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How to Become a Consumer Lending Branch Auditor

Career News January 17, 2014

Nothing ever slips by you. Perhaps you’re even teased by friends who mention your perfectionism and obsessive demand for accuracy. This means you have excellent accounting and investigative skills, and these could be put to good use. Consider the role of a consumer lending branch auditor.

Heightened regularity controls have altered the policies of mortgage banking tremendously. With increased scrutiny of banking procedures, changing economic climate, litigation, and changing servicing portfolios, lenders of all types seek professionals who can provide objective insight, are skilled at mitigating risk assessments, are able to identify sound lending opportunities, and are knowledgeable in compliance guidance.

Preparing for a Career

Consumer lending branch auditors help clients prepare for and respond to Consumer Financial Protection bureau examinations, FHA audits, state audits, due diligence audits and litigation. They conduct forensic compliance, credit reviews, and professional provide advice on loss mitigation. They assist clients with investor repurchasing appeals and reviews, providing due diligence in the buying and selling of loans, loan servicing and mortgage yield analysis.

A bachelor’s degree in finance or a related field is necessary to become a consumer lending branch auditor. Because of the complexity and high level of responsibility entailed with the job, increasingly, banks are requiring a Master’s in finance, business administration or economics, as well as certification. Among the preparations, a candidate who chooses this career takes course work in the various types of financial institutions, accountancy, and the various types of financial assets.

Why Experience Matters

It is possible to become an independent lending auditor, offering self-employed services, but it’s necessary to gain experience first by working for a company. Internships are available through most financial institutions. Many banks will require that the consumer lending auditor acquire bank auditor authority within the jurisdiction of their residence. To earn certification, applicants must pass several exams and provide proof of their degree.

A consumer lending branch auditor is an internal auditor working within the bank. The salary is comparable to that of an external auditor, with a median income of $52,000 a year. The salary and benefits for the consumer lending branch auditor are dependent on several factors, including the level of responsibilities given the auditor, the company’s performance and future outlook, and the local labor conditions.

The Economics of Lending

The auditor may be expected to prepare and complete an annual Banking Client risk assessment, create and execute an annual Banking Client Service audit plan, define and facilitate each scheduled audit and perform audits within their established time lines.

Responsibilities include compliance with all state and federal laws, regulations and guidance, including those related to anti-money laundering. The consumer lending branch auditor must complete all required training and remain current on all regulations pertaining to banking practices. They must report all suspicious activity and verify the identity of all clients that enter into a relationship with the bank.

This is the career for you. All you need is the education and training to back up your confident and natural skills. Let’s get started today!

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