Adhering to the quality control principles is critical for mortgage lenders whether they are striving to meet the regulations of FHA, HUD, Freddie Mac, or any other regulator. Reliable Quality Control and Quality Assurance Programs are essential for lenders in the finance industry as they help in the improvement and enhancement of the overall mortgage workflow. Successful mortgage organizations acknowledge…
mortgage QC services
Pre-fund QC prevents closing loans with defects. It is performed to reinforce consistency in documentation and reduce the risk of fraud and should be designed in a way that supports its ability to isolate, identify, and address defects prior to loan closing. Reviewing pre-funding loan files should provide your origination staff with timely and important feedback regarding defects such as…
Delivering 100% defect-free mortgages has always been a big challenge for lenders. Sometimes errors do happen at the very initiation of the mortgage loan and tend to be overlooked. For instance, lenders tend to prohibit loan officers from providing disclosures for some vested interests. This does nothing to ensure that the MLO has originated a mortgage that can be closed….