What are the responsibilities and job description for the Loan Quality Control Specialist position at Mountain Valley Bank?
Job Title: Loan Quality Control Specialist
Full Time: In-Office (Specific to Branch Location/Availability)
Department: Loan Operations
Reports To: SVP, Director of Operations
Job Summary
The Loan Quality Control Specialist plays a crucial role in ensuring the accuracy and compliance of loan documents and ensuring regulatory compliance and written policies and procedures were followed. The position ensures Mountain Valley Bank will maintain a sound loan portfolio with respect to compliance with state and federal laws, rules and regulations, and Bank lending policies, procedures and processes by reviewing all consumer, residential and commercial loans and the related documentation for accuracy.
Key Responsibilities
- Document Review: Conduct comprehensive reviews of loan documents to ensure accuracy and compliance with regulatory requirements. This will consist of but not limited to reviewing loan documents for correct execution and recording, comparing the note terms with the core system, checking the scanning system for correct document indexing, review of title policies and opinions for any lien discrepancies, review recorded instruments for accuracies, and monitoring missing items and technical exceptions. In addition, will work closely with the Loan Operations Manager on special projects, audits, exams, etc.
- Audit Procedures: Develop and implement audit procedures to assess the quality of loan files and adherence to policies.
- Issue Identification: Identify and document discrepancies, errors, or gaps in loan documentation, collaborating with relevant teams for resolution.
- Reporting: Generate detailed reports on quality control findings and recommendations for process improvements.
- Administrative Support: Provide administrative support to the loan operations team by processing loan documentation, organizing files, and managing records in accordance with bank policies.
- File and Record Maintenance: Ensure all loan files and records are accurately maintained, complete, and up-to-date. Review documents before submission to ensure compliance with internal and external requirements.
- Document Review and Submission: Conduct thorough reviews of loan documents prior to submission, ensuring completeness, accuracy, and compliance with regulatory standards and bank policies.
- Coordination and Communication: Coordinate with other departments, including underwriting, compliance, and customer service, to ensure timely completion of loan processing activities and problem resolution as necessary.
- Report Preparation: Develop, compile, and prepare reports related to loan servicing activities, projects, and other tasks as assigned.
- Research: Conduct necessary research to support loan operations activities, solve problems, or complete projects efficiently.
- Problem Resolution: Assist in resolving issues related to loan servicing, coordinating with team members and management as needed to ensure prompt and effective solutions.
- Compliance and Quality Control: Follow established policies, procedures, and systems to ensure accuracy, compliance, and quality control throughout loan servicing processes.
- Support to Director of Operations: Provide support to the Director of Operations, including assistance with special projects, ad hoc requests, and other duties as assigned.
- Scan and index loan documentation which includes but not limited to financial documents, executed loan packets, vehicle titles, recorded instruments, insurance, customer identification documents, and any other document related to the customer and their credit file, in the bank’s electronic filing system to ensure accurate and accessible records
- New Loan Packets – Pull a report listing the new loans booked the previous day and monitor when the original executed loan packet is received in Loan Servicing. Once received, the loan packet documentation is reviewed to make sure all documents have been scanned and indexed.
- Paid Loans – Pull a report listing all loans that were paid off the previous day. The specialist will work the paid loans to determine how the loan was paid off and will pull the appropriate collateral and/or prepare releases.
- Filing – Responsible for filing original loan documentation to the appropriate file in collateral cabinets.
- Technical/Document Exceptions - Monitor and maintain the technical/document exceptions. Track, scan, and request tax returns and financial statements.
- Monitor Annual Reviews – Prepare/Update report with due and completed dates.
- OLC/ELC/Board Reports - Monitor Workflow Report for credit analysts and timing for submission to OLC/ELC/Board. Compile the weekly OLC packets and prepare OLC minutes.
- ACH Risk Assessment - Assist in annual ACH risk review assessments.
- Cross training in various other tasks within the loan operations area when needed.
Qualifications
- Education: High school diploma or equivalent required; associate degree in finance, business administration, or related field preferred.
- Experience: 2-3 years of experience in loan servicing and/or credit administration within a financial institution is preferred.
- In-depth knowledge of loan documentation and quality control procedures.
- Strong analytical and problem-solving skills with acute attention to detail.
Skills and Abilities:
- Strong attention to detail and accuracy in processing loan documentation and maintaining records.
- Effective organizational and time management skills to meet deadlines and handle multiple tasks.
- Excellent written and verbal communication skills to interact effectively with team members and other departments.
- Proficiency with Microsoft Office Suite, including Excel and Word; experience with loan servicing software is a plus.
- Problem-solving skills with the ability to conduct research and resolve issues as they arise.
- Knowledge of banking and lending procedures, compliance regulations, and basic financial principles is beneficial.
