Frequently Asked Questions
ABOUT SIMULATED HUD and STATE LICENSING AGENCY AUDITS
Q: What can QC-MAC do to help my mortgage company?
A: QC-MAC can conduct a Simulated HUD and State Licensing Agency Audit of your mortgage operation that will closely simulate the actual audit performed by HUD and the State Licensing Agency. QC-MAC's simulated audit consists of:
Sending to management, prior to the actual on-site Simulated HUD and State Licensing Agency Audit, a list of the information required to perform the review.
An Entrance Conference with top management. During this session, which will last approximately one hour, QC-MAC will review the policies and operational procedures of the office from top to bottom. Management will provide to QC-MAC any additional documentation not previously provided in response to the request for information.
An assessment of your operation's compliance with HUD and State Licensing Agency regulations, and other local, state and Federal laws, by reviewing closed files, trust fund management/record keeping (if applicable), general operating procedures, management oversight and licensing requirements.
An Exit Conference with top management after the Simulated HUD and State Licensing Agency Audit is completed. During this session, QC-MAC's personnel will review verbally the findings and observations made, including any technical violations or non-compliance with regulations or laws observed during the Simulated Audit. Issues that require management's immediate attention will be highlighted.
Approximately 30 days after the Simulated Audit, QC-MAC will provide management with a written report identifying items of noncompliance, technical violations and/or violations of law and citing the relevant portion of the appropriate law or regulation. The report also will include recommendations for correcting problems and for bringing appropriate items into compliance.
Q: Is the information provided to QC-MAC kept confidential or is it released to any other party?
A: The linchpin of QC-MAC's business is maintaining in ABSOLUTE confidence the information provided and the findings and recommendations revealed during a Simulated HUD and State Licensing Agency Audits. One of the conditions of QC-MAC's contracts with its clients is that all records, information, files and written reports are provided on a "need to know" basis only.
Q: How would my company benefit from having QC-MAC perform a Simulated HUD and State Licensing Agency Audit?
A: Knowing how well your company is complying with the HUD and State Licensing Agency requirements will help you to take any necessary corrective action before either HUD or the State Licensing Agency does an audit and makes findings against your company that could have large monetary penalties.
Q: Will QC-MAC help my company to develop a strategy to make the changes recommended as the result of a Simulated HUD and State Licensing Agency Audit?
A: QC-MAC will help your senior management to develop a strategy to make the necessary operational changes to bring your company into compliance with HUD and State Licensing Agency requirements.
Q: What is the cost of QC-MAC's services?
A: The cost of QC-MAC's services vary depending upon the size and complexity of the mortgage company's operations. These factors include loan volume, number of loan representatives, and maintenance of a trust account and/or escrow operation and/or real estate company. In order to receive a quote of the cost to you for a Simulated HUD and State Licensing Agency Audit, please complete the attached questionnaire and fax it to 310-568-1116. We will be happy to provide a quote to you!
On-Site Simulated Agencies Audit
