What you can expect from BFO for Quality Control:
Provide a Quality Control review of the following functions:
a. Loan Origination
b. Loan Processing
c. Loan Closing
Select a sampling from Reports supplied by Lender. Sample to include:
a. Closed loans 10% of total
b. 60 Day Delinquencies 100% of total
c. 30 Day Delinquencies 100% of total
d. Repurchase loans 100% of total
Ensure Quality Control procedures meet industry standards as required by FNMA, FHLMC, HUD and VA.
Monitor compliance with the provision of regulations governing the mortgage industry, to include the Truth-in-Lending Act, ECOA, RESPA and Predatory Lending laws (Local, State and Federal).
Expand the scope of the audits where a pattern of deficiencies or misrepresentation has been uncovered.
Track Compliance issues and ensure that these are brought to the attention of Lender for action.
Assure that no person associated with the Loan Process has been Debarred, Suspended or is subject to a Limited Denial of Participation.
- Prepare and provide Reports of all Quality Control findings to executive management of Lender.
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