Mortgage Servicing Quality Control Plan

If outsourced what vendor do you use.

Mortgage servicing quality control plan.

I am looking for an fha approved qc program for the servicing of mortgage loans. Fha quality control plan elements include checking the production process post closing mip remittance mic requirements. This mortgage quality control plan shows you the quality of a certain place. The allregs quality control for mortgage servicing policy manual is a turnkey solution when it comes to effective qc protocols.

The plan template defines the lender s standards for loan quality establishes processes designed to achieve those standards and mitigates risks associated. Fannie mae quality control plan fannie mae quality control plan requirements include the self reporting procedure annual audit process higher risk loan selections and re verifications. The handbook states all fha approved mortgagees including loan correspondents must implement and continuously have in place a quality control plan for the origination and or servicing of insured mortgages as a condition of receiving and maintaining fha approval. Understanding which plan you need depends on your business model.

If you choose the lender plan you will conduct an audit of a sampling usually 10 of the underwriting and closing of the loan. This powerful resource is designed to provide strong compliance for loan servicing requirements through the qc practices outlined within this policy. It covers the main important parts and also gives extra information about having an effective quality check. As chapter 7 10 of fha guidelines state quality control of servicing must be an ongoing function a proper quality control audit process will cover many aspects of compliance.

Also interested in knowing if you perform that qc function in house or if you outsource it. The qc program must cover the lifecycle of an fha insured mortgage including origination underwriting closing endorsement and servicing functions that are conducted by the mortgagee. The purpose of the mortgage loan quality control policy qc policy is to evaluate and monitor the overall quality of mortgage production through prefunding and post closing review programs improve loan quality and the loan production process and verify the existence and accuracy of credit documentation legal documents and property appraisals that the credit union uses to reach its underwriting decisions.