By now, everyone in the mortgage industry knows about the 10% random, post-close quality control (QC) audit requirements of Fannie Mae, Freddie Mac and the FHA/HUD. See our whitepaper here to learn about post-close audit QC best practices.
However, many mortgage lenders are not familiar with pre-funding QC, which increases the chances of non-compliance penalties being levied upon your organization.
This whitepaper answers the following questions:
- What are the different requirements between Fannie Mae, Freddie Mac and FHA?
- How many pre-fund mortgage audits need to be audited and how should they be selected?
- What are the validation and re-verification requirements?
- What should be reported and when?
- How long do you have to conduct pre-fund QC?
- What should a pre-fund QC audit response and action plan look like?
- How does pre-fund QC compare with post-close QC?
This whitepaper includes everything we've learned having performed thousands of pre-fund mortgage QC audits since 2008, and fall into the following categories:
- Requirements of Fannie Mae, Freddie Mac and FHA
- Pre-Funding and QC Auditing Best Practices
- Additional Things to Know