Financial Services Specialist 1 (compliance), SG - 18

Financial Services Specialist 1 (Compliance) In Mortgage Banking

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.

The Department of Financial Services is seeking candidates for the position of Financial Services Specialist 1 (Compliance) in Mortgage Banking. Duties include, are not limited to, the following:

• Facilitates the annual Volume of Operations Report ("VOOR") filing process, including participation in the development of database requirements, reporting instructions, electronic and manual reporting forms, annual filing notices, industry guidance, preparation of reports governing filing metrics and trends in submitted data, and establishing and monitoring annual filing deadlines;
• Manages VOOR related enforcement process related to the identification of entities that failed to accurately report revenue and operation figures and submit annual VOOR filing in a timely manner. Including drafting notices of noncompliance, settlement agreements, suspension orders, hearing documents, revocation orders, levying penalties, monitoring compliance with enforcement actions and penalty payments, coordinating with the Office of General Counsel and Office of Financial Management;
• Enters VOOR information into the Department's internal database, including confirming accuracy of information contained in the database, reconciling information in the database against VOOR filings, and regulated entity license records;
• Participates in the enhancement and expansion of the existing VOOR related database and the development of any new database designed to record and maintain electronic VOOR information. Including participating in meetings, user discussion, assisting in defining field requirements and data format, identifying mandatory pre-filled data, and determination of location and appearance of pop-up instructions and questions;
• Conducts Quarterly review of VOOR data housed in internal database for general assessment purposes, to facilitate accurate quarterly billing of regulated entities, includes identification of changes in financial revenue figures and regulated entities that occurred since prior quarterly review and notification to business unit head and Office of Financial Management of all inaccuracies noted;
• Prepares written communication to registrants and licensees validating the accuracy of information presented in the VOOR, addressing litigation notices submitted with VOOR filings and proposed changes to certain pre-filled information contained on VOOR;
• Uploads VOORs to regulated entity records in the Department's LINX database and SharePoint to facilitate access for regulatory examination and day-to-day supervisory oversight. Liaises with Mortgage Banking examiners, supervisors, and the Department's enforcement group to provide a clear understanding of the VOOR filing requirements and accuracy of data collected;
• Reviews and compares VOOR filing data annually against Home Mortgage Disclosure Data and Mortgage Call Report to identify variances. Prepares letters advising regulated entities of the discrepancy and reviews and analyzes responses which may include but not limited to ledgers and accounting records;
• Develops standardized procedures governing the VOOR filing, internal data entry, enforcement, and general assessment review process;
• Reads and interprets basic rules and regulations governing the licensing and supervision of mortgage brokers and mortgage bankers, and VOOR filing requirements; and
• Responds to inquiries from licensees and registrants regarding the Department's mortgage licensing and regulatory reporting requirements.

Appointment Method:

Candidates must meet the minimum qualifications listed below in order to be eligible for appointment. Non-Competitive: A Bachelor's Degree in Accounting, Actuarial Science, Auditing, Business, Business Administration, Business and Technology, Commerce, Consumer Sciences, Computer Science, Criminal Justice, Economics, Econometrics, Finance, Information Systems, Information System Engineering, Internal Controls, Health, Health Administration, Law, Mathematics, Public Administration, Public Affairs, Public Health, or Public Policy and two (2) years of specialized experience in one of the following:

• Evaluating the adequacy of board and management oversight of the financial institutions' compliance programs.
• Reviewing lending, deposit, insurance and other transactions to determine compliance with Financial Service's applicable laws/regulations.
• Identifying financial institutions' potentially unfair, deceptive, abusive or discriminatory acts or practices.
• Reviewing financial institution programs, policies and procedures for compliance with legal and regulatory requirements.
• Evaluating financial costs for the failure of financial services entities to adhere or comply with New York State, federal, or other states financial services laws.

A Master's Degree in one (1) of the related fields or a J.D. may substitute for one (1) year of specialized experience. A Ph.D. in one (1) of the related fields may substitute for two (2) years of specialized experience.

Salary: The starting salary for this position is $66,951 with periodic increases up to $85,138. Positions located within the New York City metropolitan area, as well as Suffolk, Nassau, Rockland, and Westchester Counties, are also eligible to receive an additional $4,000 annual downstate adjustment. Appointment Status: Permanent.

Some positions may require additional credentials or a background check to verify your identity.