In the mortgage lending industry of mortgage banking, there is a fast movement to hold mortgage lending operations accountable for the soundness of a mortgage loan through mortgage repurchase claims. However, lenders are the largest distributors of mortgage products for mortgage bankers. Mortgage lending is regulated so that consumers have some protection however with the increased number of jobs available and the down turn of the economy, mortgage lenders must be held to a higher standard. That is why mortgage bankers should implement a mortgage banker quality control plan in order to maintain a strong lending market and reduce the liability and risk of mortgage loan repurchases.

By implementing a quality control plan for mortgage lenders, consumers will have more security in the lending process and loan officers will be certain of their obligations toward both the borrower and the lending agency.

Whether you are a mortgage banker or you own a company which specializes in mortgage lending, your loan officers need to know what is expected of them from day one. There may be problems from time to time, but by providing loan officers with a kind of quality control initiative, those problems can be greatly reduced. QMS can help you develop a mortgage banker quality control plan that will:

• Ensure compliance with lending regulations
• Offer professional reporting to management
• Gather correct documentation and properly completed forms