POSITION PURPOSE AND OBJECTIVES:
The Quality Control Specialist is responsible for conducting a quality control review of all applications submitted to the Loan Operations Department. The quality review includes initial disclosure package review, Pre-Close review, Closing Package, Flood Audit and Tolerance Audit for all programs i.e. Agency, Portfolio and HELOC. They are also responsible for determining whether each unit in Loan Operations is performing their individual jobs within management instructions, policy and procedures, and Compliance Regulations.
College degree or equivalent work experience preferred.
Minimum of 1 years of loan operation experience or Quality Control required.
Minimum of 1 years of Real Estate work flow and loan documentation experience required.
Basic computer skills required.
Knowledge of mortgage origination software systems and point of sale systems, required.
ESSENTIAL JOB FUNCTIONS AND RESPONSIBILITIES:
Maintain a working knowledge of compliance requirements including Federal Emergency Management Agency, Government Monitoring Information, Appendix A, Regulation B regarding the 1003 guidelines, Regulation C, Truth in Lending Act, High Priced Mortgage Loans, Home Ownership Equity Protection Act, Safe Harbor, Qualified Mortgage i.e. ability to repay.
Actively participate in learning new regulations as they are released and assist in the implementation, if required.
Actively attend all team meetings for Disbursements, Doc Prep, and Processing for Agency, Portfolio, and HELOC. This will keep the associate up to date for new procedures.
Knowledge of TRID regulations with emphasis on the Loan Estimate and Closing Disclosure.
Review the Change in Circumstance for each loan, ensure that it was properly redisclosed and is documented based on policies and procedures of Loan Operation and TRID.
Review Tolerance Cures to ensure second review was completed and tolerance cure is approved.
Maintain a working knowledge of all procedures that are housed on the Lending Net for each division of Loan Operations, Lending Solutions and Underwriting.
Stay up to date on the Underwriting Manual that is posted on the Lending Net.
Proficient knowledge and requirements of Secondary Market loans to ensure marketability.
Continue to stay in know by reading the weekly What's New as well as review the daily announcements that are released from the Impact call.
Review all applicable Loan Documents for accuracy to policy and procedure as well as compliance guidelines. i.e. Loan Estimate, Appraisal, Title, AUS Findings, Insurance Policy, Closing Disclosure, Mortgage, Note etc.
Perform Flood Audit to monitor exceptions on properties in the flood zone i.e. Flood Certification, Notice of Flood, Flood Insurance, Flood Worksheet and escrow setup if applicable to loan program.
Perform the QC audit for one or more of the following reviews: LE Review, Pre-Close Review, CD and Doc Review, HELOC Preclose, and HELOC Closing.
Ensure reviews are completed within timeframe set forth by management to meet closing date and regulatory deadlines.
Maintain a working knowledge of the Loan Programs sold by Mortgage Lending team (Conventional, Portfolio, HELOC, Government loans etc.)
Be able to identify gaps within workflow and procedures as reviews are completed.
Report any consistent gap or concern to the manager of QC.
Make recommendations for correction of unsatisfactory conditions as well as improvements in operations and internal controls.
Complete all required BVS classes within timeframe.
Documenting audit findings in QIP system.
Maintain a working knowledge of compliance requirements affecting your position and area of responsibilities and actively learn new regulations and assist in the implementation, if required.
Model and foster behaviors that support the Bank's values and corporate culture creating an atmosphere of trust, cooperation, accountability and dedication to the organization.
Willingly perform all other duties and projects as assigned.
INTERPERSONAL SKILLS AND COMPETENCIES REQUIRED:
Excellent verbal and written communication skills
Must be self-motivated and work in a team environment.
Ability to adapt to changes easily.
Requires a high energy level and strong sense of urgency; ability to work with situations on a "rush" notice.
Strong attention to detail & organizational skills.
The physical demands described here are representative of those that must be met by an associate to successfully perform the essential functions of this position. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this position, the associate is regularly required to sit, use hands to finger, handle, or feel; and talk or hear. The associate frequently is required to stand or walk. The associate is occasionally required to reach with hands and arms. The associate must occasionally lift and/or move 10 pounds. Specific vision abilities required by this position include close vision, and distance vision. The noise level in the work environment is usually moderate.
Travel between Republic Banking facilities may be required.
Occasional out-of-town travel may be required.
Flexible work schedule that will include some evenings, weekends and overtime.
Stay abreast of new developments, best practices, and statutory and regulatory changes.
The above is intended to describe the general content of and requirements for the performance of this position. It is not construed as an exhaustive statement of duties, responsibilities or requirements.
Republic Bancorp, Inc.