Which Quality Control Plan do I Need?
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. If you choose the Correspondent Broker plan, you will focus on the production quality control audit, and prepare your files for state examinations. This presentation should help you decide - do you need the correspondent/broker plan or the lender plan.
Regardless of Which Business Model, Your Plan Should Include the Basics:
- Production Quality Control - A review of loan exhibits to ensure the application quality is good
- For Brokers: A financial and compliance review of all closed, cancelled, or withdrawn loan files
- For Lenders: A post-closing review of a sampling of loans for fraudulent activity