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Lenders originating loans for secondary market sale are required to conduct quality control (QC) reviews on their loan packages. Quality control is an independent re-underwrite of a loan file and verification that the loan complies with both regulatory requirements and investor guidelines.
Essentially, QA refers to a formalized system of review that takes place during a specific time period before submittal, designed to catch and correct any last-minute issues. QC, on the other hand, encompasses the entire life of the project and is an ongoing process, designed to address problems as they pop up.
Quality control is an independent re-underwrite of a loan file and verification that the loan complies with both regulatory requirements and investor guidelines. At the pre-closing stage, QC should be conducted by someone who has had no previous involvement with the loan file.
QC typically reviews responses and issues final results within 10 business days of receipt of your response. We may delay issuing final results beyond 10 days if your loan is uninsurable with the potential for rescission.
Quality control (QC) is a process through which a business seeks to ensure that product quality is maintained or improved. Quality control involves testing units and determining if they are within the specifications for the final product.
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What Makes a Good Loan Officer? Transparency They are transparent with customers. Passionate They are passionate about what they do. Measured Data Driven They measure all of their data and information- great loan officers understand that nothing can be improved if it is not first measured.
Pre-closing audits require re-verifying documentation such as the credit report, borrowers income, employment, and assets, an important step to ensure that all documentation has been received and reviewed and that the information provided supports the underwriting decision.
Lenders originating loans for secondary market sale are required to conduct quality control (QC) reviews on their loan packages. Quality control is an independent re-underwrite of a loan file and verification that the loan complies with both regulatory requirements and investor guidelines.
Pre-Funding Audits Credit, collateral, capacity compliance are reviewed to identify issues prior to funding the loan, all with standard turnaround times of 48 hours or less.
A Great Mortgage Lender Stays In Touch A great mortgage lender will touch base with you throughout the mortgage process and return your calls, your emails, and your texts promptly. Bad mortgage lenders, by contrast, make chasing new clients a higher priority over serving the clients they already have.

quality control plan for mortgage brokers pdf