Magnetic control of reactive scattering is realized in an ultracold mixture of $^{23}$Na atoms and $^{23}$Na$^{6}$Li molecules via Feshbach resonances. In most molecular systems, particles form lossy collision complexes at short range with unity probability for chemical reaction or inelastic scattering leading to the so-called universal loss rate. In contrast, Na${+}$NaLi is shown to have ${<}4%$ loss probability at short range when spin polarization suppresses loss. By controlling the phase of the wavefunction via a Feshbach resonance, we modify the loss rate by more than a factor of hundred, from far below the universal limit to far above, demonstrated here for the fist time. The results are explained in analogy with an optical Fabry-Perot interferometer by constructive and destructive interference of reflections at short and long range. Our work demonstrates quantum control of chemistry by magnetic fields with the full dynamic range predicted by our models.
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