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Mortgage Quality Assurance Analyst (Pre-Funding)

    Summary

    • Position: Mortgage Quality Assurance Analyst (Pre-Funding) 
    • Position type: Full time
    • Location: Toronto
    • Date posted: 2022-10-5
    • Department: Risk Management
    • Reporting to: Vice President Credit and Risk Management
    • Direct reports: N/A

    About WealthONE

    Wealth One Bank of Canada is a federally chartered Schedule I Bank and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). Opened in 2016, WealthONE specializes in borrowing solutions suitable for self-employed persons, investors with multiple properties, high net worth individuals, newcomers to Canada and those who have foreign income. Our founders are committed to building a bank to provide a tailored suite of financial products and solutions designed to specifically satisfy the needs of customers in the Chinese Canadian community, as well as all Canadians who share similar financial needs. WealthONE is an equal opportunity employer committed to creating an inclusive environment where all team members and clients feel like they belong.

    Position summary

    Reporting to the Vice President, Risk Management, Credit and Risk Management, this position is responsible for performing quality assurance credit reviews prior to funding for all lending products with primary focus on residential mortgages. Working under the direction of the QA Consultant, you will conduct credit & data quality reviews using the established process and procedures. The Pre-Funding Quality Assurance Analyst serves as part of the 2nd line of defense to ensure loan quality and guidelines for all lending products are being met.  

    Key responsibilities

    Specifically you will be responsible to conduct QA quality reviews of mortgage loans prior to funding with the following specific responsibilities:

    • Operates within and promotes compliance with company policies and procedures and all statutes and legislation governing the workplace including the Bank’s Code of Conduct
    • Review the loan data input to the application origination system (LMS) for accuracy
    • Review the loan underwriter's credit decision and supporting documentation to identify any discrepancies to the Underwriting Guidelines
    • Review commentary in support of income to ensure it complies with the “sufficient income verification” requirements in the Underwriting Guidelines
    • Review the Rental Worksheet to ensure accuracy of input
    • Recalculate Loan to Value (LTV) and debt service ratios to ensure accuracy
    • Validate the source of down payment funds, income, assets and liabilities comply with the Underwriting Guidelines
    • Prepare individual loan QA worksheets to capture findings
    • Under the direction of the QA Consultant, prepare monthly summary reports of findings
    • Remain current with changes to WealthOne Underwriting Guidelines
    • Support a positive work environment that promotes quality, innovation and teamwork
    • Support a culture of risk management and control, supported by effective processes in alignment with policies, frameworks, and the bank’s risk appetite

    Candidate Qualifications (Knowledge, Skills & Experience):

    • Undergraduate degree and/or over 2 years of relevant work experience
    • Working knowledge of lending processes and methodologies
    • Previous Residential Mortgage Underwriting or Mortgage Quality Assurance Review experience a definite asset
    • Knowledge of the Intellifi (LMS) loan application origination system would be an asset
    • Ability to read and interpret loan underwriting documents including credit reports
    • Attention to detail is a required skill
    • Working knowledge MS Office skills – Word, Outlook, Excel and PowerPoint
    • A strong team player with good organizational skills and ability to prioritize to meet timelines
    • Excellent interpersonal and highly developed communication skills (verbal and written)
    • Analytical thinker who is a self-starter and capable of working in a fast paced environment
    • Ability to work independently and with a high level of professionalism, tact and integrity due to the sensitive nature of information

    What WealthOne can offer you:

    • The opportunity to build and grow an exciting bank start-up in an engaged, team-oriented working environment
    • Competitive compensation and benefits plan
    • Flexible work options