- Youth mentor, providing financial literacy guidance and support to empower the next generation of leaders
- Coding and Programming as it relates to software interactions with banking regulations and paperless documentation efficiencies
- Tech enthusiast, passionate about exploring the latest advancements and innovations
Karen Denny
Altoona,IA
Summary
Dynamic professional with over 30 years of experience in financial banking and lending compliance, specializing in state and federal regulations. Expertise includes developing and implementing comprehensive training programs to enhance regulatory compliance across teams. Recognized as an ethical team player, consistently fostering a positive and productive work environment while demonstrating exceptional verbal and written communication skills. Committed to driving organizational success through diligent attention to detail and a proactive approach to compliance challenges.
Overview
18
18
years of professional experience
1
1
Certification
Work History
Regulatory Compliance Officer – Lending Compliance Specialist
Two Rivers Bank & Trust
11.2023 - Current
- A deep understanding of 2018 HMDA Full & Partial Exempt Reporting, with 100% data monitoring
- Adverse Action for ECOA Adverse Action timing, fair lending audit analysis and reporting
- Held a position on the IBA Compliance Schools Advisory Committee through 2025
- Built internal training specific TRID, HMDA, ECOA, Adverse Action, Ability to Repay/Qualified Mortgage
- Additional Income Review Training is in development
- Continue to develop tools for TRID testing as a result of an external audit consideration
- Extensive knowledge of the Loan Estimate and Closing Disclosure Tolerances, and allowed change circumstances requirements within the TRID regulation
- Development, present and record new training presentations related to lending topics
- Create new training materials, including procedures, tools, job aids, and spreadsheets
- Continuous development and improvement of internal lending processes and innovations
- Research and monitor industry regulations from internal and external sources with the CFPB, State of Iowa, the FDIC, Iowa Bankers Association and American Bankers Association
- Built a Fair Lending Internal Self-Monitoring and Reporting Program utilizing Encompass Report Mapping, Compliance Relief HMDA software and though NContracts NFairLending data reporting
- Developed secondary quality control report within Loan Vantage for HMDA research
- Regularly assist the BSA Compliance with daily tasks and monitoring –
- Developed the Potential CTR Daily Review Procedure for internal use
- Maintaining CRCM certification with on-going training through extensive external training including Iowa Bankers Compliance Schools since 2021 – maintaining about 60 training hours annually
Regulatory Compliance – Compliance Specialist
Iowa State Bank
02.2020 - 10.2023
- Subject matter expert in Lending Regulations of TRID, HMDA and ECOA audit analysis and reporting
- Administration of Fiserv Precision Platform
- Co-chair of the Community Reinvestment Act Committee, including meeting organizer
- Project manager for third party training software and all staff assignment of annual compliance training
- Prepared new internal training materials, including procedures, tools, job aids, and spreadsheets
- Research and monitor the banking industry Federal and State regulations from internal and external sources with FDIC, State of Iowa and Iowa Bankers Association
- Implemented and continuously improved the internal processes and innovations
- This project became a primary assignment during COVID
- Integrated the entire bank into a paperless environment
- Built online tools to allow employees access to Policies and procedures remotely
- Developed a paperless tracking system for Adverse Action and HMDA
- Held a position on the IBA Compliance Schools Advisory Committee which started in May 2021
Regulatory Compliance – Senior Underwriter & Compliance Specialist
Home Services Lending LLC, a Berkshire Hathaway Company
07.2014 - 02.2020
- Primary goal upon hire was to resolve the Adverse Action Process Gaps. Examiner Finding requiring immediate resolution to avoid regulatory involvement – was recommended for this project by Nationwide
- This involved a pipeline cleanup project for 20 loan officers loan volume within Encompass “My Pipelines” folders with the project progress into the “Prospects” folders.
- Within six months I trained two staff members in a new process called AA Second Level Review
- 4500 Adverse Action Statement of Denials were mailed to applicants from the pipeline cleanup
- An additional 2500 approximate applications were reviewed to validate they did not have an implied denial factor and were marked as Withdrawn Application for HMDA reporting
- Development of strict criteria for lenders to follow for the Adverse Action Procedure
- Credit scores of 620 or less, or DTI of 49 or greater, or loan to values of 95% or greater were immediately routed to my team to immediately render credit decisions and statement of denial letters generated to applicants. Seven days turn time maintained.
- Built and tested Encompass System operations for Adverse Action “file movement” and alerts
- Reached a goal 3 months prior to the original deadline to achieve a 100% ECOA accuracy rate, meaning the ECOA timing requirement of 30 days for denial notice was no longer a violation
- Tracked and reported ECOA, HMDA, and CRA data on an annual schedule to the regulatory agency
- TRID implementation launched October 2015 – this launch corresponded to the end of the ECOA Adverse Action Project – transitioned to TRID Project Leader
- Developed Encompass TRID training, and completed all policy and procedure updates
- Tested TRID field mapping and accuracy within Encompass and within HMDA software
- Within a month of implementation, a 100% TRID timing accuracy was achieved
- Development of system management to monitor file movement within two pipelines view lenders have within Encompass to reduce the risk to TRID and ECOA timing.
- 2018 HMDA implementation Project Leader
- Lead a team of managers from each impacted department – Six-month project prior to launch
- Coordinated the purchase of HMDA reporting software expansion with QuestSoft HMDA Relief now known as NContracts Compliance Relief
- Worked independently pre & post on mapping of fields within Encompass coordinating with their software developers coordinating with Questsoft developers
- Home Services Lending was assigned as the Encompass Software Beta Testers for the 2018 HMDA implementation launch under my leadership
- Met with a team from the CFPB as a result of the 2018 HMDA implementation development within both national software providers, achieving less than a 1% error rate with a 65 thousand LAR reporting both Closed-end and Open-end Lines of Credit on Real Estate Secured Mortgages
- Built all training materials for the training staff to present including Job Aids, Procedures, and the policy updates, as a result, became the primary contact for HMDA questions
- Strengthened my in-depth understanding in writing policies, procedures, job aids and training courses for all mortgage lending operational areas
- Reviewed and updated operation policies and procedures annually to align with regulation updates
- Researched/monitored industry regulations from internal and external sources to meet regulations and guidelines to improve quality, procedures and reporting to regulatory agencies
- Built training materials, procedures, tools, and job aids
- Trained current staff and new hires in adverse action review, Regulation Z (after TRID implementation), and HMDA post and prior to the 2018 implementation
Mortgage Lending – Senior Underwriter, Trainer & Project Manager
Nationwide Home Mortgage
02.2008 - 07.2015
- Project Leader during the Encompass conversion – coordinated trainings, developed training materials, developed integrations into reporting software of Questsoft HMDA Relief, CRA Relief and Fair Lending
- Project Coordinator during the paperless conversion – coordinated staff assigned to the imaging and checkback process, developed procedures, job aids and training tools
- Encompass Software Lead Admin and IT coordinator, and main tester of software development
- Trained staff in all Federal and State lending regulations to improve development and performance
- Regulation Z prior to the TRID regulation implementation
- HMDA prior to the 2018 regulation implementation
- ECOA and Fair Lending, including UDAP before the UDAAP regulation implementation
- Lead Mortgage Underwriter with DU and LP underwriting certifications
- Obtained FHA DE underwriting certification
- Began VA underwriting training
- Maintained less than a 3% error rate in my underwriting accuracy of data reporting
- During the seven years with Nationwide, I had one buyback loan from the secondary market
- Previous to mortgage underwriting – Lead Loan Processor and Subject Matter Expert in Lending Regulations meeting the less than 3% error rate goal for 3 years consistently
- Trained others in how to recognize potential fraud within lending documentation received
- Identified and prevented five (5) fraudulent mortgage applications from originating
- Was assigned as Team Leader and coordinator for contracted Loan Processing Team expansion
- Team Lead for internal Processing Team of Six
- During the Nationwide Home Mortgage transition to move to Columbus, Ohio, I was assigned to train 10 mortgage loan processors and 5 mortgage loan underwriters
- Provided recommendations and guidance regarding Fraud Red Flags and prevention techniques
- Began Feb 2008 as a Loan Processor, within 3 months of hire was moved by the CEO’s request to Lead and primarily the Retail Lending Underwriter. First full pipeline audit achieved 100% accuracy rating.
- During my tenure with Nationwide, I was placed into several team-lead or project leadership roles at the request of the CEO to promote a mentoring program to gain and share knowledge, to increase data accuracy, and to encourage the company’s mission vision and values focus.
- My most valued accomplishments would be each time when the CEO stood at my desk to ask me to step in to help de-escalate an applicant or to “improve” our company in “x” area.
Education
Diploma in Banking and Financial Compliance -
Business and Banking Institute
01-1993
Skills
- 2018 HMDA Project Management
- Adverse Action & HMDA Data Analysis
- Real Estate Lending Regulation Training
- Integrity & Ethical Fair Lending Analysis
- Encompass Lending Software since 2011
- Lending Regulation Research & Development
- Documentation review
- Training delivery
- Legal analysis
- Compliance monitoring
- Data privacy
- Financial services
- Internal controls
- Internal audits
- Investigations skills
- Document review
- Policy analysis
- Federal and state regulations
- Project coordination
Accomplishments
- Used Microsoft Excel to develop audit finding tracking spreadsheets.
- Supervised team of five (5) staff members.
- Achieved HMDA Submissions with three financial institutions by completing the submission before the due date with accuracy and efficiency.
- Collaborated with NContracts (vender) in the development an internal Fair Lending Review Process.
- Achieved efficiencies by introducing Encompass and Imaging software for paperless mortgage underwriting tasks.
Certification
- Certified Regulatory Compliance Manager (CRCM), Since December 2021.
Interests
Timeline
Regulatory Compliance Officer – Lending Compliance Specialist
Two Rivers Bank & Trust
11.2023 - Current
Regulatory Compliance – Compliance Specialist
Iowa State Bank
02.2020 - 10.2023
Regulatory Compliance – Senior Underwriter & Compliance Specialist
Home Services Lending LLC, a Berkshire Hathaway Company
07.2014 - 02.2020
Mortgage Lending – Senior Underwriter, Trainer & Project Manager
Nationwide Home Mortgage
02.2008 - 07.2015
Diploma in Banking and Financial Compliance -
Business and Banking Institute
COMPLIANCE:
- CRCM Since December 2021: Extensive Federal & State Consumer Banking & Lending Regulation Compliance Knowledge: Community Reinvestment Act (CRA), Reg C-HMDA, Reg B-Fair Lending ECOA, FACT ACT, Consumer Protection, Bank Secrecy (BSA), Anti-money Laundering (AML), Regulation Z, X (TRID)
- Experience Highlights: Adverse Action, HMDA & ECOA audit analysis & reporting. Development and annual review of the operation policies and procedures. Research/monitor industry regulations from internal & external sources to meet regulations to improve quality, procedures and reporting to regulatory agencies