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Quality Assurance

Targeting Defects: Reducing Risk through QC Metrics

by Phil McCall The definition of a “defective loan” has changed dramatically over the last decade or so. Historically, a defective loan was one that did not perform, and loans that performed in spite of manufacturing issues were not included in this category. That is no longer the case. Thanks …

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Advanced Compliance With eDisclosures and eClosings

By Harry Gardner The Challenge The requirements of TILA-RESPA reform have created a host of challenges for mortgage lenders and their technology providers. The specifics of “Know Before You Owe,” or TILA-RESPA Integrated Mortgage Disclosures, have been covered extensively – three-day disclosure requirements both at application and approaching closing, tolerances …

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The Future of Processing Quality Control Reviews

By Mike Vitali Operating an efficient and effective Quality Control (QC) program has always been a key objective for mortgage lenders in managing overall risk. The days of randomly pulling hard copy closed loan files containing hundreds of documents and delivering them to in-house QC staff or shipping them to …

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Monitoring Neighborhood Watch: Effectively Managing Your FHA Business

by Brideen Gallagher If you are a lender originating any FHA loans, you are (or should be) familiar with the compare ratio, which is the value that reveals the largest discrepancies between the lender’s default and claim percentage and the default and claim percentage to which it is being compared. …

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Accuracy, Transparency and Reporting: Key Benefits of Next Generation Quality Control Reviews

By Gerry Glavey In one of my previous articles, examples were provided as to how technology can enhance the overall Quality Control (QC) process by allowing lenders to have real-time access to QC review results and streamline the routine tasks of validating the accuracy of data by QC auditors. The …

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Solving Defects in Policies and Procedures

by Alice Alvey Compliance and operations managers have been frantically creating and updating the countless regulatory and operational policies that have come out of the Dodd-Frank Act. What’s interesting is that no two are the same and many lack the right focus for mortgage lending. Every company has different philosophies …

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How Do You Spell Relief? Q-U-A-L-I-T-Y

By Mike Vitali If you haven’t heard (maybe you were out of the country or under a rock the last few days) Fannie and Freddie (the Agencies) have issued some new quality control guidelines to help provide relief to lenders from certain contract representations and warrants. New Agency Relief Options: …

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