Randomly auditing 10% of your mortgages on a post-close basis is required by Fannie Mae, Freddie Mac and the FHA/HUD. If this is news to you, you need to contact us immediately…
What is news to many lenders is how implementing document-related best practices reduce post-close quality control (QC) findings, minimize non-compliance fines, slash operating costs, and can even lead to a competitive advantage in mortgage origination.
This whitepaper answers the following questions:
- If you do your own post-close file audits, how can you ensure your auditors aren’t missing anything?
- How can outsourcing post-close file audits be cost-justified?
- What are the new post-close file audit requirements as part of TRID, the new FHA handbook and MERS?
- How do investor requirements relate to government agency requirements?
- What are the best practices for tracking post-close quality control (QC) defect and findings trends?
- What is the role of workflow automation software in mortgage origination?
- What are trailing document processing best practices?
- How can you compete with “Rocket Mortgage” (originate mortgages faster and easier for borrowers) while reducing mortgage compliance violations? (They are not mutually exclusive…)
This whitepaper encapsulates everything we’ve learned having performed tens of thousands of post-close mortgage QC audits since 2008, categorized in the following way:
- QC Auditing: In-House vs. Outsourcing
- Keeping Up with New Agency Requirements
- Central Repository & Trending Analysis
- Document Capture, Workflow Automation & The E-Mortgage