Regulatory Correspondence Specialist III

Regulatory Correspondence Specialist III

At Newrez, we bring big thinkers and caring doers together to make home happen. We're a team built on heart and hustle, united by a commitment to show up for our customers, our communities, and each other. We believe that when our people thrive, homeowners thrive - and that's why we invest in your growth, wellbeing, and ability to make an impact.

Every day, we work to exceed the expectations of our residential mortgage borrowers and business partners through superior service, simple processes, and clear communication. We do this by empowering our employees, encouraging innovative solutions and recognizing great performance.

The Regulatory Correspondence Specialist III is accountable 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, researching and resolving issues, and providing formal written responses within prompt deadlines. This position requires dealing and speaking directly to regulatory agencies and escalated borrowers to identify areas of their issue and de-escalating the complaint or dispute. The Regulatory Correspondence Specialist III works with various department leaders within the company, to investigate and resolve issues for the consumer. They are also responsible for the outreach and communication to consumers when needed after the complaint is received.

The Regulatory Correspondence Specialist III is adequately experienced to decipher the homeowner's complaint to the point of identifying the exact issues, identifying root cause, and determining corrective action and next steps. The Regulatory Correspondence Specialist III is responsible for conducting meetings for root cause discussions, as needed. They are required to communicate in writing with a synopsis of the complaint/resolution to executives and senior leadership, in a professional manner. In doing so, the Regulatory Correspondence Specialist III must feel comfortable providing guidance and direction to other business leaders, taking the appropriate actions to resolve the issue, and providing a formal written response.

Principal Duties

• Monitor the mailbox and web portals to ensure complaints are logged within 24 hours of receipt and responded to within deadlines.
• Handle more legal risk complaints such as bankruptcy, foreclosure, allegations of UDAPP, attorney complaints, monetary compensation, threatening lawsuit, etc.
• Update and maintain the database for written complaints with details of the complaints, research, resolution for tracking and reporting purposes.
• Collaborate with internal departments to obtain complaint resolution and corrective action.
• Be a liaison between legal and clients, when needed.
• Correspond in writing and verbally with regulatory agencies (federal, state, and local level).
• Prioritize and complete tasks according to escalated regulatory deadlines.
• Research the consumer's loan to determine the problem and next steps toward resolution. Identify root causes and direct internal business owners a corrective action plan for resolution to prevent future complaints.
• Make outbound calls to discuss resolution and confirm satisfaction with the consumer.
• Ensure the necessary actions or 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.
• Provide guidance to other team members to resolve complaints.
• Review written responses from other writers to ensure accuracy of information, the response addresses the complaint content, and the information provided is clear and understandable.
• Assist leadership with follow-up escalations or provide additional information to the examiners.
• Provide daily reporting on the open regulatory complaints.
• Mentor and train regulatory correspondence specialists I and II.
• Communicate with senior leadership for all regulatory complaints and corrective actions.
• Become subject matter expert in at least two main areas of homeowner advocacy dispute classes.
• Perform additional projects and duties as assigned by supervisor.

Education and Experience Requirements

• High school diploma or equivalent, required.
• Bachelor's degree, preferred.
• 5+ year of mortgage servicing experience.
• Experience in regulatory affairs and/or quality assurance in mortgage servicing, previous complaint handling experience strongly preferred.
• Experience in late-stage mortgage collections, including handling modifications, short sales, and deeds in lieu of foreclosure is a plus.
• At least 2 years demonstrated quality (no less than 95% quality scores) and productivity performance (no less than 12 resolutions per day average), in the homeowner advocacy department.

Knowledge, Skill, and Ability Requirements

• Ability to apply critical thinking and problem-solving skills to work collaboratively to find the best solution.
• Strong verbal and written communication skills with professional use of grammar, spelling, punctuation, and sentence structure.
• Demonstrated attention to detail and organizational skill.
• Superior work ethic
• Proficient in Microsoft Office, servicing director, and onbase imaging software.
• Analytical, problem solving, and mathematical skills with the ability to gain agreement from multiple levels of the organization and reach sound decisions.
• Strong negotiation and follow-up skills, as well as the ability to meet strict deadlines.
• Comprehensive knowledge of all aspects of mortgage servicing industry, including payment processing, escrow, taxes, insurance, loan boarding, credit reporting, loss mitigation, foreclosure, bankruptcy, etc.
• Ability to multi-task without sacrificing quality, as well as quickly adapt to changing work assignments.
• 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.

All employees are required to have smart phones that meet company security standards with the ability to install apps such as Microsoft Authenticator. Employment will be contingent on this requirement.

We're a great place to work because we invest in what matters: your career, your community, your wellbeing, and your future. Our total rewards package is designed to support your whole self.

Company benefits:

• Medical, dental, and vision insurance
• Health savings account with employer contribution
• 401(k) retirement plan with employer match
• Paid maternity leave/parental bonding leave/caregiver leave
• Adoption assistance
• Tuition & certification reimbursement
• Employee mortgage loan program
• The Newrez employee emergency and disaster fund is a program to support our team members experiencing hardships

Newrez now:

• 1 company-paid volunteer time off day (with over 40,000 volunteer hours contributed since our inception)
• Matching gifts program - dollar-for-dollar up to $1,000
• Access to grants, nonprofit resources, and volunteer opportunities
• More than $6,000,000 donated since 2020
• 1 in 5 employees participates in at least one employee resource group (erg)

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.