Quest provides denied and withdrawn loan file reviews to meet HUD requirements, as well as ensure compliance with federal regulations. 

Quest provides denied and withdrawn loan file reviews to meet HUD requirements, as well as ensure compliance with federal regulations.  While FHA requires a QC review of a 10% random sample of denied and withdrawn loan files, it is also recommended such reviews be completed for conventional loans as well.  For this review, Quest will focus on whether an Adverse Action Notice was properly issued within the required timeframe, that the reason for the declination or withdrawal stated on the Adverse Action Notice was appropriate, and if the reason for denial or withdrawal was documented in accordance with state and federal regulations, particularly fair lending requirements and expectations.  Reverifications, appraisal field reviews, closing documents, and regulatory compliance documents beyond origination disclosures and the Adverse Action Notice are not included in this type of review.