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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. Only when they then begin the laborious task of validating the accuracy of each finding do they discover that half the loans had missing appraisals or that there was a material finding that requires reporting to FHA.

Often this “invaluable information” is provided 90 or 120 days (or more!) after consummation. During the time between consummation and receiving the final report, it is probable that many of the errors found are still occurring. Consider the processing staff that issues 4 incorrect Loan Estimates a day – for 90 days (60 actual working days). That amounts to 240 potential TRID violations!

Lenders who have the ability to review and rebut loan audit findings in real time benefit by receiving final reports with greater accuracy in the defect rate since corrections have already been made to the initial findings. This real time or continuous auditing process allows lenders to take corrective actions sooner and reduce their overall loan risk.

Evaluate the speed of your quality control rebuttal process now before you have 240 TRID violations!