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Quality Control
What you can expect from BFO for Quality Control:
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Provide a Quality Control review of the following functions:
a. Loan Origination
b. Loan Processing
c. Loan Closing
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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
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Ensure Quality Control procedures meet industry standards as required by FNMA, FHLMC, HUD and VA.
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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).
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Expand the scope of the audits where a pattern of deficiencies or misrepresentation has been uncovered.
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Track Compliance issues and ensure that these are brought to the attention of Lender for action.
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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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