Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Consumer Loan Quality Assurance Auditor

Career News January 18, 2014

Compliance with existing federal and state regulations is of the utmost importance, whether it involves a company purchasing loans from various originators or originates loans for further sales to investors. The legal route leaves a complex paper trail that is diligently pursued to insure that all underwriting, servicing and origination conform to established guidelines. Just as important is the risk assessment, a process by which investors and loan originators determine if this transfer of funds will not result in delinquency payments and default.

The Job Market

Large banks and other financial institutions require auditing on at least ten percent of all mortgage loans and that there is a quality control plan in place. After the preliminary approval process, these agencies will hire an outside source independent of the process they are auditing to assure compliance with all requirements. Company staff does not usually conduct the pre-closing audit.

Consumer loan quality assurance auditing is a specialized field. Those considering a career in quality assurance auditing must have a bachelor’s degree in finance or a related field. They need at least five years of experience in auditing. Their course work includes strong familiarity with financial software and spreadsheets.

The quality control checklist becomes very extensive before final closure of an audited loan. Pre-closing quality control is a cross-reference of all the information given by the client, including re-verification of borrower’s employment, review of ownership and current seller’s title, and borrower liability data verification through and in-file credit report. The auditor must be aware of all new mortgage disclosure rules and good faith estimates.

What You Need

A consumer loan quality assurance auditor must have excellent organizational skills. The auditor may have to report to several different departments at the same time and work within a tight deadline. As the job is focused on risk and compliance, the auditor must develop clear goals and know how to accomplish them.

A good consumer loan quality assurance auditor must have good problem solving skills. Risk management requires critical thinking, accurate reporting and the ability to analyze and deliver sound judgment on the next course of action that should be taken before closing a loan agreement.

Good communication skills are necessary for becoming a consumer loan quality assurance auditor, as well as an innovative and creative mind. The auditor must read the unspoken language of their clients and report to staff the essence of their findings when presenting their audits. Auditors must discern existing problems within a loan proposal and discover innovative ways of solving them.

Understanding the nature of business is one of the most fundamentals skills of consumer loan quality assurance auditors. This understanding is what assures accurate risk assessment that help lending institutions and investors thrive. Quality assurance also means that all paperwork and steps taken in the process of underwriting a loan are in compliance with state, federal and company regulations.

This is a job that is rewarding and consistent. Progressing to a high paying career is possible if you are willing to make the change.

Searching Searching ...

Matching School Ads
4 Program(s) Found
  • Enhance organizational performance and create effective traditional and virtual teams through motivation, organizational culture, and change management.
  • Address the legal and ethical implications of human resources and administration in an organizational setting.
  • Analyze business policy and strategy in relationship to competitors.
  • Resolve conflict by utilizing various management styles and best practices.
  • Understand employment and compensation requirements including insurance, salary, labor, health, and safety.
  • Online Courses
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
South University , Virginia Beach
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
  • Accredited
  • Online Courses
  • Accelerated Programs
  • Financial Aid
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses
1 Program(s) Found
  • The online format of the program combines live weekly classes, multimedia coursework, and collaborative group learning exercises.
  • The program prepares information professionals to design and manage mission-critical information technologies within organizations.
  • Students will learn to leverage IT resources for strategic advantages, improve organization-wide information management, and develop more effective IT policies for government, corporate and nonprofit organizations.
  • Designed and taught by Syracuse faculty, our online master’s degree programs promote close collaboration and innovative thinking as students work toward harnessing the power of information to solve complex challenges.
  • 42-credit MS in Information Management which can be completed in as little as 21 months
  • 30-credit MS in Information Management for Executives, which requires students to have six or more full-time professional experience in the information management field. This track can be completed in as little as 15 months.
Show more [+]
  • Online Courses
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right IT, Computer Science, Cybersecurity, Software and Application Development, Web Design or Technology Management Degree Program for YOU.
  • Affordable and Flexible Information Technology Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect IT/Computer Science Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses

Searching Searching ...

Matching School Ads
4 Program(s) Found
  • Apply managerial and business processes to information systems.
  • Conduct systems analysis to manage complex projects.
  • Design business intelligence solutions to meet organizational objectives.
  • Analyze complex data to support strategic decision making
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
  • Accredited
  • Online Courses
  • Accelerated Programs
  • Financial Aid
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses
1 Program(s) Found
  • The online format of the program combines live weekly classes, multimedia coursework, and collaborative group learning exercises.
  • The program prepares information professionals to design and manage mission-critical information technologies within organizations.
  • Students will learn to leverage IT resources for strategic advantages, improve organization-wide information management, and develop more effective IT policies for government, corporate and nonprofit organizations.
  • Designed and taught by Syracuse faculty, our online master’s degree programs promote close collaboration and innovative thinking as students work toward harnessing the power of information to solve complex challenges.
  • 42-credit MS in Information Management which can be completed in as little as 21 months
  • 30-credit MS in Information Management for Executives, which requires students to have six or more full-time professional experience in the information management field. This track can be completed in as little as 15 months.
Show more [+]
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!