Outsource Mortgage QC Audit Services

We provide a comprehensive mortgage audit services USA for lenders with the implementation, monitoring, and regulation of quality parameters, in their loan approval process.

Expert Mortgage Assistance has over 10 years of experience in providing robust back-office support for lenders with the management of their loan quality process. We assist our clients in consistently monitoring the integrity of critical loan origination processes. Our analysis of key issues established through the mortgage QC process lays a foundation for driving continuous process improvements. As a global mortgage QC services company, we leverage periodic loan audits, comprehensive loan portfolio reviews, standard operating procedures and a systematic document management process to make your mortgage quality control process fool-proof.

We designate a single point of contact who also happens to be the subject matter expert. The resource takes care of all your mortgage audit requirements. Our SMEs specialize in identifying critical metrics and KPI’s so that adverse trends can be nipped in the bud. Our mortgage quality control services entail reviewing loan documents for accuracy. We assess the integrity of property appraisal documents, title reports, and review the quality of underwritten loans. As one of the most trusted mortgage quality control companies, we strive to work hand-in-hand with you to make your mortgage business more compliant to regulatory requirements.

Our Comprehensive Mortgage Audit Services

Pre-Closing Services

As a global mortgage quality control company, we perform an in-depth review of all loan critical documentation. We adopt a checklist-based approach to validate and completeloan application forms like form 1003 and W-2. Our experts critically verify credit reports, FICO scores, payment history, and verification of employment. We conduct these processes before the loan is moved to the closing stage. We also verify the details of the assets declared by the borrower, such as bank balances, deposit history, and past payments. This empowers us to maintain high QC levels in loan information. We scrutinize the appraisal reports for accuracy, completeness, and reasonability. This enables us to ensure that the fair market value of the collateral property is established.

  • Reviewing file before it gets submitted to underwriting
  • Review of critical loan documentation
  • Completion of loan application forms
  • Verification of FICO scores, payment histories, credit reports, etc
  • Validate all documentation using checklists
  • Verify details of all assets declared by borrowers
  • Evaluate the fair market price for collateral property

Underwriting QC

In the Underwriter mortgage quality control stage, we first evaluate the payment history and compensating factors of the borrower independent of their credit score or traditional risk-based pricing criteria. Once all of these are established to our satisfaction, we examine and verify documents and data entry to ensure accuracy and completeness. We carefully review the underwriting terms to spot inconsistencies if any. Our underwriting QC services makes it easy for lenders to go ahead with the approval decision.

  • Evaluate borrower’s payment history
  • Examine data entries and documents for accuracy and completeness
  • Review underwriting terms for inconsistencies

Closing Services

Our mortgage quality control services ensure the completeness of all the required information to initiate the mortgage loan closing process and the integrity of fee amounts. We review fee amounts payable by the borrower to ascertain that they are reasonable and accurate. Our QC review during the loan closing stage validates escrow funds, copies of pertinent legal documents, and other critical details like liens on the property. This is to prevent the possibilities of disputes and litigations after the loan amount has been funded by the lender.

  • Verify the completeness of information to initiate loan closing
  • Review fee amounts for accuracy
  • Validate escrow funds, legal documents, liens on property, etc
  • Minimize risk of litigations and disputes post funding by lender

Post-Closing Services

As among the prominent mortgage audit companies, we craft our services to validate the completion of the loan file. We do this to ensure that the loan approved by the lender is ready for sale in the secondary market. Our services are strictly compliant with GSE regulations. We use a checklist of all required documentation to perform a separate independent review of all customer and property documents as a second layer of security. We do it before the loan amount is released to the borrower’s bank account.

  • Review all documentation for compliance
  • Ensure the loan approved is fit for sale in the secondary markets
  • Perform an independent review of all property and customer documents

Risk and Data Quality Analysis

As one of the trusted mortgage audit companies, we meticulously sift through all the loan information and the data included in supporting documents. This is to ensure there are no mistakes or missing information in loan files. Our data quality services ensure 100% accuracy of information from verifying mortgage documents and title registration for omissions. We adopt sampling techniques as a part of our standard QC process to gauge the level of data quality maintained by the loan originator.

  • Pore over all data in supporting documents to check for errors or omissions
  • Use sampling techniques to determine the data quality levels maintained by loan originator

Benefits Of Outsourcing Mortgage Quality Control Services

Outsourcing mortgage QC audit services to the experts in the industry will assist you to improve compliance, weed out errors, and mitigate losses in the loan production process. Some of the other benefits that our mortgage QC services USA provide include:

Reduced Operating Costs

We help mortgage lenders reduce their operating costs by obviating the need to hire more full-time talent in-house or invest in more infrastructure. We have experts on standby to help you scale up your needs. We offer different engagement models to suit your budget. The quality of our services stands guaranteed irrespective of the engagement model.

Enhance Customer Satisfaction

Our specialists conduct mortgage QC audits to ensure your customers have a great customer experience with you. We ensure that our QC audits meet all compliance requirements so that your customers loan application do not get held up or they do not have to face any legal hassles in future.

Greater Revenues

Our mortgage QC audit specialists work tirelessly to ensure your operations meet all necessary compliance requirements. This frees up your resources and helps you focus more on revenue generating activities. We assure you complete peace of mind by handling all criticalities behind the scenes.

Accelerated Turnaround Times

We deliver services from 8 global delivery centers. In other words, we work across time zones to deliver world-class mortgage quality control solutions. This ensures, we can assist lenders in streamlining operations and reduce their loan processing times.

Cutting-Edge Technologies

We leverage sophisticated mortgage quality control software to support the back-office needs of our clients. We bank on next generation solutions such as Machine Learning, Robotic Process Automation, and advanced analytics, to digitize the mortgage QC process. MSuite, our proprietary tool for loan origination assists in automating the quality check of loan files.

Why Outsource Mortgage QC Services to Expert Mortgage Assistance?

As an expert mortgage QC services company, we are made up of a well-balanced team of mortgage experts who are well versed with technology and industry best practices. Our services consist of a well-rounded review system that examines vital details such as compliance, credit, property title, and home insurance. Our streamlined back-office support structure is the result of constant learning and adaptation to changing trends of the mortgage industry. We closely follow the changes in regulations from all the major GSEs in the world. Our customized services enable you to mitigate risks involved in loan underwriting and protect you from unplanned circumstances.

Here are some of the many benefits that you get by employing or services as an expert mortgage audit services company:

  • A team of 1000+ mortgage professionals with wide experience in managing the QC services
  • Highly optimized workflow to ensure high mortgage quality levels in all your loan portfolios
  • Use of a checklist-based approach to verify the accuracy of all loan documents
  • Multi-tier document verification steps and process automation to ensure completeness, accuracy and quality of loan information
  • Use of automated platform Msuite to reduce time needed in manual efforts
  • Up to 40% reduction in operational costs
  • A flexible work culture that provides client with a personalized approach to service delivery

Looking for an experienced mortgage audit services USA to take charge of loan quality levels? Outsource mortgage QC services to us for world class solutions

FAQs on Mortgage QC Audit

Every loan file that you upload to the server should contain the following documents:

  • Credit or Processing Package (containing initial disclosures, etc.)
  • Appraisal
  • AU or Underwriting Package
  • Closing Package (containing the Deed, Note, TIL, Right of Recession, etc.)

Once the audit is complete, we will send you a management report with detailed findings for every loan that was audited. If certain items are found out of compliance, you will need to take the necessary corrective actions to correct them. You can use the results from your quality control audits to establish better processes and workflows in place so that you only produce high quality mortgage loans for your business.

Our mortgage QC audit specialists can start working on your requirements in as little as 2 weeks. In that time, we will effectively evaluate your current processes and workflows so that we can establish how well your current systems meet compliance requirements.

As a SSAE16; SOC2 and ISO 27001:2013 ISMS certified organization, we have 2 of the highest data security standards in the mortgage industry. Moreover, we ensure that your data only resides on your servers as we do not download or host any of your data locally on our servers or databases. We also implement critical physical data security measures that range from limited biometric access to only white-listed internet access. All external storage devices are also not authorized to be on-premises to ensure that sensitive client data is safe and secure at all times.

Many agencies and investors from FHA and Freddie Mac to Fannie Mae require a written QC plan. Moreover, quality control is a good business practice as it helps you produce only the most high-quality loans and helps reduce your default risk. Mortgage lenders require a mortgage compliance QC plan to correct mortgage loan processes and evaluate information provided by borrowers and mitigate loan file errors. The absence of a mortgage QC plan can result in massive losses for lenders during QC audits.

Mortgage QC audit services are services that mortgage lenders and brokers have to seek to determine how compliant their operations are with regulatory guidelines. Lenders ensure quality control standards are met using these critical audit services. Outsourced mortgage QC audit services companies leverage proven audit methodologies, comprehensive reporting tools, and solid expertise to meet your company’s QC requirements.

We provide a variety of QC audit services for each stage of the loan lifecycle starting from initial review, upfront underwriting QC, and post-closing QC to pre-funding QC and post-funding QC audits.

According to Fannie Mae and FHA guidelines, lenders should conduct audits monthly if they are closing more than 15 loans per month. For those lenders that are closing less than 15 loans per month, they may choose to audit quarterly instead.

Lenders can perform quality control audits in-house if they have already established a unit solely for that purpose. All staff in that department must be adequately and systematically trained and should not be involved in loan production in any way. You can also rope in third parties to conduct the audits so long as you ensure that those audits meet agency requirements.

If you would like to get some sales information about our services, you can always email us at info@expertmortgageassistance.com, or alternatively, fill out a brief form on our website. Otherwise, you can always call us at 1-855-224-6855 to get a hold of an agent.