Lenders need mortgage quality control
Most lending programs will require that lenders provide a detailed accounting of at
least 10 percent of all closed loan files. To make sure that a mortgage lender is
operating up to industry standards, a quality control plan is needed with every
closed loan. Correcting mistakes is a step in the right direction, but making sure
those mistakes do not become regular offenses and potentially lead to loan repurchases
will harm every portfolio. QMS will create mortgage quality control plans
that are specific to each mortgage operation. Regardless of the level of
mortgage banking, QMS can assist you in developing a reporting process than will
to reduce risks in loan repurchases.
Mortgage quality control plans for approval for with investors
When closing day has passed the biggest job is over, but post closing quality control
is just beginning. Once the loan is closed QMS begins post closing audits and reviews
to make sure the Third Party Originators followed lending regulations.
By conducting post closing audits, QMS can make sure the loan officers, processors,
and underwriters followed mortgage quality control plans, instituted by the lender and
investor in order to reduce the risk of loan buy backs. Allow a third party quality control
company, like QMS, to perform these mortgage audits.
Contact us to learn how Quality Mortgage Services can help.
