Tommy's Blog

Fannie Mae’s QC department stated that only 63% of the Sellers meet their standard for mortgage loan quality control.  However, when evaluating mortgage QC reports of some lenders, their post closing QC report indicate a 1% or less loan defect rate.  Fannie Mae is very suspicious of lenders who have very low loan defect rates.  This is because the QC mortgage auditors are probably performing a   [more...]

This article was written by Brian Collins, Editor, Source Media, Published in National Mortgage News and Origination New. This article can be found on free distrubution at Source Media.

A private sampling of Rural Housing Service loan originations discovered that lenders have become more lax this year in verifying income and the employment of borrowers.

Executive vice president and owner of Quality Mortgage Services, Tommy Duncan said   [more...]

Mortgage investors conducting mortgage audit reviews turn up potential red flags such as undisclosed debt, income and employment misrepresentation, occupancy fraud and appraisal issues which are many of the focus findings discovered during the mortgage audit that will prosecute a repurchase claim. As mortgage bankers defend against a mortgage repurchase, some consistent patterns appear that may help mortgage bankers to prevent mortgage repurchase claim.

As a   [more...]

There are many tools available but the most important is seasoned and experienced mortgage quality control staffs that knows the mortgage process.  QMS is equipped with the seasoned staff and a proprietary software called Mortgage Analysis Review Software (MARS), which guides the end user through the loan as they analyze the loan. MARS is mostly data entry, but through the data entry, the end user applies   [more...]

Quality Mortgage Services is wrapping the year for 2009 by completing the mortgage audits for 4th quarter.  QMS is conducting a webinar through National Mortgage Professional Magazine as it releases “The Year End Review of QC” that compares and contrasts information on mortgage loan reviews and audits on Thursday, March 4, 2010.  This is not a mortgage fraud report but a score card of how   [more...]