Senior Counsel, Mortgage Originations Compliance

POSITION TITLE:   Senior Counsel, Mortgage Originations Compliance

Position Summary:

Onity is seeking a highly experienced and results-oriented individual to be our Senior Counsel, Mortgage Originations Compliance. The ideal candidate will have a deep understanding of mortgage regulatory requirements, compliance and issue management principles, and operational processes with experience partnering with clients in a sophisticated originations/lending organization. This role will be instrumental in supporting our growth and new products initiatives, guiding our organization through various regulatory and compliance frameworks, while at all times adhering to the highest standards of ethics, compliance, and integrity. 

As part of our Legal, Risk & Compliance organization, this role will partner with our Growth and Originations organizations to support the achievement of our business goals and objectives within the originations/lending channels.

Job Functions and Responsibilities:

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily:

• Regulatory Compliance: 
  • Collaborate with leaders in the Growth and Originations organizations to develop legally-compliant solutions aimed at achieving our business goals and objectives.
  • Stay abreast of evolving federal, state, and local regulations impacting mortgage originations including but not limited to: 
    • TILA/RESPA Integrated Disclosure (TRID) Rule
    • Fair Lending Laws (ECOA, FHA, HMDA)
    • Consumer Financial Protection Bureau (CFPB) regulations
    • State-specific licensing and regulatory requirements
  • Advise on the development of new loan products, including state and federal laws affecting product structure, advertising, underwriting, and servicing.
• Interpret and apply regulatory requirements to business practices and procedures.
• Gain an understanding of the business rationale behind corporate goals and objectives that intersect with Legal, Risk and Compliance issues.
• Conduct regular reviews of policies, procedures, and operations to identify and mitigate compliance risks.
• Develop and implement comprehensive compliance programs, including training, monitoring, and reporting.
• Collaborate with the Policies and Procedures team to ensure the development and maintenance of compliance policies and procedures that impact the originations business unit.
• Review and advise on marketing strategies and substantive content for marketing of new lending or optional servicing products.
• Troubleshoot post-closing origination issues to determine impact, develop mitigation plan and recommend remediation needed.
• Draft, monitor and resolve title claim issues related to origination defects.
• Issues Management: 
  • Identify, assess, and prioritize compliance issues and potential risks.
  • Develop and execute effective remediation plans to address compliance deficiencies.
  • Monitor the progress of remediation efforts and ensure timely resolution.
  • Collaborate with business units to implement corrective actions and prevent future issues.

• Compliance Monitoring: 
  • Monitor industry trends and emerging risks to proactively identify and address potential compliance issues or opportunities.
  • Anticipate and provide solutions or opportunities to the originations and risk and compliance teams that align to strategic direction of the business unit.

• Policy and Procedure Development: 
  • Develop, review, and update policies and procedures to ensure alignment with regulatory requirements and best practices.
  • Conduct regular policy and procedure reviews to identify gaps and inconsistencies.
  • Ensure effective communication and training on new and revised policies and procedures.
• Audit and Examination Support: 
  • Assist the Exam team to coordinate with internal and external auditors to facilitate compliance reviews and examinations within Originations.
  • Prepare for and participate in originations regulatory examinations, where necessary.
  • Address audit findings and implement corrective actions within the originations channel.
• Team Leadership: 
  • As called upon, lead and mentor a team of Legal, Risk & Compliance professionals.
  • Foster a culture of compliance, risk awareness, and cross function collaboration across the company. 
  • Develop and implement effective team management strategies.

Qualifications:

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