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Mortgage Audit & Risk Assessment Manager - Mortgage Quality & Product Risk Department

Our Company

At FirstBank PR, we strive to be a trusted advisor to our clients and our employees are the ones that ensure we deliver on our promise of excellence in personalized customer service. Our more than 3,100 employees in Puerto Rico, the Virgin Islands and Florida share a passion for excellent customer service. We are proud of our team because they are continuously surpassing our client’s expectations.

Do you have a passion for helping customers, building relationships, and delivering extraordinary, personalized customer service? If your answer is yes, FirstBank is the number one place for you.

A Brief Overview

The Mortgage Regulatory & Credit Risk Manager is responsible for overseeing and managing regulatory risk within the Mortgage Department, for PR and ECR (including oversight of all business audits and reviews. Serves as liaison with regulators, internal and external auditors. Investigate and answers audit findings and evaluates approach on exceptions noted within the mortgage business. Manages audits and revisions to ensure clearing of exceptions and formal Management Response is provided on time. Manage regulatory consultations including review draft of templates for communications developed by the Business Units, and lead the Mortgage Risk Assessment Process)

Accountable for adhering to the Bank’s BSA, AML and Office of Foreign Asset Control (OFAC) applicable policies. Employees must follow specific unit procedures developed in compliance with the policies. Employees are also responsible for reporting any suspicious activity and/or transactions in accordance with the Bank’s processes and comply with any mandatory BSA, AML and OFAC training assigned.

What you’ll do

+ Serves as liaison with all reviewers in Audits, Reviews, Assessment. Among the reviewers it is included: CFPB, FDIC, OCIF, HUD, VA, USDA, Freddie Mac, FNMA, Compliance and Audit, among others.

+ Identifies control deficiencies and/or process improvements and work in a cross functional team atmosphere to determine best practices which mitigate any risk or audit concerns by documenting and implementing revised procedures and through performing monitoring activities to detect exceptions that could potentially expose the business to violations.

+ Manages the Internal Monitoring unit which conducts routine quality checks on mortgage files and processes to ensure adherence to regulatory standards, company policies and operational procedures. Detects and reports deficiencies in documentation and/or process, ensuring all corrective actions are promptly taken.

+ Oversees the quality and audit management and investor spot reviews requests; including but not limited to review of applications and originated loans to ensure regulatory and investor requirements compliance, management of audit requests for the mortgage business and review and respond to investors requests timely to avoid or mitigate repurchases.

+ Provides legal opinions as to the impact of regulations or legal issues within the business and provides feedback on exceptions noted during audits and works with the monitoring unit to ensure retesting is performed on recurrent and/or high-risk exceptions.

+ Participates in special projects and implementation of new products, services and/or initiatives that may have a regulatory, monetary, or reputational impact. Assist the business units with the definition and design of operational processes for new initiatives, workflow changes, new systems, and tool deployment.

+ Manages and serves as liaison with compliance and other unit managers in the implementation of regulatory, investor or internal controls changes.

+ Provides or coordinates training to support mortgage staff to enhance their understanding of compliance requirements and best practices.

+ Escalates to unit managers and/or senior management exceptions that may have a legal, financial, credit or reputational impact.

+ Reports, tracks, and ensures closing of quality exceptions through formal documentation of processes and corrective actions implemented.

What You’ll Need to Succeed

Formal Education

+ · Juris Doctor Degree together with specialized regulatory compliance training.

+ · Bachelor’s degree Accounting, Business, Management, or other areas.

+ Knowledge and Experience

+ · Five (5) or more years of work experience in the mortgage business, preferable.

+ · Minimum five (5) years of work experience in risk management, audit, and compliance. Or the equivalent combination of Education and Experience needed to be able to perform the functions of this job.

+ · Managerial skills and Team work oriented

+ · Write, speak and comprehend English and Spanish.

+ · Analytic thinking capacity.

+ · Computer literacy.

+ · Problem solving skills.

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