Supervisor Prefunding Quality Assurance Job Listing at City National Bank in Phoenix, AZ (Job ID 12494)

Description

SUPERVISOR PREFUNDING QUALITY ASSURANCE

 

WHAT IS THE OPPORTUNITY? This role focuses exclusively on prefunding quality assurance activities and excludes post-closing Quality Control responsibilities. The QA Manager will ensure compliance with Fannie Mae's Selling Guide (Part D, Subpart D1: Lender Prefunding Quality Control) and best practices from Fannie Mae's Beyond the Guide publications. This position reports to the Head of Quality Assurance or Chief Compliance Officer and involves collaboration with origination, underwriting, processing, risk management, and senior leadership to identify and mitigate defects, fraud, and risks early in the loan process.

 

WHAT WILL YOU DO?

• Own and continuously enhance the organization's written Prefunding QA Plan per Fannie Mae Selling Guide D1-2-01 requirements, including defect taxonomy, severity levels, sampling methodology, target defect rates (as low as reasonably achievable), timelines for reviews, and procedures for data and document verification
• Oversee monthly loan selection using targeted sampling focused on high-risk loans (e.g., complex income calculations, non-standard underwriting, high LTV/DTI/credit risks, appraisal issues, new processes/personnel, or third-party originations), with a minimum sample size of the lesser of 10% of prior month's production or 750 loans, ensuring inclusion from all channels
• Manage prefunding QA reviews conducted post-conditional approval but pre-closing, including full-file and component reviews covering credit, income, assets, employment, collateral, and compliance to detect errors, inaccuracies, or inadequate documentation before funding
• Direct reverifications of borrower data (e.g., employment via verbal verification, income, assets, occupancy, sources of funds) and appraisal/collateral assessments using independent sources to identify material misrepresentations, fraud, or risks
• Perform or oversee collateral reviews integrating Fannie Mae tools like Collateral Underwriter (CU) and Form 1033 to reconcile flags and evaluate property valuation accuracy
• Monitor third-party originations (TPOs) through risk-based sampling, separate channel reporting (e.g., broker vs. correspondent), and assessments to align with internal standards and Fannie Mae guidelines
• Establish and track key metrics, including defect rates, trends by category/severity, and potential impacts (e.g., ineligibility risks), with regular risk assessments, quarterly evaluations, and annual plan adjustments based on production changes
• Generate tailored QA reports: executive summaries for senior management (trends, risks, corrective recommendations), scorecards for origination teams, and immediate feedback for staff to enable pre-closing corrections.
• Lead root cause analyses for identified defects and trends, developing corrective action plans with stakeholders, timelines, and validation through follow-up reviews
• Manage vendor relationships for outsourced prefunding QA, including reviews of vendor work for accuracy and compliance, while maintaining full accountability
• Conduct independent audits of the QA function to ensure unbiased, consistent adherence to policies, with remediation for findings
• Integrate fraud detection and risk assessments using Fannie Mae tools such as Desktop Underwriter (DU) for underwriting validation, 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 QA records (reports, findings, audits) for at least three years, accessible for Fannie Mae or regulatory examinations.
• Promote quality culture through training, calibration sessions for consistent defect assessments, and linking QA outcomes to KPIs, compensation, and origination 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 assurance, with 3-5 years in management, focused on prefunding processes.

  Additional Qualifications

• Deep knowledge of Fannie Mae's Selling Guide (Part D) and Beyond the Guide, including prefunding QA plans, sampling, reverifications, reporting, and corrective actions.
• Expertise in mortgage origination, underwriting, 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 QA 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 Starting base salary: $111,408 - $189,738 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
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

  Get a more detailed look at our Benefits and Perks.
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.

 Apply on company website