Quality Control

This is a policy guide to comply with Quality Control requirements for mortgage lenders. This a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

QUALITY CONTROL PURPOSE AND SCOPE

• GOALS

TYPES OF AUDITS PERFORMED

DEFICIENCY RATINGS USED

• PRE-CLOSING
• POST-CLOSING

PRE- AND POST-CLOSING FILE SELECTION

• PRE-CLOSING FILE SELECTION
  • Timing
• POST-CLOSING FILE SELECTION
  • Timing
• STATISTICAL SAMPLING
• EARLY PAYMENT DEFAULTS
• REPURCHASED LOANS
• DENIED LOANS/ADVERSE ACTION

PRE-CLOSING FILE ANALYSIS

• TIMING
• ANALYSIS

POST-CLOSING FILE ANALYSIS

• TIMING
• ANALYSIS
• REVERIFICATIONS
• FIELD REVIEW APPRAISALS
• RESIDENTIAL MORTGAGE CREDIT REPORTS VERSUS SOFT-PULL CREDIT REPORTS
• THIRD-PARTY QC VENDORS
• THIRD-PARTY SERVICE PROVIDER DEFICIENCIES

QUALITY CONTROL MONTHLY REPORTING

• OTHER REPORTING
• LOANS INELIGIBLE FOR SALE

RECORD RETENTION

ANNUAL EXTERNAL QUALITY CONTROL AUDITS