Mortgage Quality Control Analyst II

Location:

4224 Ridge Lea Road - Amherst, New York 14226

Please note this position may report to a different manager than listed on the requisition.

ABOUT THE JOB (JOB BRIEF)

The Mortgage Quality Control Analyst II reports to the QC Team Lead and is a position within the Banking Group, Business Risk and Control organization.  This position is responsible to review and analyze residential loan applications for pre-funding quality control. The Mortgage QC Analyst is  responsible for reviewing income, assets, credit and collateral documents including self-employed personal and business tax returns. The QC Analyst may be involved in reviewing one or several types of mortgages (agency conventional, portfolio conventional, FHA/VA MI etc.) to assess loan quality, prevent loan defects and ensure compliance with federal regulations, bank policies, and inverstor guidelines. Excellent phone and communication skills and a value of providing superior customer service to internal and external customers required. An exemplary customer service oriented attitude and the ability to work effectively in a Team Environment is essential.

ESSENTIAL JOB FUNCTIONS

• Evaluate creditworthiness of borrowers and to identify errors. This includes but is not limited to the review of paystubs, W2’s, financial statements, tax returns, asset statements, bank account statements, credit reports etc. 
• Must ensure all loans meet or exceed corporate credit policy and be in compliance with the Ability to Repay (ATR) and Qualified Mortgage provisions of the Dodd-Frank Act.
• Ensure compliance with appropriate company and Agency/Investor/FHA/VA guidelines.

• Review transmittal & 1003 to make sure it is accurate and complete and matches the final AUS findings

• Review credit report and compare to liabilities on 1003. Verify the investor guidelines for outstanding derogatory items and requirement payment or satisfaction if needed.
• Calculate income/self-employed cash flow using documentation and methodology required per investor, and CFPB regulations.  Analyze the business’s financial strength by examining annual earnings to determine stability and validity.  Income must be verifiable, stable and ongoing.
• Review assets to ensure adequate funds to close and required reserves. Ability to analyze bank statements for any recent large deposits and possible other debts that might impact ATR.
• Review appraisal to ensure the report is accurate, complete and the value is supported and the collateral is acceptable. Recognize when additional field reviews may be necessary to support value
• Ability to review Condo/PUD projects to ensure they meet salable or non warrantable guidelines
• Review file to make sure state regulatory guidelines have been met and federal (patriot act)
• Calculate net tangible benefit for those states that require this test
• Ensure all tax, title, insurance and closing conditions is accurate and complete
• Verify that the rate lock matches the underwriting file with the correct program, LTV, credit score and pre-payment penalty
• Perform tracking of all loan reviews by utilizing QC database and effectively communicating the results with the area of responsibility.
• Review a minimum number of files per month as determined by management which would include new loan reviews, documentation to cure any defect found on initial review, Third-party
• Maintain current and fluid knowledge of investor and agency guidelines and adapt to changes
• Communicate effectively and engage proactively with mortgage underwriters, processors and team leaders of any findings noted in the QC review
• Perform other related duties and special projects as required by management
• Demonstrate exceptional service philosophy in all interactions with internal peers and partners quickly
• Communicate effectively and engage proactively with mortgage underwriters, processors and team leaders of any findings noted in the QC review
• Perform other related duties and special projects as required by management
• Demonstrate exceptional service philosophy in all interactions with internal peers and partners

Required Qualifications:

• Bachelor’s Degree or equivalent work experience
• Minimum 5 years of recent Mortgage Underwriting Experience (FHA, VA and Conventional) with strong agency guideline knowledge or may be open to considering other equivalent relevant experience.
• DE, SAR and LAPP certifications preferred; experience with USDA is a plus
• Strong working knowledge of ATR/QM Requirements
• Working knowledge of ACES QC database is a plus
• Working knowledge of Empower LOS is a plus
• Strong analytical skills; accuracy, consistency and completeness is critical
• Ability to work in a fast paced, fluid environment and be held to meet minimum production standards
• High integrity and outstanding work ethic
• Strong computer skills; proficient in Microsoft Word, Excel and Outlook
• Must have proficient written and verbal communication skills
• Proven knowledge of compliance and disclosure requirements

Key has implemented a role-based Mobile by Design approach to our employee workspaces, dedicating space to those whose roles require specific workspaces, while providing flexible options for roles which are less dependent on assigned workspaces and can be performed effectively in a mobile environment. As a result, this role may be mobile or home based, which means you may work either at a home office or in a Key facility to perform your job duties. Person selected will work a minimum of 2 days a week from the office location. Please note this could change at any time and expectations are set and communicated by management.

COMPENSATION AND BENEFITS

This position is eligible to earn a base hourly rate in the range of $24.52 to $37.50 per hour depending on location and job-related factors such as level of experience. Compensation for this role also includes short-term incentive compensation subject to individual and company performance.  

Please click here for a list of benefits for which this position is eligible.

Job Posting Expiration Date: 08/25/2025 KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or veteran status.

Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.