Senior Lending Quality Control Specialist - Waterford

Quality Control Specialist

Primary Function:

Responsible for reviewing data to determine if lending processes and staff are meeting quality standards, adhering to regulations, established guidelines, policies, and lending authority for Consumer and Mortgage Lending. Performs ongoing reviews and generates reports summarizing results for lending management. Assists lending management in identifying trends, risks and problem areas and recommends standards or procedures to improve performance. Ensures identified risks and or problems are clearly documented and interacts with appropriate parties for timely resolution. Develops standardized quality control methods and develops training materials and/or conducts training sessions. Researches internal and external audit findings. Provides feedback to lending management concerning audit research and assists in developing responses. Collaborates with Audit and Compliance to ensure consistency with VACU policies and procedures while balancing appropriate risk tolerance.

Job Duties and Responsibilities:

Quality Control (Consumer):

·Performs an in-depth monthly review of loans processed and underwritten by all consumer, indirect, and equity processors and analysts to ensure compliance to guidelines and policies, as well as to ensure sound underwriting practices and consistency.

·Ensures applicable loan documentation was properly disclosed to members and signatures obtained on required documents. Ensures applicable loan documentation is present in the VACU system of record retention.

·Reviews member loan documentation for compliance with regulations, federal and state laws, lending policies, consumer lien perfection requirements and reports exceptions to management.

·Reviews lending limit changes made in the LOS. Verifies decisions made were reasonable. Reports findings to management.

·Performs a comparison between the Loan Estimate and the Closing Disclosure to ensure compliance with RESPA requirements on Equity Lines/Loans.

Quality Control (Mortgage):

·Perform comprehensive prefunding quality control audits of loan origination and sub-servicing operations for adherence to investor/insurer/guarantor guidelines (e.g., FHLMC, FNMA, FHA, VA, USDA, VHDA), state/federal regulation and in accordance with investor/insurer/guarantor requirements for content, timing and reporting.

·Prepares a report of 1st Mortgage loans that closed using VACU's CUSO and reports results to Mortgage Lending Management.

·Perform annual financial filings for Fannie Mae, FHA, and private investors.

·Serves as primary contact and performs annual reporting and certification for MERS.

·Develops and maintains regular fair lending reviews (e.g. Underwriting, Pricing, Redlining, etc.)

·Audit denied Mortgage loans and adverse action letters to determine the reasons for rejection were valid and based solely on overall credit and collateral worthiness.

·Audit early payment default files to determine if loan met applicable guidelines and levels of risk were properly analyzed.

Other Quality Control responsibilities:

·Performs monthly HMDA reviews for both Mortgage and Equity Lending. Prepares and transmits data for quarterly and yearly submission.

·Researches and addresses Consumer and Mortgage loan exceptions for Audits. Provides feedback to lending management and assists in developing responses.

·Professionally communicates the results of quality control reviews to lending management in a timely manner.

·Serves as primary reviewer of appraisals to resolve collateral valuation disputes for both Consumer and Mortgage loans.

·Partners with Compliance to proactively provide guidance and risk assessment to the Consumer and Mortgage lending areas for upcoming compliance, regulatory and operational changes.

·Serves as a subject matter expert on projects relating to compliance, quality control and risk analysis as assigned.

·Partners with lending management, training, and project management areas to develop and conduct reoccurring or ad hoc compliance and quality control training.

·Partners with lending management to identify and address industry quality control trends. Develops new methods to ensure quality control.

·Demonstrates a strong sense of urgency by responding quickly to concerns discovered through reviews that need escalation and changing priorities rapidly to assist in the resolution if needed.

·Reports possible systems issues found through the quality control process to the appropriate systems group for resolution.

·Assists in reviewing and developing procedures for the Lending Operations business unit.

Other responsibilities:

·Provides quality service to members, staff and all third party contacts.

·Must develop and maintain a working knowledge of all applicable federal and state regulations including corporate policies and procedures. Stay up to date on all required and related loan documents, systems, and credit reports.

·Comply with all published enterprise level policies and procedures including, but not limited to, Risk Management policies.

·Complete all required, ongoing enterprise level training including, but not limited to BSA, OFAC, and Information Security.

·Report all Risk Management Policy violations in accordance with policy.

Job Qualifications:

Knowledge and Experience:

·Previous experience in quality control and the demonstrated ability to analyze data/results are preferred.

·Previous experience in a lending environment with understanding of overall lending operations including Consumer and Mortgage Lending preferred.

·Management, Leadership and/or Supervisory experience preferred

·Auditing and compliance experience preferred.

·Experience that demonstrates ability to proactively research industry standards, recommend and implement best practices preferred.

·knowledge of Consumer and Mortgage lending regulatory requirements with the ability to apply them appropriately to the situation at hand preferred

Skills and Abilities:

·Ability to communicate and present complex ideas in clear and relevant terms.

·Strong follow-up skills.

·Strong time management skills and sense of urgency.

·Ability to work independently and collectively within the team environment.

·Ability to interact effectively with member, client groups throughout the credit union and third party vendors.

·Flexible to changing requirements and priorities.

·Must be able to function effectively in a fast paced environment with limited direction.

·Ability to organize, prioritize and handle multiple tasks.

·Working knowledge of the Microsoft Suite of Office Products.

Minimum Education:

·College degree or equivalent work experience in quality control required.

·Must be able to be actively registered with the Nationwide Mortgage Licensing System and Registry (NMLS)

Physical Requirements:

• This job requires the ability to sit for long periods of time. This job requires infrequent lifting or carrying of objects up to 10 pounds.