Lead QC Analyst - Mortgage Lending

Person will be responsible for ensuring the accuracy and completeness of mortgage loan files and working with stakeholders to address opportunity areas, on an ongoing basis. The scope of work involves conducting QC for various loan products like Closed End 2nd Lien, Conventional (Agency), Government (FHA/VA/USDA), Agency High Balance, Jumbo and HELOC. Person is also expected to mentor underwriters, proactively identify any potential gaps and enable appropriate actions to fix them while also providing inputs to enhance the effectiveness/ efficiency of existing controls.

A) Review Work: QC specialist is expected to perform following reviews on loan files:
1) Regulatory Compliance Review - Covers i) testing compliance with applicable Qualified Mortgage (QM) and Ability To Pay (ATR) requirements defined under the Dodd-Frank Wall Street Reform and Consumer Protection Act as promulgated by the Consumer Financial Protection Bureau, ii) TRID Review

2) Credit Review: Review each loan file and ascertain conformity with the applicable guidelines and assign a credit event grade accordingly.  It includes review of various areas like loan documentation, LTV, CLTV, income, liabilities, debt-to-income ratios (DTI), asset statements, FICO, credit history, validating evidence of borrower's willingness/ ability to repay the obligation, examining income, employment, assets, occupancy status, VOE/ self-employed business documents (if applicable) & verify presence of FND and execution by all parties (for HELOC only)

3) HELOC Regulatory Compliance Review: Covers ROR testing, Fee tolerance testing between Early Disclosure and final HELOC disclosure, TILA APR tolerance testing on the final HELOC disclosure, comparison of fees on HUD to fees disclosed on the final HELOC disclosure (If a HUD is used)

4) Non-HELOC Regulatory Compliance Base Review: Covers testing for i) certain applicable federal, state and local high cost and/or anti-predatory laws, ii) State-specific consumer protection laws including late charge and prepayment penalty provisions, iii) Truth-in-lending/regulation Z (TILA) adherence, iv) Real Estate Settlement Procedures Act (RESPA) laws and regulations

5) Property Valuation Review:  Review the original appraisal to ensure completeness and adherence to applicable lending guidelines
6) Effectively communicate and clear any required conditions. 

B) Resource Development/ Mentoring: Assist in the training and mentoring of Underwriting Assistants, Junior Underwriters, and Underwriters

C) Projects & Initiatives:
- Research/ Upskilling - Gather information to make appropriate decisions/ Staying up-to-date on applicable guidelines/ business/ systems etc
- Value Addition - Suggest/ enable implementation of ideas to enhance control effectiveness, risk elimination/ minimization etc.
- Other areas - as assigned from time to time

D) Administrative work - responding to emails, managing trainings completion etc.

Required Qualification

Bachelors degree or equivalent (4-years)

Preferred Qualification

Masters degree or equivalent (6-years)

Additional knowledge, skills, experience or training

- Bachelor’s degree in Business, Economics, Finance, or a related field; equivalent professional experience in lieu of a degree
- At least 5 years of mortgage underwriting experience for US based mortgage company
- Understand Fannie Mae underwriting guidelines
- Experience reviewing appraisal reports and analyzing complex personal and business tax records
- Strong and sound decision-making abilities with the ability to work independently & yet collaboratively with the underwriting team
- Clearly communicate decisions and the justification behind those decisions to the appropriate parties
- Strong interpersonal and communication skills, both verbal and written
- Commitment to providing excellent customer service and high-quality output
- Experience with Microsoft Office applications such as Outlook, Excel, Word, etc

PREFERRED additional knowledge, skills, experience or training

- Master's degree in finance
- Skills to contribute toward full/ Partial automation of controls etc.
- FHA Direct Endorsement certification and/ VA Credit Authority

About Our Company
Ameriprise India LLP has been providing client based financial solutions to help clients plan and achieve their financial objectives for 125 years. We are a U.S. based financial planning company headquartered in Minneapolis with a global presence. The firm’s focus areas include Asset Management and Advice, Retirement Planning and Insurance Protection. Be part of an inclusive, collaborative culture that rewards you for your contributions and work with other talented individuals who share your passion for doing great work. You’ll also have plenty of opportunities to make your mark at the office and a difference in your community. So if you're talented, driven and want to work for a strong ethical company that cares, take the next step and create a career at Ameriprise India LLP.

Ameriprise India LLP is an equal opportunity employer. We consider all qualified applicants without regard to race, color, religion, sex, genetic information, age, sexual orientation, gender identity, disability, veteran status, marital status, family status or any other basis prohibited by law.

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