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.
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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
Here at Wealthfront, our mission is to create a financial system that favors people, not institutions. We do this by leveraging technology to build powerful, low-cost, and easy-to-use financial products that help modern investors grow and manage their money.
We started with the ambition to transform the investment advisory business. By automating strategies typically reserved for the wealthy, we unlocked access to high quality investment advice for a digitally-native generation that was underserved by traditional institutions. Since then, we've expanded to a full suite of products designed to help our clients turn their savings into long-term wealth, including:
• A Cash Account that, through our partner banks, offers one of the highest annual percentage yields on uninvested cash in the industry, while providing instant and secure access to your money with no account fees and a full suite of checking features.
• A zero-commission Stock Investing Account with 50+ handpicked collections that help DIY investors discover new companies and make smarter investing decisions.
• Multiple automated investing portfolios designed to unlock tax savings through sophisticated strategies like fixed income, tax-loss harvesting, and direct indexing—which we offer at industry-leading low costs and accessible minimums.
Our award-winning products have attracted over 1 million clients who trust us with more than $80 billion of their hard earned savings—and we're far from done. If you’re inspired to help us reshape the financial industry as we create our next chapter, let’s talk!
For more information please visit www.wealthfront.com.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.
Please review our candidate privacy notice.
Disclosures: All investing involves risk, including the possible loss of principal. Tax-Loss Harvesting benefits vary depending on the client's entire tax and investment profile. Wealthfront doesn’t provide tax advice. The Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the variable interest rate, and provide access to FDIC pass-through insurance. Investment management and advisory services–which are not FDIC insured–are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC-registered investment adviser. The checking features offered in the Wealthfront Cash Account are provided by Green Dot Bank, Member FDIC. Fees and Eligibility requirements may apply to certain checking features, please see the Deposit Account Agreement for details.
By “award-winning products”, please refer to www.wealthfront.com/reviews for more information. Wealthfront Corporation oversees Total Client Assets and Trusted Clients through Wealthfront Advisers and Wealthfront Brokerage. Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation.