Loan Quality Auditor

SUMMARY Audits funded mortgage loans to measure total quality. This includes validating that loans
are originated in accordance with established company policies and procedures, investor guidelines, and
applicable federal, state, and local laws and regulations. Monitors for fraud, negligence, errors and
omissions by all parties involved in the mortgage process. Publishes and communicates audit findings.
Recommends changes to company policies and procedures and maintains records of findings.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.
􀁸 Audits selected loans to ensure that all documentation supporting the information used in the loan
decision and origination is contained in the file and is accurate, complete and in compliance with
all pertinent laws and regulations.
􀁸 Performs a detailed review and analysis of income (e.g., calculating complex income such as
personal and business tax returns), assets, appraisal, credit, title and escrow documentation;
identifies gaps and issues.
􀁸 Prepares re-verification documents and independently reviews results for accuracy of loan
origination documentation; identifies deficiencies and potential fraudulent activities.
􀁸 Identifies deficiencies by types (e.g. regulation, underwriting and/or eligibility) and dimension of
risk; recommends corrective actions.
􀁸 Participates in the planning and coordination of audits to include loan sample selection, reverification,
auditing and reporting; ensures internal and investor audit timeline are met.
􀁸 Prepares summaries of the results of each individual loan review in addition to providing a
comprehensive, summary report of all quality control (QC) findings.
􀁸 Publishes and reports on monthly loan errors and trends to department management; maintains
accurate records of findings; assists with monitoring of remediation to ensure resolution and
compliance.
􀁸 Assists with the preparation of summary reports generated for the Loan Quality Committee.
􀁸 Communicates the risks associated with the deficiencies identified along with regular
investigative, analytic and audit reporting data to all stakeholders.
􀁸 Recommends policy/procedure changes based on the reviews to the senior management of
Lending and Enterprise Risk Management.
􀁸 Continuously reviews the Post QC program, procedures and audit reports and recommends
changes.
􀁸 Maintains up-to-date knowledge with loan products, loan origination systems, company policies
and procedures, investor eligibility and requirements of Post QC programs, underwriting
guidelines, and applicable laws and regulations to effectively perform loan quality audits.
JOB DESCRIPTION
Loan Quality Auditor – Real Estate
Provides a personalized lending service designed to ensure an excellent member
experience while improving our member’s financial stability.
4558 Loan Quality Auditor - Real Estate - 6-25-18
􀁸 May investigate unusual or complex loan problems and assist with fraud detection and
prevention.
􀁸 Maintains effective working relationships with various employees, managers, departments,
vendors, and auditors/examiners.
SUPERVISORY RESPONSIBILITIES
This job has no supervisory responsibilities.
COMPETENCIES To perform the job successfully, an individual should demonstrate the following
competencies:
Problem Solving - Identifies and resolves problems in a timely manner; Gathers and analyzes information
skillfully; Develops alternative solutions; Works well in group problem solving situations.
Customer Service - Responds promptly to customer needs; Solicits customer feedback to improve
service ; Responds to requests for service and assistance.
Interpersonal Skills - Maintains confidentiality.
Oral Communication - Responds well to questions.
Written Communication - Writes clearly and informatively; Edits work for spelling and grammar; Able to
read and interpret written information.
Business Acumen - Understands business implications of decisions.
Organizational Support - Follows policies and procedures; Completes administrative tasks correctly and
on time; Supports organization's goals and values.
Judgement - Exhibits sound and accurate judgment.
Motivation - Sets and achieves challenging goals.
Planning/Organizing - Uses time efficiently.
Professionalism - Treats others with respect and consideration regardless of their status or position;
Accepts responsibility for own actions; Follows through on commitments.
Quality - Demonstrates accuracy and thoroughness; Looks for ways to improve and promote quality;
Monitors own work to ensure quality.
Quantity - Meets productivity standards; Completes work in timely manner.
Safety and Security - Observes safety and security procedures.
Attendance/Punctuality - Is consistently at work and on time; Ensures work responsibilities are covered
when absent; Arrives at meetings and appointments on time. Must consistently report to work on time as
scheduled.
Dependability - Follows instructions, responds to management direction; Takes responsibility for own
actions; Completes tasks on time or notifies appropriate person with an alternate plan.
QUALIFICATIONS To perform this job successfully, an individual must be able to perform each essential
duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability
required. Reasonable accommodations may be made to enable individuals with disabilities to perform
the essential functions.
JOB DESCRIPTION
Loan Quality Auditor – Real Estate
Provides a personalized lending service designed to ensure an excellent member
experience while improving our member’s financial stability.
4558 Loan Quality Auditor - Real Estate - 6-25-18
Education and/or Experience
􀁸 A minimum of 5 years experience in a financial institution in a loan quality auditor position,
underwriter or loan processor capacity dealing with Conventional, Non-Conventional/Jumbo
residential loans, and underwriting to FNMA/FHLMC/FHA guidelines.
􀁸 Thorough understanding of residential loan programs, credit reports, personal and business
financials, and a demonstrated ability to perform calculations to conduct financial projections and
estimates.
􀁸 Knowledge of Compliance regulations (TRID), Real Estate Residential Lending, and Audit
concepts and practices.
􀁸 Must have a working knowledge of the Microsoft suite of Office products.
􀁸 Experience using Prime Alliance/Mortgage Cadence, Symitar and loan audit software a plus.
􀁸 Bachelor’s degree from four-year college or university preferred.
􀁸 Direct Endorsement (DE) Certification desirable, but not required.
Must also demonstrate conduct consistent with our Corporate Values:
􀁸 Practice open Communication with all levels;
􀁸 Be Accountable by taking ownership of customer issues and responsibility for one’s actions;
􀁸 Foster Teamwork by cooperating and collaborating with other employees;
􀁸 Seek ways to make the workplace Fun for oneself & others;
􀁸 Conduct oneself with Integrity by being honest, trustworthy and ethical in all work activities and
interactions;
􀁸 Work with a Service Orientation by having a genuine concern for the needs of one’s customers
and by being friendly, professional and following through on commitments; and
􀁸 Demonstrate Humility in all interactions and remember to leave one’s ego at the door when one
arrives to work.
Language Skills
Ability to read, analyze, and interpret, financial reports, and legal documents. Ability to respond to
common inquiries from customers. Ability to write routine reports and correspondence that conform to
prescribed style and format. Ability to effectively present information to top management, other
employees, and larger groups.
Mathematical Skills
Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common
fractions, and decimals. Ability to compute rate, ratio, and percent and to draw and interpret bar graphs.
Reasoning Ability
Ability to apply principles of logical thinking to a wide range of intellectual and practical problems to form
a conclusion. Ability to deal with a variety of abstract and concrete variables.
PHYSICAL DEMANDS The physical demands described here are representative of those that must be
met by an employee to successfully perform the essential functions of this job. Reasonable
accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to sit, talk or hear. The
employee is occasionally required to stand; walk; use hands to finger, handle, or feel and reach with
hands and arms. The employee must occasionally lift and/or move up to 10 pounds. Specific vision
abilities required by this job include close vision, color vision and ability to adjust focus.
JOB DESCRIPTION
Loan Quality Auditor – Real Estate
Provides a personalized lending service designed to ensure an excellent member
experience while improving our member’s financial stability.
4558 Loan Quality Auditor - Real Estate - 6-25-18