Loan Review Quality Assurance Lead

5 days ago

Frisco TX United States Social Finance (SoFi) Full time

Employee Applicant Privacy Notice

Who we are:

Shape a brighter financial future with us.

Together with our members, we're changing the way people think about and interact with personal finance.

We're a next-generation financial services company and national bank using innovative, mobile-first technology to help our millions of members reach their goals. The industry is going through an unprecedented transformation, and we're at the forefront. We're proud to come to work every day knowing that what we do has a direct impact on people's lives, with our core values guiding us every step of the way. Join us to invest in yourself, your career, and the financial world.

The role:

The Loan Review Quality Assurance Lead is responsible for overseeing the quality and integrity of loan reviews within the second line of defense framework. This role ensures that the bank's loan review oversight adheres to internal policies, regulatory requirements, and best practices. The position requires strong leadership skills, in-depth knowledge of lending processes, risk management, and a keen eye for identifying potential risks and control gaps in loan underwriting, documentation, and servicing practices.

The Loan Review Quality Assurance Lead will collaborate with internal stakeholders, such as the first line of defense (Credit departments) and third line of defense (Internal Audit), and provide guidance on remediation efforts for identified issues, ensuring effective risk mitigation strategies ensuring that loan quality assessments are performed with consistency, accuracy, and in line with regulatory expectations. This role also involves support and preparation for Internal and External Audits.

What you'll do:

  • Lead Loan Review Quality Assurance:
    • Execute quality assurance (QA) process for loan reviews to ensure accuracy, consistency, and adherence to internal policies, regulatory requirements, and industry standards.
    • Perform independent reviews of loan files, focusing on underwriting, credit quality, risk assessment, compliance with loan covenants, documentation, and servicing processes.
    • Assess the effectiveness of controls related to loan origination, servicing, and risk management tested within Loan Review.
    • Identify trends, patterns, and systemic issues from loan reviews and provide quarterly reporting of our results with actionable corrective plans for continuous improvement.
  • Collaboration and Stakeholder Engagement:
    • Work closely with the first line of defense (e.g., loan origination, underwriting, and servicing teams) to understand and address operational challenges and potential areas of risk.
    • Partner with the third line of defense (Internal Audit) to facilitate audits and ensure compliance with all risk management standards and practices.
    • Communicate findings and provide actionable recommendations to senior management, ensuring timely resolution of risk-related issues.
  • Regulatory and Policy Compliance:
    • Stay up to date with changes in regulatory requirements, industry trends, and best practices in loan quality management and risk assessment.
    • Ensure the loan review process complies with internal policies and external regulatory requirements, such as the Dodd-Frank Act, RESPA, SR-2013, and FDIC regulations.
    • Assist in preparation for regulatory examinations and audits, ensuring timely submission of requested documentation and responses to inquiries.
  • Targeted Horizontal Reviews:
    • Design and lead focused horizontal reviews across different credit portfolios to evaluate cross-team consistency and performance.
    • Provide feedback and actionable insights to the CRR Manager and the VP, Loan Review, on areas of improvement and successes across teams.
    • Ensure horizontal reviews include a thorough analysis of key risk areas such as underwriting practices, collateral management, and loan monitoring.
  • Report Findings and Communicate Recommendations:
    • Summarize findings from QA and horizontal reviews, preparing clear, concise reports with actionable recommendations for improvement.
    • Communicate QA review outcomes to the CRR Manager and VP, Loan Review, ensuring timely resolution of identified issues.
    • Present recommendations and best practices to CRR teams and leadership, fostering a culture of continuous improvement.
  • Support Internal and External Audits:
    • Assist in preparing CRR for internal and external audits or regulatory exams, ensuring that all processes are in compliance with applicable standards and regulations.
    • Collaborate with auditors and examiners to ensure findings are appropriately addressed and remediated.
    • Maintain detailed documentation of QA reviews and corrective actions taken, as required by audit and regulatory standards.
  • Training and Development:
    • Support the development and delivery of training programs to improve CRR team members' understanding of quality assurance processes, risk management principles, and best practices.
    • Provide guidance and mentorship to junior members of the CRR team in areas related to quality assurance and effective credit risk review processes.
  • Continuous Process Improvement:
    • Identify opportunities for enhancing the efficiency and effectiveness of the CRR function through process optimization and automation.
    • Keep current on industry trends, emerging risks, and changes to regulatory requirements, integrating relevant insights into CRR's processes and practices.

What you'll need:

  • Education: Bachelor's degree in Finance, Accounting, Business Administration, or related field (Master's degree or professional certifications such as CFA, FRM, or CPA preferred).
  • Experience:
  • 7+ years of experience in credit risk management, loan review, or a related field within a financial institution.
  • Proven experience conducting quality assurance reviews or audits, with a deep understanding of credit risk assessment processes.
  • Strong knowledge of SR 20-13 and other regulatory requirements (e.g., OCC, FRB, FDIC), risk management frameworks, and best practices in credit risk review.
  • Skills:
  • Strong analytical, problem-solving, and critical thinking skills.
  • Excellent written and verbal communication skills, with the ability to present findings and recommendations to senior management.
  • High attention to detail and organizational skills.
  • Ability to collaborate across teams and lead initiatives aimed at improving quality and consistency.
  • Proficiency with Microsoft Office Suite and credit risk management software/tools.
Compensation and BenefitsThe base pay range for this role is listed below. Final base pay offer will be determined based on individual factors such as the candidate's experience, skills, and location.To view all of our comprehensiveand competitivebenefits, visit ourBenefits at SoFipageSoFi provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion (including religious dress and grooming practices), sex (including pregnancy, childbirth and related medical conditions, breastfeeding, and conditions related to breastfeeding), gender, gender identity, gender expression, national origin, ancestry, age (40 or over), physical or medical disability, medical condition, marital status, registered domestic partner status, sexual orientation, genetic information, military and/or veteran status, or any other basis prohibited by applicable state or federal law.The Company hires the best qualified candidate for the job, without regard to protected characteristics.Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records.New York applicants: Notice of Employee RightsSoFi is committed to embracing diversity. As part of this commitment, SoFi offers reasonable accommodations to candidates with physical or mental disabilities. If you need accommodations to participate in the job application or interview process, please let your recruiter know or email accommodations@sofi.com.Due to insurance coverage issues, we are unable to accommodate remote work from Hawaii or Alaska at this time.Internal EmployeesIf you are a current employee, do not apply here - please navigate to our Internal Job Board in Greenhouse to apply to our open roles.RequiredPreferredJob Industries
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