Attorney – Residential Mortgage Servicing Attorney

Bank of America; Plano (TX); On-site; USD 140,000 - 210,000; Full time

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Job summary

Bank of America is seeking an experienced legal counsel to provide guidance on residential mortgage servicing and related wealth management products. The role covers advising front-line units on product and regulatory matters, including loss mitigation and loan modifications.

The ideal candidate will have 7+ years in mortgage law, bar admission, and expertise in custom mortgage documentation, with strong drafting and negotiation skills for complex agreements.

Qualifications

• Bar admission in at least one state.
• Minimum 7 years legal/compliance experience in mortgage industry.
• Experience with custom residential mortgage loan documentation.
• Familiarity with estate planning trust types, LLCs, LPs and related issues.

Responsibilities

• Analyzes legal issues and implications on consumer banking and wealth management products, services, and regulatory matters.
• Communicates clear, concise, actionable, and business-informed legal advice, including to leadership.
• Interprets rulings, laws, and regulations from a compliance and business control standpoint.
• Drafts, reviews, and negotiates complex legal documents such as engagement letters, debt agreements, offering documents, and legal opinions.
• Gathers, assesses, and evaluates information to make a judgment or inference.
• Supports responses to government agency examinations and investigations, enforcement actions, private complaints, and litigation.
• Provides legal support for residential mortgage servicing for GWIM Consumer Special Asset Group and Custom mortgage.
• Supports client escalations, daily advice to wealth management residential mortgage servicing, Dodd-Frank compliance, servicing questions, and general legal advice.

Skills

Advisory Influence

Legal Drafting

Regulatory Compliance

Critical Thinking

Risk Management

Collaboration

Executive Presence

Legal Structures

Education

Doctorate degree

Job description

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact.

Job Description

This job is responsible for providing legal counsel to multiple Front Line Units regarding the servicing of residential mortgage loans, including servicing of custom mortgage loan products.

Key responsibilities include providing specific legal advice on products, services and certain legal actions including loss mitigation, workouts and loan modifications.

• Analyzes legal issues and implications on consumer banking and wealth management products, services, and regulatory matters
• Communicates clear, concise, actionable, and business-informed legal advice, including occasionally to leadership
• Interprets rulings, laws, and regulations from a compliance and business control standpoint
• Drafts, reviews, and/or negotiates complex legal documents, such as engagement letters, debt agreements, offering documents, and legal opinions
• Gathers, assesses, and evaluates information from various sources to make a judgment or inference
• Supports company responses to government agency examinations and investigations, enforcement actions, private complaints, and litigation
• Provides legal support for residential mortgage servicing, including the wealth management residential mortgage servicing business GWIM Consumer Special Asset Group (GCSAG) default servicing for Custom mortgage, as well as additional support for Custom mortgage
• Supports client escalations, daily advice to the wealth management residential mortgage servicing business, Dodd Frank compliance, servicing questions, legal/compliance matters related to default servicing and general legal advice

Required Qualifications

• Bar Admission in at least one state (active/good standing)
• Minimum 7 years legal/compliance experience in mortgage industry
• Experience with custom residential mortgage loan documentation
• Desired Qualifications: Experience with high net worth residential mortgage servicing
• Experience with high net worth mortgage lending (sales, underwriting, products and programs, client escalations)
• Experience with custom residential mortgage loan documentation
• Familiarity with estate planning trust types, LLCs, LPs and related issues (i.e. title vesting)

Desired Qualifications

• Experience with high net worth residential mortgage servicing
• Experience with high net worth mortgage lending (sales, underwriting, products and programs, client escalations)
• Experience with custom residential mortgage loan documentation
• Familiarity with estate planning trust types, LLCs, LPs and related issues (i.e. title vesting)

Skills

• Advisory Influence
• Interpret Relevant Laws, Rules, and Regulations Policies, Procedures, and Guidelines
• Risk Management
• Critical Thinking Decision Making Issue Management
• Legal Drafting and Writing
• Regulatory Compliance Attention to Detail
• Collaboration Executive Presence
• Legal Structures and Legal Forms Problem Solving

Minimum Education Requirement

Doctorate degree in related field

Shift

1st shift (United States of America)

Hours Per Week

40

Bank of America is committed to help employees through the transition period when they’re displaced as a result of a workforce reduction, realignment or similar measure.

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