Mortgage Banking Quality Control

Unlike other industries, mortgage banking quality control is not just a simple QC plan. All agencies require a formal mortgage QC plan to be submitted that conforms to agency guidelines to be allowed to process any mortgage loans.

Mortgage banking quality control plans are an extremely important part of mortgage QC. In fact, the agency approval of your business depends upon your written mortgage QC plan. Many choose to turn to the mortgage compliance advisor professionals at QMS for assistance preparing this important document.

The staff of QMS is made up of mortgage banking advisors that include former underwriters, HUD field monitors and other mortgage compliance and mortgage risk professionals. They have a thorough knowledge of the industry and understand how to construct a mortgage quality control plan that will satisfy regulations from all of the agencies.

There are many other quality control mortgage services offered by QMS besides the mortgage QC plans. If you need mortgage audits for QC of various types or even help with repurchase defense, the QMS staff is ready to assist you.

QMS maintains its proprietary software called MARS that will let you monitor the mortgage audit process and generate QC reports. With the combined support of MARS and the variety of analytical QC reports, and the compliance and risk management staff, mortgage bankers can increase their mortgage quality control and risk mitigation programs.

Post-Closing Quality Assurance

Quality Mortgage Services offers many types of post-closing quality control and mortgage compliance reviews and audits. The most common post-closing quality control audits performed are the agency audits for mortgage bankers who sell their loans to the government sponsored entities (GSE) or service GSE loans. Mortgage bankers who are approved by Federal Housing Administration (FHA) will have to perform post-closing quality control. Many mortgage investors who purchase mortgage loans on the secondary market may require mortgagee correspondents or sponsored mortgagees to perform a similar type of post-closing quality control audit on loans.

Mortgage servicers are under tight regulations observation in how well they handle mortgage servicing quality control to include loss-mitigation compliance. The mortgage banker advisor teams that perform mortgage servicing audits will provide a measurement of wellness of a servicing pool and act as a mortgage compliance advisor to the mortgage servicer QC team.

Post-closing quality control audits show mortgage bankers the risk of the loan based on credit, collateral, and underwriting. These audits may include review of federal regulatory discrepancies.