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According to HUD Handbook 4060.1, REV-2, Chapter 7, all approved lenders and loan correspondents are required to conduct post closing reviews of 10% of all loans funded each month. HUD requires that these reviews be done by personnel that are not involved in the loan origination process.
QC-MAC conducts post closing reviews as a service to the mortgage industry on an outsourcing basis. This allows the mortgagee or loan correspondent to concentrate its efforts on what it does best: originating loans! You do not have to be concerned about hiring an experienced person to handle the quality control responsibilities. QC-MAC can do it for you for a mere fraction of the cost to you of hiring an individual qualified to perform these activities. QC-MAC also will provide you with management reports that can help you modify your operations to eliminate existing problems or avoid potential ones.
QC-MAC's Goal
Our goal is to help our mortgagees and loan correspondents to assure Investors, Regulatory Agencies, and Mortgage Insurers that the loans they originate are in compliance with appropriate regulations and laws. We also will help you to mitigate fraud and misrepresentation in the loan origination process.
Absolute Confidentiality
QC-MAC's business is built on a strict assurance of confidentiality. You are given an absolute guarantee that information obtained by or imparted to our personnel will be held in the strictest of confidence and will not be released, voluntarily to anyone, either directly or indirectly, without your written consent.
Experienced Auditors
Each of your closed loan files is audited by a "live" experienced auditor. Although much reliance is placed on artificial intelligence for underwriting during the loan origination process, when it comes to the re-verification and auditing process, nothing replaces independent "thinkers." QC-MAC employs only expert auditors with many years of experience. They are trained to identify compliance problems as well as the appearance of misrepresentations and possible fraud.
By using experienced and well-trained reviewers, we can provide you with information that will help improve the investment quality of the loans your company originates. All for a fraction of the cost to you to conduct these reviews in-house.
Arm's Length Review
As an independent contractor to the mortgagee or loan correspondent, no employer/employee relationship is created with QC-MAC. This allows QC-MAC to be completely candid and unbiased in its post closing assessment of the files reviewed for your company, without fear of job-based penalty. It is also for this reason that many Investors, Regulatory Agencies and Mortgage Insurers prefer the Post Closing Quality Control function to be performed by an outside company.
Easy to Read and Understand QC Reports
QC-MAC prepares detailed, easy to understand QC reports of the post closing file reviews it conducts. Our reports do not include vague terms that are difficult to interpret or understand, like "critical" or "moderately" or "trivial." Our review looks at forty-one (41) potential categories of "exceptions" to the files we review. Each of the issues we identify in each exception is written in plain English. There is absolutely no guess work!
By clearly stating each exception and identifying the problems in detail, you know exactly where your problems are and what operational procedures need to be changed. This assures that senior management is taking the proper steps to address current issues and to enhance the quality of its future loan production.
FREE Post Closing Quality Control Review
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