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Loan Compliance Officer
Mineral Point, WI
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Description

  

LOAN COMPLIANCE OFFICER

DEPARTMENT/DIVISION: Lending Department 

REPORTS TO:  President/CEO

EVALUATED BY:  President/CEO

JOB SUMMARY: Responsible for ensuring that the bank’s loan operations comply with all relevant regulations, guidelines, and internal policies. This role involves reviewing and updating policies and procedures, providing staff training, managing documentation related to loan compliance, and conducting internal audits of loan files. The Loan Compliance Officer acts as the key point of contact for compliance-related matters in loan processing and serves as a liaison with external auditors and regulatory bodies.

KEY RESPONSIBILITES/DUTIES:

  1. Regulatory Compliance:
    • Ensure that all loan products, processes and documentation comply with applicable federal, state and local regulations. 
    • Stay up to date on all regulatory changes to relevant regulations and industry trends, and proactively adjust policies, procedures and practices as needed. 
  2. Policy and Procedure Review, Writing, and Documentation:
    • Regularly review and update the bank’s loan compliance policies and procedures to ensure alignment with federal and state regulations.
    • Draft and document new policies or revisions to existing procedures as needed, ensuring clarity and comprehensiveness.
    • Maintain thorough documentation of policy changes and communicate updates to relevant stakeholders.
  3. Staff Training and Support: 
    • Develop and deliver training programs on compliance-related topics, including hot topics, audit findings, exam results, and internal issues.
    • Ensure all staff are knowledgeable about current regulatory requirements and internal compliance standards.
    • Provide ongoing support and guidance to staff regarding compliance matters and address any questions or concerns.
  4. Internal and External Data Documentation:
    • Oversee the accurate and timely documentation of data related to HMDA (Home Mortgage Disclosure Act), CRA (Community Reinvestment Act), Fair Lending, Flood Insurance, and loan denials.
    • Ensure that all data is collected, recorded, and reported in compliance with regulatory requirements and internal policies.
    • Manage the preparation and submission of reports related to these areas to regulatory agencies and internal stakeholders.
  5. Internal Auditing, Monitoring & Risk Management:
    • Conduct regular internal audits of loan files to ensure compliance with underwriting standards and regulatory requirements.
    • Develop and implement tools to ensure ongoing adherence to compliance standards.
    • Identify and address any discrepancies or compliance issues discovered during audits.
    • Prepare detailed audit reports and work with relevant departments to implement corrective actions as needed.
  6. Other Duties:

o Prepare and present compliance reports to Senior Management, highlighting key findings, issues and recommendations for improvement.

o Investigate compliance related complaints or issues and work with the relevant staff/department to resolve them in a timely manner. 

o Interact with External Auditors, External Loan Reviewers, and Examiners to assist in Bank reviews and examinations. Follow up and correct any items addressed and ensure necessary changes or recommendations have been implemented as directed. 

o Assists Officers in monitoring and maintaining loan files.

o Perform all other duties as requested by supervisor.

RESPONSIBILITIES FOR THE PRIVACY AND SAFEKEEPING OF CUSTOMER INFORMATION: Customer financial information will be accessed only as necessary for the performance of assigned duties. Viewing customer deposit information or credit files for personal curiosity is strictly prohibited. Confidential information acquired is considered highly sensitive and must not be disclosed to unauthorized individuals. This information should only be shared with authorized personnel or as required by legal subpoenas or IRS requests, ensuring accuracy and adherence to the authorizing document.

RESPONSIBILITIES FOR COMPLIANCE: The employee agrees to adhere to all bank policies and procedures, including federal and state regulations governing loan compliance.


ORGANIZATION:

  1. Initiate and recommend changes to organizational procedures to enhance compliance and operational efficiency in alignment with supervisory and regulatory expectations.
  2. Suggest improvements to work processes and systems to meet compliance objectives and streamline departmental operations.

RELATIONSHIPS:

  1. Responsible to the President/CEO for fulfilling functions and responsibilities related to loan compliance.
  2. Provide guidance and support to loan processing and compliance staff on matters related to regulatory compliance and internal procedures.
  3. Interact with external auditors and regulatory examiners to facilitate audits and address compliance issues.
  4. Maintain professional relationships with regulatory bodies and ensure effective communication and cooperation.

5. Bank employment to be main and sole employment. Any “moonlighting” to be approved by Board of Directors and Supervisor.


PERFORMANCE EVALUATION AND ACCOUNTABILITY:

  1. Position to be evaluated after the initial three-month period and annually thereafter.
  2. Performance will be assessed based on the following criteria: 

a. Effectiveness in fulfilling compliance duties. 

b. Quality and accuracy of policy and procedure documentation. 

c. Success in staff training and support. 

d. Thoroughness of internal audits and documentation management.

Job descriptions are not intended to be all-inclusive lists of responsibilities, skills, efforts, or working conditions associated with the position. While this job description aims to reflect the role accurately, management reserves the right to modify, add, or remove duties as necessary.


Qualifications:

  • Education:      Bachelor’s degree in Finance, Business Administration, Law, or a related field. Advanced degree or professional certification (e.g., CRCM) preferred.
  • Experience:      Minimum of 3-5 years of experience in a compliance role within the financial services industry, with a focus on loan compliance.
  • Knowledge:      Strong understanding of lending regulations, compliance requirements, and risk management principles. Familiarity with mortgage and consumer loan products is advantageous.
  • Skills:      Excellent analytical, organizational, and problem-solving skills. Strong attention to detail and the ability to interpret complex regulatory requirements.
  • Communication:      Effective verbal and written communication skills, with the ability to clearly articulate compliance requirements to various stakeholders.
  • Technical Proficiency: Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint) and familiarity with compliance software or loan management systems.

Working Conditions:

  • This position typically works in an office environment with standard office hours. Some flexibility in hours may be required based on departmental needs.
  • Occasional travel may be required for training or audits.

Equal Opportunity Employer

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