Mortgage Product Counsel

Key Responsibilities:

• Product Counseling: Provide sound legal counsel on the development, launch and management of mortgage products, ensuring compliance with federal and state regulations.
• Mortgage Law Compliance: Analyze and provide guidance on evolving laws, rules, regulations and trends related to mortgage origination, non-delegated correspondent lenders, servicing, and default management. Ensure adherence to federal and state mortgage laws and regulations, including the Truth in Lending Act (TILA), the Equal Credit Opportunity Act (ECOA) and Fair Lending laws.
• RESPA Expertise: Provide guidance on RESPA compliance, including anti-kickback rules, referral fees, and disclosures. Ensure that company practices align with RESPA requirements and mitigate legal risks.
• State Licensing: Support the process of obtaining and maintaining state licenses required for mortgage operations, including managing regulatory filings and interfacing with state agencies.
• Loan Officer Regulation: Offer legal advice on the licensing requirements and activities of loan officers, including adherence to the Nationwide Multistate Licensing System (NMLS) and compliance with state-specific loan officer regulations.
• Contracts and Partnerships: Draft, review and negotiate contracts with investors, warehouse lenders, and other third-party services providers.
• Litigation & Risk Management: Handle or oversee litigation related to mortgage origination and servicing. Assess risk and recommend strategies to mitigate legal exposure, especially regarding consumer complaints and regulatory audits.
• Training & Policy Development: Develop training programs for loan officers and staff on mortgage regulations and consumer protection laws. Assist in drafting and updating internal policies to comply with new or changing regulations and laws.
• Regulatory Monitoring: Monitor changes in mortgage-related regulations at the federal and state level, such as updates from the Consumer Financial Protection Bureau (CFPB), and provide proactive guidance on how these changes impact business operations.
• Cross-Functional Collaboration: Collaborate cross-functionally with operations, engineering, compliance, product and risk management teams to launch new product lines while minimizing legal and regulatory risk.

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Qualifications:

• Juris Doctor (JD) degree from an accredited law school and active bar membership.
• Minimum 5+ years of legal experience, preferably in mortgage, consumer finance, or real estate law.
• Deep knowledge of RESPA, TILA, ECOA, and other mortgage-related federal and state laws.
• Experience advising on loan officer compliance and NMLS regulations.
• Expertise (i) obtaining and maintaining state licenses for mortgage operations in multiple state jurisdictions and (ii) responding to regulatory audits and exams from state and federal regulators.
• Strong understanding of various mortgage origination structures including non-delegated correspondent lending, the secondary mortgage market and loan investing.
• Excellent communication, negotiation, and legal writing skills.
• Self-motivated and efficient, with good business judgment and a “take ownership” outlook.
• Ability to manage multiple legal matters simultaneously and provide strategic business advice.
• Strong project management skills.

Preferred Qualifications:

• Previous in-house legal experience in the mortgage or financial services industry.
• Familiarity and experience working with FINRA and the SEC.
• Experience with CFPB examinations and enforcement actions.
• Familiarity with e-mortgage and digital closing platforms.