By outsourcing your
Quality Control to
Quest, you will
receive an expert
and timely
perspective on your
production quality
while you focus
your resources and
attention where
they belong--on
increasing
production and
profit.
Our
underwriters are
trained and
experienced in all
types of loan
programs including
Fannie Mae, Freddie
Mac, FHA, VA,
Non-Conforming,
Conventional, Home
Equity, and
alternative
residential loan
programs. Thorough,
detailed and
expedient reporting
is the hallmark of
our highly
experienced
staff. Reports are
typically delivered
within thirty days.
File Selection
Random file
selection is
conducted by either
Quest or the client
and is consistent
with secondary
market guidelines
or customized to
fit additional
criteria specified
in the client's
Quality Control
Plan. Selected
files may be
submitted for
review as image
files via CD or
securely uploaded
to our encrypted
website.
Reverification
Employment, income,
credit, asset, and
alternative
documents in the
loan file
originally verified
by the lender, as
well as borrower
applications, are
reverified by a
series of mailings,
telephone calls,
and internet
searches. The
return rate of
these mailings is
maximized through
occupancy
investigation using
internet and
information
searches. All of
the reverification
information is then
analyzed to
validate the
integrity and
reasonable accuracy
of documents used
in the credit
decision process.
Appraisal Review
Fannie Mae and
Freddie Mac Home
Valuation Code of
Conduct (HVCC)
appraisal review
requirements are
followed. A desk
review for each
appraisal in the
loan sample is
performed, and a
field review is
conducted on 10% of
the appraisals in
the sample, to
evaluate the
reasonableness of
appraisals used in
the client's loan
decisions. Third
party property
valuation models
are used to further
evaluate the
appraisal desk
review findings
when deemed
appropriate.
Credit reports
Infile merged or
full residential
credit reports are
ordered as required
by secondary market
or the client's
Quality Control
Plan requirements
to validate both
the credit
information and the
quality of the
credit reporting
agencies used by
the client.
Loan Documentation
Loan file
documentation is
reviewed for
accuracy and
compliance,
including state and
federal regulatory
and legal
documentation.
Final figures are
recalculated,
including APR,
finance charges,
and closing costs.
Analysis of
Approval Decision
Quest reviews the
credit-related
documentation and
recalculates
required ratios and
funds to close to
evaluate the
overall credit
decision relative
to program
guidelines.
Fraud Detection
Throughout the loan
file review
process, Quest
remains alert for
potential fraud
indications when
reviewing
reverifications,
appraisals, and
other loan
documentation,
utilizing
third-party fraud
detection tools
when deemed
appropriate. While
fraud is often
difficult to
detect, such
vigilance can
increase client
management's
opportunity to spot
potential control
weaknesses caused
by intentional
misrepresentations.
Management
Reporting
Quest will provide
detailed, thorough
and easy-to-read
reports typically
within thirty days.
These Quality
control reports
summarize audit
results which are
measured against
applicable agency
requirements and
render an overall
Risk Analysis
rating for each
loan file. The
management reports
also provide a
detailed analysis
of each loan
review. Results are
also available in
graphic
presentations that
provide comparative
analysis of quality
assurance results
for past months up
to a full year. The
findings can be
presented in
different formats
that provide
information and
trends about
specific loan
products, areas of
the loan process,
underwriters,
production
branches, brokers,
and
correspondents.
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