Loan Operations Compliance Specialist

Position Summary:
The Loan Operations Compliance Specialist monitors and maintains all aspects of compliance regulation requirements to include but not limited to Flood, Escrow, Home Mortgage Disclosure Act (HMDA), and Community Reinvestment Act (CRA). They will have a broad knowledge of loan functions, conduct first line of defense monitoring along with performing the due diligence needed to insure timely, complete, and accurate loan closings. The Loan Operations Compliance Specialist will maintain a client focus and will partner with loan documentation processors, loan servicing specialists, compliance and sales team members to deliver a superior client experience.

Essential Responsibilities:
Job Function 1: Compliance Monitoring – 50%

• Conduct first line of defense compliance monitoring for commercial and consumer loans.
• Perform and monitor the tracking of new, renewal, and cancelation of Homeowner Insurance (HOI), Flood and Hazard insurance, as well as ordering of forced place insurance as required.
• Responsible for establishing new escrow accounts and processing escrow documents.
• Ensures compliance with Real Estate Settlement Procedures Act (RESPA) requirements as they pertain to Initial and Annual Escrow Statements.
• Communicate and correspond to third-parties as required (may include insurance companies, title agencies, state/county administrations).
• Provide support with HMDA and CRA data collection; assist with data monitoring including yearly submission.
• Support and assist internal departments with loan related processing inquires.
• Identify and research exceptions.
• Handle time-sensitive or complex issues and if needed, collaborate with supervisor to resolve.
• Maintain specialized processes as assigned by the supervisor.

Job Function 2: Team Support – 20%

• Provide primary and backup coverage on processes, as needed.
• Create, update, and maintain written procedures in Alerus procedure (R&R) database.
• Identify and implement process improvements that enhance the client experience and build scale.
• Ability to resolve problems with minimal guidance and make moderate operational escalation decisions in the absence of the supervisor or manager.
• Assist with team, loan, or company-wide projects, as required.
• Broad knowledge on loan systems, processes, and regulations.
• Actively participate in team meetings by providing insight, contributions, and feedback.

Job Function 3: Professional & Personal Development - 20%

• Maintain up-to-date knowledge of all systems & processes that pertain to the position.
• Maintain compliance knowledge of regulations, policies, and procedures.
• Actively pursue continuing education, reading, and self-development to enhance knowledge and skills.
• Complete regulation, compliance, and additional training as assigned.
• Build solid working relationships with team members across the organization.
• Emerging expert in utilizing and analyzing core systems and data entry definitions.
• Demonstrate broad knowledge of loan requirements and systems.

Job Function 4: Vendor and Process Management - 10%

• Provide system administration support on one or more systems.
• Communicate system updates and outages, analyze the documentation, and propose process changes.
• Assist in implementation of upgrades or enhancements to current systems.
• Provide support for new system projects, department initiatives, team activities and audits.
• Develop and maintain specialized processes as assigned by the supervisor.

Position Requirements:
Qualifications:

• Three or more years of experience in the loan operations, preferred compliance monitoring experience.
• Associate degree preferred or equivalent work experience.
• High level of commitment to accuracy and detail.
• Demonstrate the ability to manage high volume, time sensitive transactions and situations.
• Ability to carry out the work of lending programs and projects, to include availability to work after hours to support business needs.

Personal Characteristics:

• Positive client-centric attitude.
• Ability to prioritize multiple tasks through effective time management and organizational skills.
• Ability to work independently and in a team-oriented environment.
• Ability to accept, support, and implement continuous change.
• Self-motivated and eager to take on new challenges.
• Detail-oriented with excellent organizational skills.