Who
is Quest Advisors?
I
did get a
residential
mortgage loan from
the company you
identified in your
reverification
letter, but why
haven’t I heard of
you?
Why
did Quest Advisors
order my credit
report?
Why
should I send this
request for
information back to
you?
The
information you
sent is incorrect
or fraudulent.
What will
you be doing about
it?
These
Frequently Asked
Questions (“FAQ”)
do not cover the
question I have, or
I still have
questions about
what I read in the
FAQ. Can I call or
email someone?
Who is Quest
Advisors?
Quest Advisors is a third-party outsourcing quality assurance
company engaged or
contracted by the
mortgage company,
bank, savings and
loan, or credit
union (“Quest
Client Lender”) to
conduct quality
assurance services
for them concerning
Residential
Mortgage Loans they
originate. As their
agent, we do
Residential
Mortgage Loan
quality control
audits for them
that are required
by HUD, FHA, VA,
Fannie Mae, Freddie
Mac, other
investors, and
government
regulatory
agencies.
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I did get a residential mortgage loan from the company you
identified in your
reverification
letter sent to me, but why
haven’t I heard of
you?
We are allowed to
represent the
mortgage lender
that funded your
Residential
Mortgage Loan in
this quality
control audit
function since we
are contracted by
them to do so as
their quality
control outsource
firm and agent.
Please contact the
Quality Control
Department of your
mortgage lender for
verification that
we are allowed to
work on their
behalf concerning
the quality control
review of your
loan. However,
please note that if
you obtained your
loan through a
mortgage broker who arranged for
our client lender
to provide you with
and fund or
purchase a
Residential
Mortgage Loan, your
mortgage broker
will most likely
not know who we are
since we are
engaged directly by
the lender that
provided the
funding for your
loan. The loan
officer or loan
office that took
your application is
probably not
familiar with us, as
well, since we are
engaged by senior
management of the
lending mortgage
company.
Therefore, you
need to contact the
lender’s Quality
Control Department
that we work with
to validate our
contracted status
with them.
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Why did Quest
Advisors order my
credit report?
Quest Advisors represents mortgage companies, banks, savings and
loans, credit
unions, and other
authorized lenders
(“Quest Client
Lender”).
Quest
Advisors ordered
your credit report
as part of a normal
quality control
review process
related to a
Residential
Mortgage Loan you
received from a
Quest Client
Lender, that is
required by FHA,
VA, Fannie Mae, and
Freddie Mac (the
“Agencies”).
The required Quality Control function for Residential
Mortgage Loans
originated by
mortgage companies,
banks, savings and
loans, credit
unions, and other
authorized lenders
is defined by the
Agencies, as well
as by private
investors. The
function is clearly
defined in the
Agencies’
guidelines and
policies. It is
also defined in the
guidelines that
they allow a
“third-party” firm
to complete these
audits for an
authorized lender,
if the third-party
firm is engaged or
contracted to do so
by that authorized
lender. Quest
Advisors is a
third-party quality
assurance firm that
conducts Quality
Control audits on
Residential
Mortgage Loans
nationwide, and was
contracted by the
Quest Client Lender
who
originated or
acquired your
Residential
Mortgage Loan.
We have been
provided by the
Quest Client Lender
with an
authorization
signed by you, the
borrower, giving
the lender, its
successors, or its
agents (Quest
Advisors) the right
to obtain any
information,
including a credit
report, required to
verify or re-verify
anything in the
original loan file.
This new
“verification”
credit report is
used to reverify
the original credit
report information
used to make the
original lending
approval decision
by comparing and
validating the
credit information
from the original
credit report to
ensure that it was
accurate and was
not altered during
the loan approval
process. This
necessary function
was also recognized
in the federal
Gramm-Leach-Bliley
Act when it gave
lenders and their
agents (Quest
Advisors) the right
to obtain this
information in the
“permissible
purpose,” section
of the Act (section
4): “For use to
protect against or
prevent actual or
potential fraud,
unauthorized
transactions,
claims, or other
liability.”
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Why should I send
this request for
information back to
you?
Returning the requested information to us will help the lender
meet their required
quality control
requirements, and
in cases of
incorrect
information, it
will help in
getting the
incorrect
information
corrected and
addressed further
as needed.
If this requested information required to complete the quality
control review is
not returned, a
repeated request
for the information
will be made.
If the
requested
information is
still not returned,
or is refused, we
are required to
report to the lender of
the residential
mortgage loan that
the requested
information was
refused or was not
returned.
Quest
Advisors only
provides the lender
with the results of
the quality control
reviews.
It is the
decision of the
lender as to what
additional action
will need to be
taken.
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The information you
sent is incorrect
or fraudulent.
What will
you be doing about
it?
Quest Advisors collects the information obtained in the loan file
audits and reports
the findings to our
Client Lender, who
is the lender that
funded the loan. It
is the decision of
the lender as to
what action will be
taken.
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These Frequently Asked Questions (“FAQ”) do not cover the
question I have, or
I still have
questions about
what I read in the
FAQ. Can I call or
email someone?
Yes, you can email us at
info@questadvisors.com, or you
can call Traci
Mollot, Director of
Operations, at
1-800-793-0542.
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