by Denise Kowalski | Oct 17, 2016 | General, Kaizen
What happens when documentation is missing from a Quality Control loan file? Nearly 30% of all lenders will receive a Notice of Incompleteness, Notice of Reject, Repurchase Request or a high defect rate. Missing documentation can lead to misguided interpretations by...
by Denise Kowalski | Sep 16, 2016 | General, Kaizen
When was the last time someone from your company reviewed your Quality Control Plan? Was it last year? Or was it the year before? Does it still reference the GFE or HUD-1? Is there a method for the not so random loan selection process? We often hear from lenders...
by Denise Kowalski | Aug 23, 2016 | General, Kaizen
WHAT ARE THE AGENCY QUALITY CONTROL PRE-FUNDING REQUIREMENTS? Fannie Mae, Freddie Mac and FHA all require that lenders complete pre-funding quality control audits. Lenders and investors receive great benefits from these pre-funding reviews by preventing loan from...
by Denise Kowalski | Jul 25, 2016 | General, Kaizen
The Gross defect rate is based on the preliminary quality control (QC) audit findings before the rebuttal and correction process. The Net defect rate is based on the final QC audit findings after the rebuttal and correction process. Many lenders often rely on...
by Denise Kowalski | May 27, 2016 | General, Kaizen
Quality Control Reports! Love them or hate them, they do provide invaluable information on how compliant lenders are in meeting both agency and regulatory requirements. In many offices, lenders start the rebuttal process by reviewing the results of the final report....