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How to Become a Consumer Loan Quality Assurance Representative

Career News January 18, 2014

Are you eager to be of help and desire a job where you can work immediately rather than waiting on a four-year degree? A consumer loan quality assurance representative is not a high-ranking official in the lending industry, but it is an excellent starting point. According to a survey by the Certified Compensation Professionals of HR departments, the average salary for such a position is $37,000 per year. This is a position about ensuring quality throughout the process, namely by making sure all procedures adhere to the established guidelines of the company and the business.

Learning the Industry

Part of the job is in learning what the business requires, and the standards maintained by most lending companies in your state. Since this is a loan industry, the FDCPA, or Fair Debt Collection Practices Act, applies. Part of the challenge is staying compliant with government regulations, not to mention state laws. It’s highly recommended that you learn about this industry in college, starting with a bachelor’s degree education in a field such as economics or business. The good news is that since this is an entry-level position all that is required is a high school diploma to get started, as long as you have some banking experience on your resume (about two to four years).

Familiarity with the standard concepts and practices of your field is important, and you will learn this in a college course. This is not a managerial position, so expect hands-on training and manager’s oversight to help you. Much of your workday will consist of examining production quality, validating processes, and providing documentation. As you are entrusted with more responsibility, you may assume the role of manager, specifically over the quality assurance department.

Focus on Representing the Company

Depending on your company’s goals, this might include testing products or services, sorting through data, inspecting and analyzing, weighing, documenting information, and performing some technical functions on the system. You are part of a team and are trying to improve the company’s process, usually one product at a time. If you have technical prowess, you will be asked to help customers find solutions to technical issues.

Recording document results and comparing variables are part of your job, as is generating historical analysis, documenting issues or anomalies, or keeping a database of all known issues. When you have seniority, you will give valuable insight to others when you collaborate. You might assist management in developing new designs, training methods, or conduct surveillance audits. Handling customer complaints is part of your job, since this is a representative position. The ability to speak with agitated customers and address their concerns is part of the business, as is explaining procedures. If you can keep customers placated while still preserving your company’s security and profit, you have a special talent.

This is an entry-level job that will appeal to you and teach you valuable parts of the bank loan process for consumers. Working with consumers means you will only specialize in personal loans for automobiles, homes, mortgages and the like. This is a great opportunity to excel early on and eventually reach out to a higher position.

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