Quality Assurance Analyst

Merchants Bank, Winona, is seeking a Quality Assurance Analyst. This position will perform pre-funding and post-closing mortgage reviews and report findings. This position analyzes and evaluates mortgage risk and makes recommendations to processes and procedures. Also responsible for completing loan reviews and working with investor requests. This position will communicate and collaborate daily with internal departments, third party vendors, outside auditors, and regulatory agencies.

This position requires a well-organized and self-motivated individual with the ability to interact with both internal and external customers, initiate projects and follow through as needed. Knowledge of investor guidelines, mortgage laws and regulations required.

Please click on Apply Now or apply in person at Merchants Bank, Winona (102 E 3rd Street). Questions can be emailed to hr@merchantsbank.com. Merchants Bank is an Equal Opportunity Employer of women, minorities, protected veterans and individuals with disabilities.

Job Summary:

Work is performed under general supervision according to established policies and procedures; emphasis of this position is to perform pre-funding and post-closing mortgage reviews and report findings to Merchants Bank's Risk Committee of the Board of Directors and senior management. This position analyzes and evaluates mortgage risk and recommends changes to processes and procedures as necessary. This position is also responsible for completing loan reviews as directed by the VP Loan Review Officer. This position will select, review loans, and write management reports. The ability to coach, counsel, lead, and communicate are critical to this position.

This position requires a well-organized and self-motivated individual with the ability to interact with both internal and external customers, initiate projects and follow through as needed.

Primary Duties:

• Pre-Funding: Review mortgage files not yet closed to verify the existence and accuracy of credit documentation, legal documents, and property appraisals used when reaching underwriting decisions to prevent the closing of mortgages with deficiencies such as fraud, inaccurate data, and insufficient documentation. These reviews require knowledge of or where to research all investor guidelines and program requirements for loans underwritten by Underwriter levels I, II, and III.
• Pre-Funding: Utilize Access database to select loans for pre-funding reviews within established policies and parameters.
• Pre-Funding/Post-closing: Prepare monthly retail and correspondent reports detailing any exceptions identified as well as monthly summary reports for management. Also prepare quarterly executive summary reports for the Risk Committee of the Board. These reports can be used to provide feedback to management for ways to improve loan quality and mortgage loan production processes.
• Post-Closing: Select files for review and communicate with Underwriters, Department Managers, and other mortgage lending personnel.
• Post-Closing: Review post-closing file selections monthly to verify the existence of credit documentation and re-underwrite the files, including review of appraisal, reverify all credit documentation, execute Form 4506-C to validate income, pull an additional credit report to identify any additional debt, as applicable, execute Form SSA-89 to reverify social security numbers, and review all closing documents.
• Review any early payment default loans as determined by various investors. These reviews require knowledge of or where to research all investor guidelines and program requirements for loans underwritten by Underwriter levels I, II, and III.
• Post-Closing: Prepare monthly reports for retail and correspondent results as well as a monthly summary report for the combined pool.
• Post-Closing: Update exception report with all exceptions identified during monthly reviews. Monitor receipt of documentation to clear exceptions and communicate with various mortgage personnel and/or Correspondent Account Executives assisting with questions on documentation and follow-up for timely receipt.
• Investor relations - collaborate with investor representatives, Bank mortgage operations team, and VP/Loan Review Officer regarding self-report letters/packages, submission procedures, and any follow-up. Also assist VP Mortgage Operations manager with reviewing, investigating, communicating, and follow-up of Resolution Requests and/or repurchase requests from investors.
• Assist with investor requests including locating missing documents, determining what documentation, if any, may be required for salability of the loan, assisting with rebuttal correspondence, and or repurchase documentation and/or scan files or make paper copies of files to be forwarded to investors and/or PMI companies.
• Communicate and collaborate daily with underwriters, department managers, correspondent representatives as well as third party vendors, outside auditors, and regulatory agencies to determine and implement controls to limit risk. Also use QA sampling to ensure successful implementation of processes and procedures has occurred.
• Attend monthly underwriting meetings and correspondent meetings to discuss results of QA reviews and/or process improvements.
• Complete loan reviews: These may include consumer loans, in-house mortgage, credit card, commercial documentation, and other targeted reviews. Select, review, and write management reports to report to the Risk Committee of the Board.
• Expected to contribute to a positive working environment through words and actions.
• Expected to greet internal and external customers in a friendly and outgoing manner to ensure their receipt of outstanding service.
• Regular and dependable attendance is an essential function of the job.
• Employee may be asked to perform other duties as required by business needs.
• Employee will be expected to complete compliance and product knowledge assignments in a timely manner.

Indicators of Success:

• Protect the Bank against unexpected losses by identifying and monitoring accurate data, sufficient documentation, and any fraud deficiencies which protects the Bank against unexpected losses.
• Pre-funding files are reviewed within 24 to 48 hours after approved by underwriting barring any substantial issues, immediate feedback is provided to appropriate parties at the time of review, and monthly reports are provided timely to the Risk Committee of the Board and senior management.
• Post-closing file selections are made on the 5th of the month following the previous month's end.
• Post-closing reviews are conducted within policy time parameters, and monthly reports are provided timely to the Risk Committee of the Board and senior management.
• Post-closing early payment default loans are reviewed monthly, if applicable and reports provided timely to the Risk Committee of the Board and senior management.
• Loan Reviews are completed as directed by the VP Loan Review Officer. Files are selected, reviews performed, and reports provided timely to the Risk Committee of the Board and senior management.
• Exceptions identified in post-closing reports are updated monthly and monitored to ensure timely receipt of documentation to clear the exception, if possible.
• Information and lines of communication are open and flow smoothly.
• Completes other assigned duties in a timely fashion as well as accurately.

Working Conditions:

Inside working environment, very low noise level.

Physical Demands:

Work is performed primarily sitting at a desk. Requires a high degree of finger dexterity, very good finger-eye coordination.

Mental Demands:

Requires above-average aptitude in judgment and evaluation/reasoning skills, above-average skill in problem analysis and problem solving, ability to speak with clarity and articulate thoughts and ideas well and must be able to remain calm under pressure and relate to all types of personalities.

Skill Requirements:

Independent thought, judgment, good organization, self-motivation to complete tasks and remain on schedule with minimal supervision. Personal computer skills with good knowledge of Microsoft EXCEL and Word programs, good typing skills, effective telephone and written communication skills, extensive knowledge of investor guidelines, mortgage laws and regulations, loan policy and keeping up to date with ongoing changes, amiable personality; team player.

Relationships:

Responsible to VP Loan Review Officer for clarification of position responsibilities and authority, and for proper interpretation.

Will have periodic person-to-person and phone contact with external customers public, and vendors; however, requires daily contact with internal employees. Must have ability to work in a team environment and have personal manner to enhance overall professional image of the organization.

Other details

• Job Family Quality Assurance
• Pay Type Hourly
• Min Hiring Rate $27.00
• Max Hiring Rate $30.00

Apply Now

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