Regulatory Specialist I (Onsite)
Who we are
Shellpoint Mortgage Servicing (SMS) is one of America’s top-five non-bank mortgage-servicing companies. What is mortgage servicing? Our clients are businesses that own mortgage loans (such as banks and real estate investment firms). On their behalf, we manage (or "service") their loan portfolios, which means that we collect homeowners’ mortgage payments, pay their tax and insurance bills, and help homeowners in default to get current.
Regulatory Correspondence Specialists are responsible for handling Qualified Written Requests and Disputes submitted to Regulatory agencies. The job entails reviewing all escalated written inquiries, disputes and complaints from borrower’s or their authorized representatives.
The Regulatory Correspondence Specialist I role is responsible for handling the intake process for any complaints submitted by Regulatory agencies or Executives of SMS/NRZ. They are responsible daily for managing the Regulatory mailbox, the CFPB portal, and Better Business Bureau portal, to retrieve incoming complaints, or communications from agencies/regulators.
The Regulatory Correspondence Specialist I will have basic experience in all aspects of mortgage servicing. The job entails being a point of contact for the state and federal agencies, as well as our counterparts at Newrez originations. They are responsible for imaging and documenting the complaints in our tracker and assigning each case to the appropriate team member for final response.
The Regulatory Correspondence Specialist I is one that is adequately experienced to decipher the homeowner’s complaint to the point of identifying the exact issue/s, identifying root cause, properly identifying the classification categories of the complaint, determining corrective action and next steps. They are required to communicate in writing with a synopsis to executives and senior leadership, in a professional manner. In doing so, the Regulatory Correspondence Specialist I must feel comfortable providing guidance and direction to other business leaders, to take the appropriate actions to resolve the issue.
This role will prepare the other Regulatory Correspondence Specialists on the team to be able to close the complaint with a formal response when things are resolved. This position requires excellent research skills and a vast knowledge/experience with mortgage.
- Monitor the mailbox and web portals to retrieve complaints within 24 hours of receipt.
- Imagine all incoming complaints and final determination notifications.
- Assign complaints, emails, or phone calls to other team members to de-escalate the homeowner/Regulatory Agency.
- Provide daily reporting on all incoming regulatory complaints logged.
- Correspond in writing and verbally with Regulatory Agencies (federal, state, and local level).
- Collaborate with internal departments to obtain complaint resolution and corrective action.
- Prioritize and complete tasks according to escalated regulatory deadlines.
- Quickly research the consumer’s loan to determine the problem and next steps toward resolution with the department’s business unit contacts. This will require some experience with reading and understanding payment/transaction summaries, escrow analyses, insurance documents, loan origination documents, credit reports, tax lines, etc.
- Properly identify the correct classification category of the complaint.
- Ensure the necessary actions/corrections are made to the accounts to resolve disputes, complaints, and inquiries.
- Compose written responses to borrower’s (or their authorized representatives) providing final resolution to regulatory agencies.
- Communicate with Senior Leadership for all regulatory complaints and corrective actions.
- Perform additional projects and duties as assigned by supervisor.
Education and Experience Requirements
- High school diploma or equivalent, required.
- Bachelor’s degree, preferred.
- 1+ year of Mortgage Servicing experience.
- Experience in Regulatory Affairs and/or Quality Assurance in mortgage servicing, previous complaint handling experience strongly preferred.
- Experience in Loss Mitigation, including handling modifications, short sales, and Deeds in Lieu of Foreclosure is a plus.
Knowledge, Skill, and Ability Requirements
- Ability to apply critical thinking and problem-solving skills to work collaboratively to find the best solution.
- Excellence in communication via telephone and written communication.
- Demonstrated attention to detail and organizational skill.
- Superior work ethic
- Proficient in Microsoft Office, Servicing Director, and OnBase Imaging software.
- Strong analytical, problem solving and mathematical skills to be used in directing decision-making.
- Strong understanding of Mortgage lending and servicing.
- Strong follow-up skills, as well as the ability to meet strict deadlines.
- Requires a basic knowledge of all aspects of mortgage servicing industry, including payment processing, escrow, taxes, insurance, loan boarding, credit reporting, loss mitigation, foreclosure, bankruptcy, etc.
- Requires continuous learning and keeping up to date with the Regulations related to the Real Estate Settlement Procedures Act ("RESPA"), Truth in Lending Act ("TILA") the Fair Credit Reporting Act ("FCRA"), the Consumer Financial Protection Bureau ("CFPB"), and policies and procedures regarding Fraud/ID Theft.
While this description is intended to be an accurate reflection of the position’s requirements, it in no way implies/states that these are the only job responsibilities. Management reserves the right to modify, add or remove duties and request other duties, as necessary.
* 15 Paid Time Off (PTO) days and 18 after 1st anniversary!
* 9 Paid Holidays
* Employee Engagement Activities
* Medical (including Health Savings Account & Flexible Savings Account)
* Dental - RX - Vision - Life, Disability Insurance - 401(k) Plan with company match! - Employee Assistance Plan
* Performance-based Incentives
* Pet Insurance
* Advancement Opportunities
* Our Corporate Social Responsibility program, Newrez NOW, empowers employees to become leaders in their communities through a robust program that includes volunteering, philanthropy, nonprofit grants, and more
* 1 Volunteer Time Off (VTO) day, company-paid volunteer day where all eligible employees may participate in a volunteer event with a nonprofit of their choice
* Employee Matching Gifts Program: We will match monetary employee donations to eligible non-profit organizations, dollar-for-dollar, up to $1,000 per employee
* Newrez Grants Program: Newrez hosts a giving portal where we provide employees an abundance of resources to search for an opportunity to donate their time or monetary contributions
Equal Employment Opportunity
We're proud to be an equal opportunity employer- and celebrate our employees' differences, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, and Veteran status. Different makes us better.