Quality Control

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 FHA, Conventional, Subprime, Home Equity and other 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 hard copy files or image via CD.

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.  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 assure the integrity and reasonable accuracy of documents used in the credit decision process.

Appraisal Review
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.

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. 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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