How to Become a Mortgage Quality Assurance Manager
Step 1: Understand the job description and responsibilities of a Mortgage Quality Assurance Manager
What does a Mortgage Quality Assurance Manager do?
A Mortgage Quality Assurance Manager manages a team of auditors who ensure procedures regarding mortgage loans are being met according to company guidelines and policies. Reviews non-compliant operations and develops training programs to improve quality. Being a Mortgage Quality Assurance Manager provides reports to top management on training goals and results. May require a bachelor's degree. Additionally, Mortgage Quality Assurance Manager typically reports to a director. The Mortgage Quality Assurance Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Mortgage Quality Assurance Manager typically requires 5 years experience in the related area as an individual contributor. 1-3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
This position is responsible for monitoring consumer loan files through the LOS system for compliance to bank policies, procedures and regulatory compliance, performing weekly quality control reviews, identifying issues, assisting with system testing, improving processes and providing support and assistance to all divisional consumer lending staff.
This position works directly with our Seattle Mortgage & Consumer Loan Operations Department.
The technical aspects of compliance are most meaningful when they support a consistent and comprehensive program of mortgage quality.
Whether mortgage lenders are striving to meet the requirements of HUD, FHA, Fannie Mae, Freddie Mac, or a provincial regulator, the principles of quality control and quality assurance improve or enhance the process.
Underwriting reviews, prefunding quality assurance and mortgage post-closing quality control allows the lender or servicer to correct loan processes and information provided to borrowers, helps to mitigate loan file errors that may be discovered during an examination or compliance audit of the files, and provides data upon which compliance solutions can be based.
Step 2: Learn best tips to become a Mortgage Quality Assurance Manager
Best tips for those who want to become a Mortgage Quality Assurance Manager
Here are some tips to become a Mortgage Quality Assurance Manager.
Step 3: View best colleges and universities for Mortgage Quality Assurance Manager
Best colleges and universities for Mortgage Quality Assurance Manager
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Mortgage Quality Assurance Manager
Is being a Mortgage Quality Assurance Manager Worth it?
Ensure supporting documents are complete and accurate to submit for Underwrite and/or Quality Assurance.
The Quality Assurance Analyst supports in the design of the quality control framework to conduct quality reviews related to lending and deposit products.
Ability to build, implement and direct quality assurance principles and maintain the quality of delivery.
Meet with operations managers on a monthly basis to review findings and promote issue remediation and quality improvement.
We provide a great working environment and offer a fantastic Employee Benefits package including; a competitive salary complemented by 24 days holiday (this increases with service) plus bank holidays; life assurance; private medical healthcare PLUS flexible benefits to suit your lifestyle.
Step 5: Prepare relevant skills for being a Mortgage Quality Assurance Manager
What skills do you need to be a Mortgage Quality Assurance Manager?
Due to the management level associted with this job, many skills are required to being successful and ensuring the success of your team. It is necessary to be able to excel with: Mortgage Loans, Compliance Audit, Compliance Monitoring. For management positions, some skills may come as a no brainer, for this role those would be: Governance, Risk & Compliance Software. As you can tell, it is no easy feat to be a manager, and the skills required reflect that.
Conduct staff training where required to promote quality assurance and control.
Ensure new joiner understanding of systems such as EBS/Solution Builder/Mortgage Source and Prospect Manager.
Ability to build, implement and direct quality assurance principles and maintain the quality of delivery.
4+ years mortgage regulatory compliance experience.
Experienced credit professional with a minimum of five years' Mortgage credit experience, preferably with a background in Mortgage credit underwriting and/or credit risk management.
Step 6: View average salary for Mortgage Quality Assurance Manager
How much does a Mortgage Quality Assurance Manager make?
The average salary range for a Mortgage Quality Assurance Manager is from $82,038 to $110,254. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Mortgage Quality Assurance Manager jobs
Step 7: Find relevant Mortgage Quality Assurance Manager jobs, and apply.
Looking for Mortgage Quality Assurance Manager jobs?
Here are some Mortgage Quality Assurance Manager jobs in the United States.