Mortgage Quality Control: How Post-Close QC Audits Work

Below is what's included in our post-close quality control (QC) audits:

Re-Verifications

Once you upload the files, they are entered into our proprietary workflow/audit software, which helps us move every file efficiently through the audit process and maintain our 30 day turnaround. Before the audit, we prepare each file and re-verify income, employment, and assets. We also order a new credit report to compare with the credit report in the file.

File Review

After file preparation, one of our auditors thoroughly reviews each file using our audit checklist, from initial application through the final closing documents, making notes of any findings. Our audit checklists have been developed to meet CFPB and TRID, Fannie Mae, Freddie Mac, FHA, HUD, and VA guidelines. We continuously review and update our audit questions so that the information you receive is accurate and up-to-date with the latest regulation changes.

Appraisal Desk Review

Each of our mortgage quality control audits includes an appraisal desk review as part of our process. We will review the appraisal and comment on any items that may not have been addressed by the underwriter or appraiser.

Findings Report

Once the auditor reviews the file, our project managers review the findings and then pass them to senior management for final review. In effect, your files are reviewed three times to ensure quality and accuracy. Our final report to you includes an executive summary, trend tracking, and detailed findings for each loan audited. You will also have access to our online QC reporting tool to run your own customized reports. You can then use these findings to take any necessary actions to correct issues.

Added Value

Once you sign up with us, you will receive added benefits to help you stay compliant:

  • Access to our online QC tool to customize and share QC reports
  • Reminders to send closed loan reports each month or quarter
  • Emails about important breaking news, including summaries of the issues in plain English and reminders of industry deadlines
  • Free client webinars and roundtables on topics chosen from client requests

Contact us to learn more about how mortgage compliance post-close quality control audits work