Executes day-to-day residential mortgage compliance operations, including NMLS licensing, regulatory filings, complaint intake, SAR review support, audit preparation, examination logistics, and remediation tracking. Reviews loan files for compliance and suspicious activity, maintains documentation, drafts complaint responses, and collaborates with quality control and fulfillment teams. Supports SOP updates based on regulatory findings and changes.
The Compliance Specialist executes the day-to-day tactical operations of the compliance program, ensuring daily mortgage operations adhere to state and federal lending laws. Reporting to the Compliance Manager, this role actively processes regulatory filings, monitors licensing tasks, performs complaint triage, and gathers documentation for audits and examinations. The Compliance Specialist serves as the primary hands-on resource for initial compliance inquiries and routine monitoring tasks.
Core ResponsibilitiesLicensing & Exam Logistics
- Process NMLS onboarding transfers, sponsorship requests, and Form MU4 filings for newly hired Loan Officers.
- Audit LO profiles during onboarding for state testing, continuing education, and Temporary Authority to Operate (TAO) compliance.
- Coordinate annual NMLS license renewal documentation for the company and individual originators.
- Prepare exam document request lists (DRLs) and track post-examination remediation items.
Complaint Administration & Tracking
- Monitor and triage the compliance department mailbox daily, resolving standard inquiries or escalating complex items.
- Execute intake for borrower complaints, log details in the Compliance Management System (CMS), and gather supporting file history.
- Draft preliminary complaint response letters for management review within mandated turnaround times.
SAR Review & Audit Support
- Perform initial reviews of flagged loan files for suspicious activity and assemble case files for SAR determinations.
- Prepare required SAR filings under the guidance of leadership and archive supporting documentation.
- Collect and package requested loan files, policies, and records for internal, external, and investor audits.
- Maintain central tracking logs for audit findings and follow up with operational units on corrective action items.
Cross-Functional Partnership
- Collaborate with Quality Control (QC) and fulfillment teams to pull sample loan files for compliance testing.
- Assist in updating standard operating procedures (SOPs) based on Quality Assurance findings and regulatory updates.
Requirements
- Associate or Bachelor's degree in Business, Finance, or a related field, or equivalent experience.
- 2–4 years of direct residential mortgage compliance, quality control, or loan processing experience.
- Foundational knowledge of key federal mortgage regulations (TRID, RESPA, HMDA, ECOA/Reg B, Reg Z, Reg X, FCRA).
- Strong organizational skills with high attention to detail for tracking recurring regulatory deadlines.
- Proficiency with standard Loan Origination Systems (e.g., Encompass, Empower, Byte) and Microsoft Office.
Preferred
- Hands-on experience navigating the NMLS Resource Center, managing NMLS company account sponsorships, and submitting Form MU4 updates.
- Prior experience executing initial SAR reviews or assembling state examination request packages.
$65,000-$75,000
Benefits
- Medical
- Dental
- 401k with employer match
- Paid Time Off
- Volunteer Time Off
Key Mortgage Services Schaumburg, Illinois, USA Office
425 N Martingale Rd, 1710, Schaumburg, IL, United States, 60173
Key Mortgage Services Chicago, Illinois, USA Office
120 S LaSalle St, Suite 2000, Chicago, United States, 60603
Key Mortgage Services Crystal Lake, Illinois, USA Office
230 W Virginia St, Suite 400, Crystal Lake, United States, 60014
Key Mortgage Services Glen Ellyn, Illinois, USA Office
543 Pennsylvania Avenue, Glen Ellyn, United States, 60137
Key Mortgage Services Naperville, Illinois, USA Office
796 Royal St George Dr, Suite 106, Naperville, United States, 60563
Key Mortgage Services River Forest, Illinois, USA Office
1037 Chicago Avenue, River Forest, United States, 60305
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