Why does your company need Quality Control/Policy and Procedures Manuals?
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State Requirements for Quality Control
Need help with state licensing? Contact Steven Sheasby
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1.) To Meet the Requirements of the States when applying for/renewing a License.
States hold employers liable for the actions of employees. Without documented policies, the Regulator cannot be sure the employer has established standards of conduct and best practices. 2.) To Answer Operational Concerns of a Regulator. Often lenders do not have sufficient operational, credit policy, or process management support which can result in concerns for examiners. Comprehensive, cohesive policies and procedures are the proper response to this concern 3.) To Meet the Requirements of FNMA (Fannie Mae), FHLMC Freddie Mac, FHA/VA, warehouse lenders and correspondent investors. Written Policies and Procedures are a requirement of the agencies when you apply for status as a seller or servicer 4.) To Remove Legal Liability and Support Errors and Omissions If you do not have written policies and procedures you have no recourse against your employees in the event of any violations. This is critical if you have to discipline an employee or defend yourself in a Legal Action 5.) To Provide an Internal Training Program Mundane, repetitive training is managed uniformly. Handle simple tasks that consume an inordinate amount of management time like training
In any of these areas documenting the process is time consuming. Worse yet, the instruction for procedures and "how to" do something as simple as determine which credit bureau or appraiser to use tends to change from person to person. This can perpetuate misinformation. 7.) Initial Internal Training for Employees. Avoid repetitive process instruction and redundant errors. Policies and procedures manuals give you the opportunity to train a position specific function. They become the foundation for your internal new employee training program. |
Arizona - Origination Policies
California (DBO) - Quality Control Plan, AML (BRE) Written Supervisory Plan, Identity Theft Plan (Red Flag/FACTA) Connecticut - Supervisory Authority Principals/Managers Liable for Employees Actions Florida - Origination Policies Georgia - Quality Control Plan - Production Quality Control Hawaii * - Quality Control Plan, Information Security, Anti-Money Laundering, Vendor Management Idaho - Business Plan, Quality Control, Compliance Illinois - Quality Control Plan Indiana - Business Plan Kentucky - Business Plan Maryland - Principals/Managers Liable for Employees Actions Sub-Prime/Hybrid Loan Guidance - Origination Policies Massachusetts * - Principals/Managers Liable for Employees Actions Sub-Prime/Hybrid Loan Guidance, Information Security Michigan - Principals/Managers Liable for Employees Actions Sub-Prime/Hybrid Loan Guidance, Quality Control Plan, Loan Program Guidelines Missouri - Business Plan New Hampshire - Errors and Omissions Insurance and predatory lending policies, FACTA Red Flag, Quality Control, AML Plan Nevada - General Business Procedures and supervision New York * - Principals/Managers Liable for Employees Actions Quality Control Plan - Fair Lending Plan - Information Security Plan, Vendor Management, AML Ohio - Business Plan Principals/Managers Liable for Employees Actions - Origination Policies Oregon * - Advertising Requirements, Builder Relationships, Identity Theft, Supervisory Plan, AML Plan Rhode Island - Business Plan - Sub-Prime/Hybrid Loan Guidance South Dakota - Business Plan - Appraisal Policy Texas - Written Best Practices, Quality Control, Compliance , AML Utah - Quality Control and Principal Lending Manager Plan Vermont - Business Plan, Anti-Predatory Lending Virginia - Business Plan, Advertising, Anti-Predatory, Written Policies and Procedures West Virginia - Sub-Prime/Hybrid Loan Guidance, Red Flag ID Theft Washington * - Written Supervisory Plan, Quality Control, Red Flag Agencies/Investors Requiring Quality Control Process FHA FNMA FHLMC RHDS USDA VA FDIC OCC NCUA 
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