Investor/Agency (Fannie Mae, FHA, Freddie Mac) Quality Control Plan
Also referred to as a "Lender Quality Control Plan", this "full-scope" QC plan includes every element required by all investors, secondary market entities or regulators to be part of a quality control program. Directs procedures for origination/production quality control, pre-funding procedures, random selection, document re-verification process, establishing tolerances, red flags, and audit for underwriting and closing. This product also includes the SAR/AML reporting component.
Our plan is regularly updated and includes TRID references (LE v GFE - CD v HUD-1) and other updates such as FHA Quality Control Plan (4000.1 v 4155) requirements.
Rather than structuring this product as three stand-alone procedures, our plan contains appropriate overlays so that these procedures can be applied against all loan types. For example, the post-closing review process is the same regardless of loan type, but if it is an FHA Quality Control Element, we include an additional checklist for FHA related items. When choosing random sampling, you have a choice of worksheets to ensure that your overall sampling captures enough representative portions of your production depending on pipeline
Our plan is regularly updated and includes TRID references (LE v GFE - CD v HUD-1) and other updates such as FHA Quality Control Plan (4000.1 v 4155) requirements.
Rather than structuring this product as three stand-alone procedures, our plan contains appropriate overlays so that these procedures can be applied against all loan types. For example, the post-closing review process is the same regardless of loan type, but if it is an FHA Quality Control Element, we include an additional checklist for FHA related items. When choosing random sampling, you have a choice of worksheets to ensure that your overall sampling captures enough representative portions of your production depending on pipeline
FHA Quality Control PlanFHA Quality Control Plan elements include checking the production process, post-closing, MIP remittance, MIC requirements.
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Fannie Mae Quality Control PlanFannie Mae Quality Control plan requirements include the self-reporting procedure, annual audit process, higher-risk loan selections and re-verifications.
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Tip: If you have delegated underwriting authority, you generally need an investor agency quality control plan.
Quality Control Plan Elements
- Conventional, FHA, FNMA, FHLMC, USDA, VA standards - where any requirement exceeds industry requirements, it is included "in-line"
- Pre-Funding Audit Process
- Loan Quality Pre-Funding Review Process
- Random/Audit Selection Process
- Expanding Audit Selection
- Detailed Audit Procedures
- Loan Level Reporting
- Policy and Procedure for Discovery
- State Audit/Examination Preparation Plan
- Production Quality Control Elements
- Training Resources
- "Red Flags" Fraud Detection and Prevention Plan
- Pre- and Post-Funding Audit Plan
- State Audit/Examination Preparation Plan
- Financial Audit
- Compliance Audit
- Closing Document Audit
- AML SARS (Suspicious Activity Reporting) Process
- QC Mortgage Audit Checklists
Servicing Review elements are in the Servicing Module
Table of Contents and Samples |
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Purchase Investor Agency Quality Control Plan
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Price: $445
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Also available as part of the Lender Compliance Pack or Banker Pack
Referred by a wholesaler, association or consultant? Click here to request a discount code! Product delivers via e-mail link - allow 5-15 minutes after order for delivery |