Mortgage Product Counsel
Wealthfront
Product, Legal
Palo Alto, CA, USA · Remote
Posted on Nov 6, 2024
Wealthfront is seeking a skilled, talented and experienced Product Counsel with significant experience in the mortgage industry and expertise in state and federal mortgage laws and regulations, RESPA (Real Estate Settlement Procedures Act) compliance, state licensing requirements for mortgage operations and loan officer regulations. As a member of our legal team, this person will work closely with and report to our General Counsel, and, just as importantly, will work closely with other departments, including, product, design, engineering, marketing and compliance to support various mortgage products.
Key Responsibilities:
- Product Counseling: Provide sound legal counsel on the development, launch and management of mortgage products, ensuring compliance with federal and state regulations.
- Mortgage Law Compliance: Analyze and provide guidance on evolving laws, rules, regulations and trends related to mortgage origination, non-delegated correspondent lenders, servicing, and default management. Ensure adherence to federal and state mortgage laws and regulations, including the Truth in Lending Act (TILA), the Equal Credit Opportunity Act (ECOA) and Fair Lending laws.
- RESPA Expertise: Provide guidance on RESPA compliance, including anti-kickback rules, referral fees, and disclosures. Ensure that company practices align with RESPA requirements and mitigate legal risks.
- State Licensing: Support the process of obtaining and maintaining state licenses required for mortgage operations, including managing regulatory filings and interfacing with state agencies.
- Loan Officer Regulation: Offer legal advice on the licensing requirements and activities of loan officers, including adherence to the Nationwide Multistate Licensing System (NMLS) and compliance with state-specific loan officer regulations.
- Contracts and Partnerships: Draft, review and negotiate contracts with investors, warehouse lenders, and other third-party services providers.
- Litigation & Risk Management: Handle or oversee litigation related to mortgage origination and servicing. Assess risk and recommend strategies to mitigate legal exposure, especially regarding consumer complaints and regulatory audits.
- Training & Policy Development: Develop training programs for loan officers and staff on mortgage regulations and consumer protection laws. Assist in drafting and updating internal policies to comply with new or changing regulations and laws.
- Regulatory Monitoring: Monitor changes in mortgage-related regulations at the federal and state level, such as updates from the Consumer Financial Protection Bureau (CFPB), and provide proactive guidance on how these changes impact business operations.
- Cross-Functional Collaboration: Collaborate cross-functionally with operations, engineering, compliance, product and risk management teams to launch new product lines while minimizing legal and regulatory risk.
Qualifications:
- Juris Doctor (JD) degree from an accredited law school and active bar membership.
- Minimum 5+ years of legal experience, preferably in mortgage, consumer finance, or real estate law.
- Deep knowledge of RESPA, TILA, ECOA, and other mortgage-related federal and state laws.
- Experience advising on loan officer compliance and NMLS regulations.
- Expertise (i) obtaining and maintaining state licenses for mortgage operations in multiple state jurisdictions and (ii) responding to regulatory audits and exams from state and federal regulators.
- Strong understanding of various mortgage origination structures including non-delegated correspondent lending, the secondary mortgage market and loan investing.
- Excellent communication, negotiation, and legal writing skills.
- Self-motivated and efficient, with good business judgment and a “take ownership” outlook.
- Ability to manage multiple legal matters simultaneously and provide strategic business advice.
- Strong project management skills.
Preferred Qualifications:
- Previous in-house legal experience in the mortgage or financial services industry.
- Familiarity and experience working with FINRA and the SEC.
- Experience with CFPB examinations and enforcement actions.
- Familiarity with e-mortgage and digital closing platforms.
Estimated annual salary range: $185K - $217K USD plus equity. Benefits include medical, vision, dental, 401K plan, generous time off, parental leave, wellness reimbursements, professional development, employee investing discount, and more!
About Wealthfront
Wealthfront started with the ambition to transform the investment advisory business, with the goal to unlock access to high quality investment advice for millions who were underserved by the traditional institutions. We built one of the first automated investment products that allows you to invest in a personalized portfolio of thousands of companies in seconds for a remarkably low fee. We then expanded. We now work with partner banks to offer exceptional banking features through a Wealthfront Brokerage Cash Account, which makes it remarkably easy for people to automate their finances end-to-end and eliminated the hassle of money management, all of which resulted in attracting more than $70 billion of our client’s hard earned money, pioneering the robo-advisor category and transforming the broader industry. And yet, we have a long way to go to achieve our mission to build a financial system that favors people, not institutions.
Wealthfront’s vision is to make it delightfully easy to build long-term wealth on your own terms. This vision is more relevant than ever because millions more people are getting into the market early and investing their hard earned savings in a handful of stocks. While this is a great way to start, it is inconsistent with building long-term wealth. We want to empower young investors to expand their horizon, and easily explore and execute on a wider range of investing strategies, make informed investment decisions that are consistent with their values and beliefs while also making it effortless to grow and compound their savings exponentially in a way that’s transformational to their lives and their long-term future.
We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
