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 your business is operating up to industry standards you need quality control plans and you need to use them with every closed file. Small mistakes will happen, probably often, when dealing with the huge amounts of paperwork involved in home mortgages. Correcting those small mistakes is a step in the right direction, but making sure those mistakes do not become regular offenses and potentially lead to loan buy backs and repurchases will harm your business. QMS will create mortgage quality control plans that are specific to your business. Regardless of your level of mortgage banking we can assist you in developing a reporting process than will help to reduce your risks in loan buy backs and repurchases.

When closing day has passed your biggest job is over, but ours is just beginning. Once the loan is closed we begin post closing audits and reviews to make sure the loan officer and Third Party Originators followed lending regulations. By conducting post closing reviews, we can make sure your loan officers, processors, and underwriters followed mortgage quality control plans, instituted by your company to meet industry standards in order to reduce the risk of loan buy backs and mortgage repurchase claims. Identifying deficiencies, taking corrective measures and rewarding solid performance are three ways your quality control plans will improve loan quality and help prevent loan repurchase. By having a third party, like QMS, perform these audits you ensure an unbiased eye.