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With the outbreak of COVID-19, the US mortgage industry has come under lot of pressure. With high unemployment levels, many borrowers are struggling to meet their mortgage obligations, a development with close resemblance to 2008-09 financial crisis. However, unlike 2008-09, this time, the Federal Government has acted swiftly to help borrowers deal with the impact of COVID-19. According to a Deloitte study, nearly 70% of homeowners will benefit from the relief options for federally backed…

Every industry operates under some standard practices that can ensure quality over an extended period. For mortgage lenders to have successful operations, a sturdy and efficient quality control system must be in place. Having an established quality control program helps mortgage organizations to ensure that every aspect of their business, from application through processing, is carried out in a manner that upholds the standards of the organization. Essentially, a quality control system can help the…