Investor-Specific Requirements
Often, we will learn of an investor/wholesaler who applies a more rigorous or specific requirement to a particular compliance aspect. We have posted these findings here:
8-11-15 - United Wholesale Mortgage - We have provided the location of UWM's various pre-funding QC requirements in our plan. See Updates and Downloads.
3-10-15 - American Financial Resources - Requiring a complete pre-funding quality control review for brokers. Our opinion is that the lender is misreading the requirement, because, if taken literally, it would mean the broker would have to go to the lender's office and randomly select files to conduct a full re-verification review, including underwriting, appraisal and credit. Our broker plan has a pre-funding requirement addressing this issue.
1-10-11 - CitiMortgage/Comergence - Comergence has a very specific checklist requirement for the quality control and compliance plan. Unfortunately, like many agency requirements, the guidelines are at once very specific but then so broad as to miss communicating the spirit of the requirements. In order to meet the requirement you must add the HR (Hiring/Background) and Origination Module (SAFE Act/Compensation) Components.
8-11-15 - United Wholesale Mortgage - We have provided the location of UWM's various pre-funding QC requirements in our plan. See Updates and Downloads.
3-10-15 - American Financial Resources - Requiring a complete pre-funding quality control review for brokers. Our opinion is that the lender is misreading the requirement, because, if taken literally, it would mean the broker would have to go to the lender's office and randomly select files to conduct a full re-verification review, including underwriting, appraisal and credit. Our broker plan has a pre-funding requirement addressing this issue.
1-10-11 - CitiMortgage/Comergence - Comergence has a very specific checklist requirement for the quality control and compliance plan. Unfortunately, like many agency requirements, the guidelines are at once very specific but then so broad as to miss communicating the spirit of the requirements. In order to meet the requirement you must add the HR (Hiring/Background) and Origination Module (SAFE Act/Compensation) Components.
