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Third Party Processing Company Policies and Procedures Package

Policies and Procedures for 3rd Party Processing Firms

While processing companies don't (or shouldn't) negotiate applications, for firms without internal capacity, outsourced processing is the service that allows them to function, bridge the gap, or provide expertise that simply cannot be found in a marketplace. However, when an independent processor decides to offer services as a contractor, the licensing and employee umbrella disappears, and the processor/firm must undertake licensing and observe compliance as if it were a mortgage company. 

In fact, the processing company is a mortgage company, simply without direct retail origination, so you need to have internal policies and procedures to ensure compliance.

Third Party Processing Policies and Procedures Package

First, mortgage brokers and processing firms need to have the following policies and procedures plans in place. (Browse to each document to see a detailed description of the contents)
  • Quality Control - fraud detection and reporting, including AML and Risk Assessments
  • Compliance - the complete stack of consumer compliance rules including RESPA/TILA, Fair Lending, SAFE Act, Anti-Steering, Ability to Repay, Appraiser Independence, Employee Screening, Employee Training, etc. 
  • Information/CyberSecurity - protecting customer information, Identity Theft Red Flags, Breach Remediation, Remote Work, Document Destruction
In addition to the regular set of compliance documents, in order to validate the file documents and define the duties of the 3rd party processor firm, the company needs to have a business plan for processing:
  • ​​Processing Policies and Procedures - including intake, setup, reviewing and reporting, submission, closing preparation and post-closing compliance reviews. 

Purchase Third Party Processing Package

Third Party Processing Firm Pack Price: $745.00
Purchasing the package is a substantial savings over a la carte orders - If purchased separately 
  • QC Plan $295
  • IT Security $395
  • Compliance $445
  • Processing $395
Total $1530 - Savings of $785 over 50%
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  • Home
    • Search our site
    • The CFPB and You
    • What Does a QC Plan Do?
    • Choosing the Right One
    • About Us >
      • Request Discount Code
      • About Us
      • Privacy Policy
      • Terms of Use
      • 100% Guarantee
      • Client List
    • Industry Blog
  • Single Policies
    • Single Policies
    • Free Sample Policies >
      • Free Sample Request Form
      • SAFE Act Policy
      • FREE Sample AML Plan
      • TIL-RESPA Integrated Disclosure (TRID)
      • Complaint Resolution
      • HPML Appraisal Policy
      • Social Media
      • Ability to Repay
      • E-Sign Policy
      • Loan Originator Comp
    • Disaster Recovery/Business Continuity Plan
    • Fair Lending/Fair Housing
    • Secondary Marketing-Loss Mitigation
    • Advertising
    • Anti-Money Laundering (AML/BSA/SAR) Plan
    • Appraiser Independence - Appraisal Management
    • Anti-Predatory Lending (UDAAP)
    • Vendor Management
    • Business Plan
    • MERS QA Plan
  • Modules
    • Module System
    • Mortgage Compliance Manual
    • Quality Control Options >
      • Quality Control Options
      • Lender Quality Control Plan >
        • HUD-FHA Quality Control Plan
      • Broker/Non-Del QC Plan
    • Information Security - FACTA/Red Flags & ID Theft >
      • IT/Cyber Audit
    • Origination/Production Module
    • Processing Module
    • Underwriting/Credit Policy
    • Closing/Funding/Warehouse
    • Mortgage Ops & Employee
    • Wholesale/Third Party Origination
    • Mortgage Servicing Module >
      • Mortgage Servicing
      • Mortgage Sub-Servicing
      • MERS Quality Assurance (QA)
  • Packages
    • Packages
    • Complete Mortgage Banker Package
    • Complete Correspondent Pack
    • Lender Compliance Pack
    • Broker-Non Del Compliance Pack
    • Processing Company Package
    • Anti-money laundering AML/BSA/SAR package >
      • Annual AML/BSA Audit
      • Annual AML Training
      • AML/BSA Plan
      • Free AML/BSA SAR Evaluation
    • Cyber/IT Security Audit Package >
      • Cyber Security Audit
      • IT/Cyber Security Training
      • CyberSecurity Policies
    • Advertising Audit Package
  • Services
    • Services
    • State Audit Prep >
      • State Audit Prep Package >
        • Georgia Mortgage Examination
        • Massachusetts Examination
        • Michigan Examination
        • Missouri Audit Prep
        • New York DFS License Exam
        • North Carolina NCCOB Examination
        • Ohio DFI License Examination
        • Pennsylvania Audit/Exam
        • Texas Exam Preparation
        • Washington DFI Exam
      • Annual Audit Preparation
      • State Examination System (SES) Support
      • State Examination Packages >
        • Supervisory Plan
    • Training Services >
      • Compliance Manager Training
      • AML Training
      • Social Engineering Phishing Training
      • Fair Lending Training
      • ID Theft Training FACTA
      • Cybersecurity Training GLB Safeguarding
      • Fraud Red Flag and QC Training
      • Appraiser Independence (AIR) Training
      • Privacy Act - GLB Training
      • Advertising Compliance Training
      • New Employee Training
      • RESPA Training
      • Truth-in-Lending Training
      • New York Human Rights Training
    • Knowledge Base
    • Audits/Reviews >
      • AML Audits
      • IT Security-Cyber Audits
    • Updates and Downloads >
      • Updates and Downloads
    • Warehouse Lender/Agency Approval >
      • Comergence Upload Service
    • Request Review
    • How to: Customization Services >
      • Customization Services
      • How to: Downloading Documents
      • How to: Customize Your Manual
      • Free "Generic" Customization Offer
  • Compliance Manager
    • My Compliance VP - Manager
    • Customer Portal