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Mortgage Quality Control Solutions | Due Diligence | Mortgage Consulting | Asset Management & Disposition
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QC Solutions of AR offers you an experienced team of professionals
About UsQC Solutions of AR offers you an experienced team of professionals with extensive experience in Mortgage Lending, Mortgage Underwriting, Due Diligence, Fraud Prevention, Finance, Banking, and Information Technology. With an average of 13 years of experience, each member of our team can handle any project that comes his or her way. While some of our competitors are rolling out computer QC programs with loan information entered by "more economical" data entry clerks, QC Solutions of AR remains resolute in your files being reviewed by a "real, live, experienced" underwriter. While computer programs can readily spot clerical errors, there is no substitute for an EXPERIENCED UNDERWRITER in spotting and stopping fraud. We believe you'll find the results of our reviews far superior to computer program reviews. We also believe this new found "economy" will find it's way to the outsourcer's bottom line, not yours. Compare our fees and judge for yourself. We will not compromise on quality. As an independent contractor to our clients, no employer-employee relationship is created with QC Solutions of AR. This allows us to be completely up front and unbiased in our assessment of the files reviewed for your company, without fear of job biased penalty. This is why many Investors, Regulatory Agencies and Mortgage Insurers prefer the Post Closing Quality Control function to be performed by an independent outside company. ServicesPre Funding Audits: 48 hour (2 business day) turnaround or it is free. Results can either be emailed or faxed. We will verify the following: Is the employer active, and listed at the address provided. Can we verify the employer's phone number from an independent source. Verbally verify employment. Does the seller own the subject property. A Statistical valuation on the property. SSN verification. Single bureau credit report to detect any additional credit. Specialty databases (if required) and at additional cost.
Post Closing Audits: Ultimate - Our combination of underwriting/post closing review with the re-verification process produces the ultimate analysis of your loan files. The GFE and preliminary TIL are reviewed for timing and accuracy. If the loan is an ARM, the ARM Disclosure is reviewed for timing and accuracy. Origination disclosures (ECOA, Transfer of Servicing) etc., are reviewed. The appraisal is reviewed for 20 critical elements. All asset information is reviewed, recalculated and verifications are performed as needed. All credit information from the original credit report is reviewed with the QC credit report. (If one is ordered), additional costs apply. A VOR is performed. (If applicable) If the loan was LP/DU underwritten, all information on the feedback certificate is correlated with the information in the file, including the final 1003, 1008, MCAW, 6393 etc. The file is reviewed to insure all conditions of the feedback certificate have been met. Closing instructions are reviewed against the actual closing information and any conditions are fulfilled. All closing documents are reviewed for accuracy, (Note, Security Instrument, HUD-1) to insure compliance with investor guidelines and consistency. All program specific documents are reviewed. Title commitment is reviewed as to ownership, coverage and unusual circumstances. (forced sale, non arms-length transaction, flips, etc) Flood Zone Determination is confirmed. Hazard and/or Flood Insurance is reviewed for sufficiency and coverage dates. Condo, PUD approval is confirmed (if applicable) All program specific requirements are reviewed. (i.e. Gift, LTV restrictions, investment requirements, reserves, etc) A 10% sampling of the final TIL is reviewed for accuracy and tolerable limits. Compliance items are reviewed, such as initial; escrow impounds disclosure, Rescission, etc.
Premium - For VA-IRRL, FHA Streamlined, and Specialty Lender Products Our Premium Review is offered to provide essential loan exception levels along with reviews of the integrity of credit and employment data, at a reduced cost. We will verify the following: Single bureau credit report. (If credit qualified) Verbal verification of employment. (If required by program) Standard review of loan files. All loan exceptions noted. Custom reports on the results of data collected. Plus the following services to be added to any audit: Tri-merge Credit Report SingleBureau Credit Report Desk Review by Licensed Appraiser Field Review IRS Tax Return Re-verification AVM's Specialty Audits (EPD, Broker, Fraud) Compliance Reviews (Pre State Audits) SSN Verification OFAC Database Search FAQ'sWhy perform Quality Control Reviews? HUD/FHA, VA, FNMA, FHLMC, and other investors require that approved mortgage bankers/brokers perform quality control reviews on 10% of their closed loan files, on a monthly basis. Which files need to be reviewed? All loans which have the potential to be sold in the secondary mortgage market, should be subject to review. This would exclude portfolio loans, although some lenders include portfolio loans to insure internal policies and procedures are being complied with. What are the advantages to utilizing a Quality Control Outsourcer? Maintaining total Quality Control compliance with Fannie Mae, Freddie Mac, FHA and VA regulations. Quality Control cost adjusted according to the production levels of your institution. An economical alternative to an in-house Quality Control Department. Professionally managed, comprehensive reports. Prompt turnaround time with the objective overview of an independent third party. How frequently must our files be reviewed? The agencies require that the selection of files and the actual review and re-verification of the documents be conducted within 90 days of loan closing. This requirement suggests the most appropriate frequency would be a monthly review conducted the month following the closing of the loans. Who selects the files to be reviewed? The lender selects the files to be reviewed or we will select the files using our statistically sound sampling methods. Must we send our original file? Lenders can send us a complete, legible copy of each file selected for review that we are not required to return. If you wish to send original files, these files will be returned to you. The client is responsible for all shipping charges. Contact Us
Sales & Information Department: Phone: 870-436-6660 ext 22 QC Supervisor: Phone: 870-436-6660 ext 19 Links
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