contact and subject matter expert for legal regulatory questions (from internal departments, clients, etc.).
  • Review internal and external communications referencing or pertaining to legal regulations.
  • Develop area(s) of expertise (FDCPA, state default servicing, CFPB amendments, SCRA, information security/privacy and document integrity/records retention management, etc.).
  • Conduct meetings on an as needed basis.
  • Assist Training department with training materials, including or referencing regulations, as applicable.
  • Interface directly and intelligently with all on regulatory initiatives.
  • Review on an as needed basis responses related to regulatory examinations and complaints pertaining to regulatory matters.
  • Maintain expertise of federal and state laws/ regulations by attending and participating in industry educational programs, reading industry publications, and relevant updates (provided by law firms, AllRegs and other services).
  • Provide regulatory summaries, as needed, both internally and externally.
  • Responsible for other legal regulatory projects and matters as assigned by Legal Regulatory Counsel and/or SVP/General Counsel.
  • All other duties as assigned.

Qualifications

MINIMUM QUALIFICATIONS:

  • Juris Doctor from an ABA accredited law school required.
  • State bar member in good standing.
  • At least three (3) years of experience in residential mortgage origination, servicing industry or related field.
  • Proficient in MS Office suite including Outlook, Excel, and Word.
  • Demonstrated analytical and problem solving skills.
  • Strong understanding of statutory construction.
  • Strong legal research ability and familiarity with legal research tools (Westlaw or Lexis Nexis).
  • Ability to interpret and apply applicable laws and regulations.
  • Familiarity and knowledge of current and emerging laws/ regulations applicable to the servicing/subservicing industry.
  • Knowledge of mortgage origination, closing and servicing practices.
  • Knowledge of various types of mortgage loan products such as conventional, ARMs, HELOC, etc.
  • Knowledge of loan documents (note, mortgage/deed of trust, etc.).
  • Ability to maintain confidential and/or privileged information.
  • Ability to work independently, as well as, a team setting.
  • Excellent verbal and written communication skills with the ability to summarize and communicate complex information in plain language (non-legalize).
  • Flexibility to simultaneously manage a wide range of projects and matters and meet deadlines in a changing and fast-paced environment.
  • Ability to identify deficiencies and opportunities for improvement.
  • Good interpersonal skills.
  • Results driven, has an attention to detail and passion for driving best practices.

WORK CONDITIONS:

Working conditions are normal for an office environment. Ability to attend work and be productive during normal business hours and to work early, late or weekend hours as needed for successful job performance. Over time required as necessary.

Essential functions are the basic job duties that an employee must be able to perform, with or without reasonable accommodation.

ESSENTIAL FUNCTIONS:

  • Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
  • English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Speaking — Talking to others to convey information effectively.
  • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Active Listening — Giving full attention to what other people is saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Instructing — Teaching others how to do something.
  • Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Time Management — Managing one’s own time and the time of others.
  • Writing — Communicating effectively in writing as appropriate for the needs of the audience.
  • Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
  • Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
  • Written Comprehension — The ability to read and understand information and ideas presented in writing.
  • Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
  • Near Vision — The ability to see details at close range (within a few feet of the observer).
  • Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
  • Speech Recognition — The ability to identify and understand the speech of another person.
  • Speech Clarity — The ability to speak clearly so others can understand you.

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