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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.

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