What are the responsibilities and job description for the Residential Closed Loan Quality Analyst position at Bank of Canton?
BANK OF CANTON
JOB CODE:
DEPARTMENT: RESIDENTIAL MORTGAGE
GRADE: VIII
Residential Closed Loan Quality Assurance Analyst
Ensure quality assurance and accuracy of residential mortgage loan transactions to meet regulatory and investor requirements for the bank. Work with investors to identify and clear discrepancies identified in the secondary market purchase process. Complete quality reviews to ensure compliance with key regulatory requirements and provide management reports to identify workflow errors. Communicates directly with all roles within mortgage lending to resolve issues. Special requirements: 3-5 years Residential Lending Operations experience. Preferred experience with portfolio, secondary market and government loan programs.
ESSENTIAL ELEMENTS
- Examine executed closed loan file documentation to assure transaction was closed as approved by underwriting, regulatory, investor requirements and clear and enforceable title. Complete post-closing review to ensure accuracy and compliance. Generate Compliance Reporting from the company’s loan origination system to confirm overall compliance of ATR/QM, TILA/RESPA, Higher Cost, Higher Priced, GSE, HMDA and OFAC rules.
- Monitor secondary market pipeline reports to ensure on-time delivery of loans held for sale. Manage delivery pipeline to ensure follow-up and approval of all suspense items to ensure timely funding.
- Track and compile compliance related issues in reports for management for review and accountability enforcement.
- Reconcile investor suspense or compliance suspense findings. Interact and follow-up directly with customers, settlement agents, processors, underwriters, closers or loan officers to provide documentation or clarification or correction to clear the suspense item.
- Escalate critical and regulatory findings to manager for guidance and clarification for acceptable resolution.
- Reconcile purchase advices for accurate settlement including unpaid principal balances, interest, price fees, escrows payment etc.).
- Monitor and track timely grant reimbursements from agencies.
- Validate and confirm servicing transfers utilizing Mortgage Electronic Registration System (MERS) as applicable.
- Prepare and submit investors, government insurers and MI audit packages as requested. Address and respond to discrepancies as required.
- Act as liaison to 3rd party vendors in the completion of routine audits.
SECONDARY ELEMENTS
- Demonstrates continued learning by attending industry seminars, webinars and other training programs.
- Perform other related duties as required or as directed.
PHYSICAL DEMANDS
- Work is performed in an office environment and requires the ability to operate standard office equipment.
- Ability to lift 25 lb. boxes of loan files as needed.
The Bank of Canton is proud to be an Equal Opportunity Employer of Protected Veterans and Individuals with Disabilities.
Equal Opportunity Employer /Affirmative Action Employer
You are required to adhere to all State, Federal, FDIC, and industry regulatory requirements, laws, regulations, as well as Bank of Canton policies and procedures.
03/2025