Quality Control Specialist

Job Purpose: Performs routine auditing tasks prior to funding and post funding. Reviews loan file to verify that application data is complete and meets OGI’s standards, including fraud or misrepresentation, type and amount of mortgage, borrower assets, liabilities, and length of employment. Recommends that loan not meeting standards be denied or routes risk-involved matters to Underwriter and management for evaluation.

Duties:

  • Guidelines: Audit the files in accordance to OGI, FHA/VA, FNMA, FHLMC and investor’s guidelines
  • AUS findings – reviews and validates:
    • Income: Type and/or source input correctly in Encompass and documented
    • Employment: Re-verify at this time. Self-employed business ownership verification
    • Assets: Type and/or source input correctly and documented
    • Property address and type entered correctly
    • Credit report/Liabilities: Soft-pull when applicable, validate liabilities against credit report
      • Make sure all liabilities documented and included in qualifying ratios
      • MERS check to establish new or undisclosed liabilities / liens
      • Social Security and identity validation for all Non-FHA loans
    • Ratios: Validate ratios are exactly the same as indicated on 1003. NO threshold tolerance allowed
  • Collateral: Performs flipping evaluation, appraisal desk review if applicable, and chain of title assessment
  • Check uploaded LDP/GSA on borrower(s), seller(s), R/E agents, Loan Officer, etc…
  • Monitor FHA Neighborhood Watch
  • Review Canceled/denied files and send cancel letters to consumers and other appropriate parties
  • Compliance: Performs Federal and state compliance review including disclosures- Performs State Specific Predatory Lending Test
  • Make sure to clear out all prefunding QC files within 1 hour or by COB every day
  • Complete all questionnaires in TENA as appropriate

Special Instructions:

Must be proficient in Encompass & Tena
Must be knowledgeable with TRID
Ability to effectively communicate
Must be organized and work efficiently and promptly to all tasks
Must be knowledgeable in OGI, FHA/VA, FNMA, FHLMC and investor’s guidelines
Does not underwrite loans
Only add conditions as appropriate to QC, not underwriting conditions
Sign off QC conditions ONLY and do not sign off any other conditions
Do not perform any duties beyond listed items above unless directed by management
Do not waive conditions

 

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