Quality Control Officer
In Los Angeles, California 90010
This position is responsible for assisting in the development, implementation, and ongoing maintenance of the MBD quality control program. The Quality Control Officer will develop procedures, identify efficiencies, and report findings. The Quality Control Officer must employ critical thinking skills to solve problems, suggest solutions, and work with the business unit on corrective action. The Quality Control Officer monitors and evaluates the effectiveness of the loan production system in generating loans of investment quality that meet all Federal and State laws and regulations and to identify material discrepancies that may exist in the loan files.
- Ensure that mortgage loan policies, procedures, services, products and documentation meet federal and state regulations.
- Analyze residential lending documents for compliance with FDIC rules and regulations, secondary market standards, and federal real estate lending laws.
- Perform LOS and loan file reviews; ensure origination & settlement fees, GFE’s and TIL documents are disclosed accurately, timely and within the tolerance.
- Communicate with internal staff to address and resolve all loan findings from audits.
- Monitor pending and or proposed changes to mortgage related rules and regulation to ensure all areas of compliance.
- Ensure accuracy of HMDA data for each loan.
- Ensure that all underwriting decisions, calculations are properly executed based on set forth guideline and policies by Investor and portfolio alike.
- Provide support to management by retrieving department records for easy and timely access when loan files are requested by Audit, Compliance and Examiners.
- Develop and update Residential Lending policies and procedures to meet Audit, Compliance, CFPB, FDIC and OCC guidance.
- Provide job specific training and updates to Residential Lending policies and procedures.
- Maintain department logs for adverse files, imaged files and post-closing documents.
- Ensure that the residential lending loan application register is always up to date and submitted to Compliance on a monthly basis in a consistent timely manner.
- Assist management with implementing compliant policies and procedures with an eye for efficiency.
- Serve as a liaison to Regulators during internal and external audit or examination reports.
- Research compliance issues/questions, using legal counsel and compliance engines with accuracy and ability to decipher interpretation accuracy to the letter of the law.
- Check LOS engine for Compliance Alert and ensuring immediate corrective action.
- Review initial disclosures packages, re-disclosure packages and closing packages to ensure they satisfy all accuracy and timing requirements.
- Maintain documentation to support legal opinions, Quality Assurance testing.
- System Administrator for DocMagic, Encompass and CBC Innovis compliance systems.
- Review third party vendors for the Residential Lending & Servicing Department.
- Comply with Bank Secrecy Act policy and procedures and “know your customer/enhanced due diligence” guidelines.
- 5+ Years of experience as in "Quality Control" or "Quality Assurance" in Bank or Credit Union.
- Must have been in their current role for at least 2 years.
- Must be in residential lending and not commercial environment.
- Experience using DocMagic AND Encompass.
- Also prefer candidates who have experience using CBC Innovis compliance systems. Not required.
- 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.
- Must possess a minimum of ten years progressively responsible experience in the operations of a full service mortgage lending department, including five years management and/or supervisory level responsibilities. Experience must also include regulatory compliance and knowledge of all appropriate laws
- Ability to read and interpret documents. Ability to write routine reports and correspondence. Ability to speak effectively with members or employees of the credit union.
- Ability to work with mathematical concepts such as probability and statistical inference. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.
- Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.