Lead Operations Risk Management

Person will be responsible for ensuring the accuracy and completeness of mortgage loan files and working with stakeholders to address opportunity areas, on an ongoing basis. The scope of work involves conducting QC for various loan products like Closed End 2nd Lien, Conventional (Agency), Government (FHA/VA/USDA), Agency High Balance, Jumbo and HELOC. Person is also expected to mentor underwriters, proactively identify any potential gaps and enable appropriate actions to fix them while also providing inputs to enhance the effectiveness/ efficiency of existing controls.

Key Responsibilities:

A) Review Work: 80%

QA specialist is expected to perform following reviews on loan files by reviewing consumer facing documents to ensure alignment with the terms and conditions in the note and loan program.

1) Regulatory Compliance Review-Covers testing with all applicable compliance rules, including:

i) Qualified Mortgage and Ability to Pay requirements defined under the Dodd-Frank Wall Street Reform and Consumer Protection Act as promulgated by the Consumer Financial Protection Bureau

ii) TRID Review

iii) Flood zone determination notices and if required adequacy of insurance coverage,

iv) Home Mortgage Disclosure Act data accuracy and tract income confirmation,

v) MLO Registration with NMLS system,

vi) Department of Defense database search on all borrowers,

vii) confirm the following, if Patriot Act/CIP status was obtained/ran, Privacy Act disclosure was provided, Loan Estimate and GFE was provided within prescribed time limits, Notice to Home Loan Applicant was provided, Fair Credit Reporting Act Credit Score disclosure was provided, notice of Reporting of Negative Information to Credit Bureaus, RESPA booklet was provided (home purchases only), CHARM booklet was delivered (ARMs only), borrowers intent to proceed, notice on Right to Receive Copy of the Appraisal/valuation (ECOA - Reg B), Home Counseling Notice was provided, change in circumstances are correctly re-disclosed

2) Credit Review: Review each loan file and ascertain conformity with the applicable guidelines and assign a credit event grade accordingly. It includes review of various areas like loan documentation, LTV, CLTV, income, liabilities, debt-to-income ratios (DTI), asset statements, FICO, credit history, validating evidence of borrowers willingness/ ability to repay the obligation, examining income, employment, assets, occupancy status, VOE/ self-employed business documents (if applicable) verify presence of FND and execution by all parties (for HELOC only)

3) Non-HELOC Regulatory Compliance Base Review: Covers testing for i) certain applicable federal, state and local high cost and/or anti-predatory laws, ii) State-specific consumer protection laws including late charge and prepayment penalty provisions, iii) Truth-in-lending/regulation Z (TILA) adherence, iv) Real Estate Settlement Procedures Act (RESPA) laws and regulations

4) HELOC Regulatory Compliance Review: Covers ROR testing, Fee tolerance testing between Early Disclosure and final HELOC disclosure, TILA APR tolerance testing on the final HELOC disclosure, comparison of fees on HUD to fees disclosed on the final HELOC disclosure (If a HUD is used)

5) Property Valuation Review: Review the original appraisal to ensure completeness and adherence to applicable lending guidelines

B) Projects Initiatives: 15%

- Research/ Upskilling - Gather information to make appropriate decisions/ Staying up-to-date on applicable guidelines/ business/ systems etc

- Value Addition - Suggest/ enable implementation of ideas to enhance control effectiveness, risk elimination/ minimization etc.

- Resource Development/ Mentoring: Assist in the training and mentoring of Underwriting Assistants, Junior Underwriters, and Underwriters

C) Administrative work: 5%

Responding to emails, managing trainings completion etc.

Required Qualifications:

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