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How to Become a Consumer Loan Quality Assurance Manager

Career News January 18, 2014

Don’t think that your perfectionism and critical thinking abilities are negatives. Companies pay people to improve the quality of existing services and products, including banks and lending firms. Consider the job of the consumer loan quality assurance manager. This is the field of personal loans, and it requires a sharp thinker just like you.

Lending is the predominant activity for most banks. The loan portfolio is typically the greatest asset and primary source of generating revenue. Risk management is crucial for the sound practices of the bank and is responsible for the bank’s safety and productivity. Poorly regulated credit standards, a weakness in the economy or unchecked problems within the loan portfolio are the major causes for bank losses and failure.

Auditing Responsibilities

A team of auditors are managed by the specialized skills of the loan quality assurance manager to assure consumer loan quality. Most banks require that the manager has a bachelor’s degree or better in finance, economics or a related field. Companies generally also require five years of experience within the banking or investment industry.

Candidates for a consumer loan quality assurance manager’s position should take core classes that familiarize them with the elements of risk management in terms of the entire bank portfolio. These factors include an assessment of credit culture, portfolio objectives and risk tolerance acceptance and analysis of loans provided by other lenders.

Communication Online and In Person

Candidates must be familiar with computer financial software and spreadsheets. They must know the principles of sound underwriting, comprehensive appraisal techniques, financial analysis, and loan documentation practices. The manager evaluates and structures loan requests and determine the appropriate documentation for approval. The manager will identify and communicate all areas of the loan application that needs improvement.

Good communication skills are essential. Effective management of the loan portfolio requires that the management and board understand each other so as to control the lending risks involved and its credit culture. They must have a clear understanding of the portfolio’s product mix, the industry, and the geographic features.

Knowledge of Policy

Consumer loan quality assurance managers must be knowledgeable of their company’s policies and procedures. They must assure that all procedures follow state and federal guidelines and regulations. The consumer loan quality assurance manager evaluates debt ratio, loan to value ratio and other factors that determine credit worthiness.

Candidates for the position must exhibit a high degree of responsibility and commitment to the organization. They are accountable for collateral security, risk management and the maintenance of internal and external control standards.

The consumer loan quality assurance manager is expected to contribute to the goal of productive consumer lending with a low error ratio of no more than two percent. They must adhere to all bank defined policies concerning dress, attendance, continuing education, and security directives.

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