Other Services
PERIODIC
CORRESPONDENT AUDITS
QC-MAC can perform
the periodic visits and meetings with a Sponsor's Loan Correspondents
that HUD expects of its approved Sponsors. HUD Handbook 4060.1, REV-1,
3-4, details the Sponsor's responsibilities to supervise and conduct quality
control reviews of its Loan Correspondents to ensure compliance with the
HUD requirements. Sponsors are expected to make periodic visits to and
meet with its Loan Correspondents to review the Loan Correspondent's loan
origination requirements and to ensure "prudent lending practices."
BRANCH
OFFICE AUDITS
QC-MAC can conduct
the annual branch office audits HUD-FHA requires of its approved mortgagees
(including Loan Correspondents). All approved mortgagees, including Loan
Correspondents, must comply with this requirement for all of their branch
offices that are authorized to originate FHA loans (HUD Handbook 4060.1,
REV-1, 6-1 D-6). QC-MAC's audits of the branch will provide a comprehensive
review of the operation of the branch, including regulatory compliance
and operational compliance with company policy.
CONSULTATIONS
QC-MAC offers
a broad array of advisory and consultative services to the wholesale or
retail mortgage broker/banker. These services include, but are not limited
to:
- HUD-FHA
regulatory compliance issues.
- HUD-FHA
operational requirements.
- Mortgage
broker/banker state licensing compliance.
- Mortgage
lending procedures, including processing and underwriting quality control
requirements.
- Preparing
for and preparing responses to HUD Quality Assurance Audits.
- Developing
quality control procedures.
- Identifying
methods for detecting fraud in a mortgage operation.
- Serving
as an additional (contract) source for performing post closing loan
file reviews, early payment default investigations, and fraud investigations
for the mortgage broker/banker who normally performs these activities
in-house.
- Serving as an advisor to newly FHA-approved Direct Endorsement lenders to assure that their "test cases" meet HUD's requirements.
TRAINING
QC-MAC offers
to the mortgage broker/banker expert training of loan originators, processors
and underwriters on ways to detect fraud, some of the tricks of the "fraud"
trade, ways to avoid the problem areas commonly found in HUD-FHA Quality
Assurance Audits of closed loan files, and specific methods that work
to assure the quality of loan transactions.
OBTAINING
HUD FHA BROKER APPROVAL
QC-MAC helps
mortgage brokers (Loan Correspondents) to obtain HUD approval to originate
FHA loans. Our assistance includes: providing an assessment of the broker's
existing operation to identify areas requiring modification to meet the
HUD requirements; helping to identify the best and most expedient approach
for the broker to take to obtain HUD-FHA approval; serving as an advisor
at all stages of the approval process, including up-front and on-going
consultation; if necessary, helping to identify an authorized HUD-FHA
mortgagee to sponsor the broker through the approval process; and other
assistance necessary to assure a speedy and acceptable conclusion to the
approval process.
