Why do I need a mortgage compliance quality control (QC) plan?
Many investors and agencies, such as FHA, Fannie Mae, and Freddie Mac, require a written QC plan.* Quality control is...
What am I required to audit?
To comply with FHA, Fannie Mae, and Freddie Mac quality control guidelines, the general rules are to: Audit 10% of...
How often should I perform quality control audits?
FHA guidelines: Audit monthly, if closing more than 15 loans per month Audit quarterly, if closing 15 or fewer loans...
Who can perform quality control audits?
Quality control audits may be performed in-house, if you establish a unit solely for quality control. The staff must be...
Can my accountant perform quality control audits?
There is often confusion about the annual financial audit and quality control file audits. They are two separate functions, and...
Where can I find an updated list of mortgage regulations?
HUD Handbooks Fannie Mae Single Family Selling Guide Freddie Mac Seller/Servicer Guide and Forms We offer complete lending manuals for...
What is the Red Flags Rule and how do I comply?
The Red Flags Rule is essentially an identity theft prevention program required by the Federal Trade Commission, for financial institutions...
How does the audit process work?
Drag and drop files to our secured server. After you sign up with us, we will send you a username...
What documents should I send for the audit?
Each file that you upload or ship should include the following: Credit/Processing Package (with all initial disclosures and documents) Appraisal...