Senior Analyst, Quality Assurance
Canada's Challenger Bank™If you're looking for a workplace where employees are passionate about their work environment, then read on. What sets Equitable Bank apart from other companies is its culture. We celebrate and embrace the fabric of diversity, the employee engagement process and collectively take pride in our business successes. Our commitment to our customers, our partners and our employees creates a stimulating and exciting atmosphere that generates innovative products and outstanding service quality.
Equitable Bank is Canada's ninth largest independent Schedule I bank, serving Canadians coast to coast. It offers a diverse suite of residential lending, commercial lending and savings solutions, including high-interest savings products and GICs. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $31 billion in assets under management. In 2016, Equitable Bank launched a digital banking operation, EQ Bank, and introduced the EQ Bank Savings Plus Account. Equitable Bank currently employs over 750 employees across the country.
Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada, while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing ("CMHC") administered National Housing Act.Equitable Bank also offers a range of deposit products including short-term, long-term and Cashable GICs, available in non-registered or Tax Free Savings Account ("TFSA") across Canada. And it offers a High Interest Savings Account, available from authorized investment advisors through the FundServ network.
Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company.
Title: Senior Analyst, Quality Assurance
Department: Risk Policy – Quality Assurance
Reports To: Senior Manager, Quality Assurance
Purpose of the Job
The Senior Quality Assurance Analyst is responsible for performing reviews and assessments of activities performed by individuals within the Bank “1st line’ Operations.
The Sr. QA Analyst is responsible for assisting the Manager in the development and maintenance of the Quality Assurance Framework [“QAF”] for the SFR business and executes the necessary activities within the QAF and will be required to discuss and report on findings to the relevant stakeholders.
The QA team’s objective is to ensure that the process is in line with current policy and procedures, is operating effectively and is coordinated with any department that is directly affected by the reported observations.
The QA Analyst is responsible for conducting objective assessment and analysis of SFR mortgage files/documentation with focus on:
- replicating the credit decision (includes TDS/GDS recalculation)
- confirming compliance with established credit and operational policies, procedures, processes and controls
- Detection of mortgage fraud and aid in fraud prevention measures, as outlined in the SFR Mortgage Fraud Control Procedures.
- clear and factual reporting of findings/conclusions to the business unit
This position requires an ability to analyze each document separately, but also to be able to relate it to the deal as a whole for Single Family Residential mortgages. The QA Analyst will develop sound knowledge of what checks are required for each document in the file and how to identify and report each observation.
Additional responsibilities include /Signing of Broker / Partner Commission and Miscellaneous cheques (within assigned limits), and provide assistance to departmental staff members in support of other QA requirements.
- Review and analyze mortgage applications, credit approval form, corporate documentation, credit reports, income/employment documentation and funding documentation to determine accuracy and completeness.
- Must have the ability to read and understand the Credit Risk Analysis performed by the business prior to completing a thorough review and substantiating observations
- Sound understanding of different product-types within SFR lending and the different processes that surround each product; such as Alternative, Prime, HELOC mortgages, CMHC Insured product and Third Party Serviced loans and mortgages
- Have the ability to visualize, articulate, conceptualize or solve both complex and uncomplicated documents and/or problems by making decisions that are sensible given the available information and resources.
- Review data accuracy/integrity to ensure the information is consistently and routinely applied to the Company’s internal system.
- Analyze and validate all reported observations and provide detailed and accurate documentation to substantiate findings.
- Ensure that all accounts suspected of containing fraud are accurately recorded on Sherlock and perform risk assessments on a broader scale, when identified.
- Assist in the identification of new and evolving fraud trends or systematic issues and patterns.
- Timely escalation/reporting of any evidence of fraud identified through detailed review which may impact other areas of the business.
- Provide support to the front line business for any new initiatives that may directly affect the review process or business unit objectives.
- Provide excellent customer service to other departments through professional written and verbal communication.
- Maintain knowledge and understanding of SFR products, operations, processes, services, systems and associated risks and controls.
- Communicate with the Manager, Quality Assurance on status reports and duty prioritization
- Prepare training documentation as well as assist in training new staff or peers.
- Review of new and/or revised regulations, policy and procedures and establish a continuous cycle of improvement for the QA Framework
- Coordinate and/or support the completion of special reviews and assignments as requested by the CRO and/or Director, Fraud Operations
- Conducting credit/operational analysis reviews of credit files as part of due diligence activities associated with potential acquisitions
- Conducting review of other staff members work for consistency and coaching purposes
- A minimum of five years’ experience in a Canadian financial institution.
- A minimum of three to five years in a related role pertaining to residential mortgage origination (underwriting and operational).
- Ability to review residential mortgage documentation, audit, perform analyses, validate and document potential risk to determine course of appropriate corrective action and/or make recommendations of such action.
- Must possess an in depth understanding of Residential Mortgages underwriting processes and requirements.
- Sound understanding of Mortgage related regulatory requirements (OSFII B20, AML/ATF), and Mortgage Insurer requirements (CMHC, Genworth)
- PC skills including Microsoft Outlook, Word, Excel, Power Point, related applications and other software applications used within the organization.
- Excellent organizational skills and ability to complete responsibilities in a busy and time sensitive environment.
- Strong analytical skills.
- Strong verbal and written communication skills.
- Attention to detail and an ability to identify potential problems within files.
- Strong interpersonal skills.
- Work effectively in a team setting to accomplish goals and complete tasks.
- Ability to conduct presentations if required.
Equitable Bank is an equal opportunity employer and encourages applications from all qualified candidates. Accommodations are available on request for candidates taking part in all aspects of the selection process. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
- Pay Type Salary
- Equitable Bank, Toronto, Ontario, Canada