Residential Mortgage Compliance Lead

  • Competitive
  • New York, NY, USA
  • Permanent, Full time
  • Morgan Stanley USA
  • 19 Apr 19

Residential Mortgage Compliance Lead

Company Profile

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.

As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Position Description

Morgan Stanley Private Bank, National Association's (MSPBNA) Bank Compliance team see ks a Mortgage Compliance Lead to support the Head of Mortgage Compliance in overseeing the compliance activities of residential mortgage lending. The successful candidate will manage a team of mortgage compliance subject matter experts (SMEs) and the NMLS Registration team. The team's primary responsibilities involve project management and implementation of regulatory changes, advice and guidance relating to residential mortgage compliance, and oversight of third-party service providers. The team leader will also be responsible for gauging compliance with applicable banking laws, and demonstrating accountability via appropriate documentation and reporting. Candidate must develop strong working relationships with the business partners supported in the Mortgage Division as well as our business partners in Wealth Management and Private Banking Group divisions.

Primary Responsibilities

· Assist the mortgage business unit on compliance-related business impact analyses, driven by regulatory change and work with or act in a compliance project management capacity to implement new and enhanced mortgage compliance controls
· Act as a consumer compliance subject matter expert related to residential mortgage loans, including TILA, RESPA, ECOA, Fair Housing Act, SAFE Act Federal registration, FCRA, Privacy, FDPA and other consumer finance-related laws and regulations
· Assist in developing and implementing Mortgage aspects of the Annual Compliance Plan and Risk Assessments
· Liaise with centralized monitoring, testing and training teams related to mortgage compliance
· Assist in managing and coordinating regulatory inquiries and examinations regarding mortgage lending products in partnership with departmental and corporate regulatory management groups
· Assist in the new product approval process and work directly with our business partners during the process to provide appropriate guidance around the implementation of new products
· Support the creation, maintenance, and revision of existing and new policies and procedures relating to mortgage rules and regulations
· Manage team of SMEs and their tasks and responsibilities
· Manage of team of NMLS Registration staff and their tasks and responsibilities
· Manage validation of 1 st line of defense reviews performed prior to 1 st line report distribution
· Responsible for annual review and updates of mortgage specific training curriculum.
· Responsible for systemic updates - review of impacts, participation of UAT and post production testing
· Manage the validation work (QA) for monthly mortgage Compliance QC reviews
· Assist the Head of Mortgage Compliance with the implementation of digital initiatives associated with mortgage originations
· Assume responsibility for special projects and prepare reports for management.


Skills Required
· Proficient in all pertinent Federal and State residential mortgage-related laws, regulations, rules and official guidance applicable to a National Bank
· Experience with Fair Lending regulations including ECOA, HMDA and Fair Housing, as well as Privacy regulations including Regulation P, FCRA and FACTA
· Ability to successfully manage multiple concurrent projects and deliverables in a fast-paced, deadline oriented environment
· Advanced leadership and managerial skills, with strong collaborative team-orientation, work ethic, and drive
· Strong client-relations skills and ability to develop practical solutions that meet business needs while remaining compliant with applicable laws within the Banks' risk tolerance
· Nimble at performing research in response to questions raised by the business partners Bank Compliance supports, and educating and informing clients of the regulatory framework impacting their business activities
· Excellent project management and organizational skills
· Excellent computer skills, specifically Microsoft Word, Excel, SharePoint and PowerPoint
· Able to handle confidential information professionally and with appropriate discretion
· Outstanding written and verbal communication, reasoning and analytical skills; excellent negotiating and drafting skills
· Ability to effectively present information in one-on-one and group situations to customers, clients, and other employees or the organization.


· Over 7 years' experience in regulatory compliance within the residential mortgage lending space or in combination with experience applying consumer compliance controls at the residential business unit level
· Bachelor's degree (BA or BS)
· CRCM, MBA and/or JD desired.