Description
SUPERVISOR POST-CLOSING QUALITY CONTROL
WHAT IS THE OPPORTUNITY?
This role focuses exclusively on post-closing quality control activities and excludes prefunding or pre-closing Quality Assurance responsibilities. The QC Manager will ensure compliance with Fannie Mae's Selling Guide (Part D, Subpart D2: Lender Post-Closing Quality Control) and best practices from Fannie Mae's Beyond the Guide publications. This position reports to the Head of Quality Control or Chief Compliance Officer and involves collaboration with underwriting, servicing, risk management, and senior leadership to mitigate defects, fraud, and repurchase risks.
WHAT WILL YOU DO?
- Own and continuously enhance the organization's written Post-Closing QC Plan per Fannie Mae Selling Guide D2-1 requirements, including defect taxonomy, severity levels, sampling methodology, target defect rates (as low as reasonably achievable), and timelines for reviews and reporting.
- Oversee monthly loan selection using random sampling (minimum 10% of production or statistically valid equivalent) and discretionary/targeted sampling for high-risk loans (e.g., early payment defaults, high DTI ratios, low credit scores, recent policy changes, fraud indicators, or third-party originations).
- Manage full post-closing QC reviews covering credit, capacity, collateral, compliance, and legal documents, ensuring the entire QC cycle (selection, review, management rebuttal, final findings, and reporting) is completed within 90 days of loan closing or securitization.
- Direct reverifications of borrower data (e.g., employment, income, assets, occupancy, sources of funds) via independent third-party sources to detect material misrepresentations, fraud, or changes, while tracking trends and success rates for process improvements.
- Perform or oversee appraisal and collateral reviews using Fannie Mae tools like Collateral Underwriter (CU) and Form 1033, integrating findings into defect assessments to evaluate property valuation risks.
- Monitor third-party originations (TPOs) through stratified sampling, separate reporting by channel (e.g., broker vs. correspondent), and annual reviews to align with internal standards and Fannie Mae guidelines.
- Establish and track key metrics, including gross/net defect rates, defect trends by category/severity, and financial impacts (e.g., repurchase exposure), with quarterly evaluations and annual plan adjustments.
- Generate tailored QC reports: executive summaries for senior management (trends, risks, action plans), scorecards for departments, and detailed feedback for staff to support performance enhancements.
- Lead root cause analyses for defects and trends, developing corrective action plans with stakeholders, timelines, and validation through retesting.
- Manage vendor relationships for outsourced post-closing QC, including monthly reviews of at least 10% of vendor work for accuracy and compliance, while maintaining full accountability.
- Conduct independent audits of the QC function to ensure unbiased, consistent adherence to policies, with remediation for findings.
- Facilitate self-reporting of ineligible loans via Fannie Mae's Loan Quality Connect (LQC) within 30 days of defect confirmation, including documentation.
- Integrate fraud detection and risk assessments using Fannie Mae tools such as Desktop Underwriter (DU) findings, Quality Insider for defect insights, and Ask Poli for policy research, alongside outside vendor tools like ACES Quality Management or LoanLogics for automated reviews and analytics.
- Ensure retention of QC records (reports, findings, audits) for at least three years, accessible for Fannie Mae or regulatory examinations.
- Promote quality culture through training, calibration sessions for defect consistency, and linking QC outcomes to KPIs, compensation, and goals.
WHAT DO YOU NEED TO SUCCEED
Required Qualifications*
- Bachelor's degree in Finance, Business Administration, or related field; advanced certifications (e.g., Certified Mortgage Banker) preferred
- 7-10 years in mortgage lending quality control, with 3-5 years in management, focused on post-closing processes
- Deep knowledge of Fannie Mae's Selling Guide (Part D) and Beyond the Guide, including post-closing QC plans, sampling, reverifications, reporting, and corrective actions.
- Expertise in mortgage origination, regulatory compliance, and risk management across retail and TPO channels.
- Strong analytical skills for defect taxonomy, root cause analysis, trending, and modeling quality risks.
- Proficiency in QC tools, including Fannie Mae's Loan Quality Connect (LQC), Collateral Underwriter (CU), Desktop Underwriter (DU), Quality Insider, and Ask Poli; experience with vendor tools such as ACES Quality Management, LoanLogics, MetaSource QC software, or equivalent for automated auditing, reporting, and analytics.
- Leadership and communication skills to influence teams and present to executives.
- Ability to manage vendors, audits, and improvements in a dynamic environment.
WHAT'S IN IT FOR YOU?
Compensation
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues including:
- Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date
- Generous 401(k) company matching contribution
- Career Development through Tuition Reimbursement and other internal upskilling and training resources
- Valued Time Away benefits including vacation, sick and volunteer time
- Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs
- Career Mobility support from a dedicated recruitment team
- Colleague Resource Groups to support networking and community engagement
ABOUT US
Since day one we've always gone further than the competition to help our clients, colleagues and communities flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues today. City National is a subsidiary of Royal Bank of Canada, one of North America's leading diversified financial services companies. To learn more about City National and our dynamic company culture, visit us at About Us.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank fosters an inclusive environment where all forms of diversity are valued and leveraged to make us a better company and employer. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender identity, national origin, disability, veteran status or other basis protected by law.
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
*Represents basic qualifications for the position. To be considered for this position, you must at least meet the required qualifications. careers.cnb.com accepts applications on an ongoing basis, until filled.
Unless otherwise indicated as fully remote, reporting into a designated City National location is an essential function of the job.
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