faqs

FAQ's

Why 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, including convertible ARM's 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.