Since 2006, LCG Quality Control has been helping mortgage brokers, lenders, and servicers of all sizes navigate the complexities of mortgage quality control.
Whether you are just getting started or already have a robust mortgage portfolio, our team of audit and legal experts is dedicated to helping you develop a plan and achieve your quality control goals.
ORIGINATIONS
Quality Control
Auditors evaluate each sampled loan file to determine whether the file meets applicable agency and program guidelines including, but not limited to: FANNIE MAE, FREDDIE MAC, FHA, VA, USDA/RHS, FHLB, HECM, HELOCS, PORTFOLIO.
Quality Control: Post-Closing
Quality Control: Pre-Funding
Quality Control Plan: Originations – New Clients get it FREE!
Post-Closing
Quality Control pursuant to the published requisites of Fannie Mae, Freddie Mac, HUD/VA, and investor guidelines.
Competitive pricing, and excellent turn-around times.
Enhanced management reports with an Executive Summary, many loan level detail reports, trend analysis reports, severity levels and defect rates.
Pre-Funding
Pre-Funding Audits identify issues in a pending loan transaction that should be cured prior to closing.
Since expediency is essential to Pre-Funding Audits, we provide a 24 hour and a 48 hour option for the completion and return of audit results.
Quality Control Plan
Investors, secondary market entities and regulatory bodies require a complete Quality Control program to be in place. LCG Quality Control is here to assist in putting your QC plan together and setting the foundation for a comprehensive Mortgage Quality Control strategy. Our plans meet Fannie, Freddie, FHA, VA, RHS/USDA and FHLB requirements.
Contact us today to learn more about Mortgage Quality Control Plan. New clients get it FREE!
Sample Package Audits
Our targeted audits include the review of:
- Federal disclosures to determine the content requirements have been met
- State disclosures to determine the content requirements have been met
- Federal disclosures to ensure they are properly utilized
- State disclosures to ensure they are properly utilized
- Initial loan application to determine that it is properly populated
- Initial Loan Estimate to determine the content requirements have been met
Exam Preparation
Audits of loan packages in advance of examinations and investor reviews, federal and state or state-specific. Quick turn-times to ensure readiness!
Mortgage Lending Requirements: From loan origination through loan closing, mortgage lending requirements of every state and the District of Columbia are tracked.
QC Tune-up
Our Compliance Tune-up is a unique, expeditious, cost-effective auditing experience that targets products, services, departments, functions, regulatory compliance, and statutory-based procedures.
The QC Tune-up covers virtually all departments, functions, and regulations associated with the Quality Control department and its functions.
Purpose: Targeted Audit, Self-Identification, Risk Assessment
Line of Defense: Second – Risk Management and Compliance Functions
Process: Similar to audits by a federal agency or state banking department.
Bulk Purchase Audits
If you acquire a large group of mortgage loans or servicing rights in a single transaction, our auditors are skilled at reviewing the portfolio.
Areas of Expertise
Bulk Loan Purchases: We audit a range of bulk transactions, such as where a lender or investor buys a portfolio of mortgages from a wholesale lender or correspondent lender.
Bulk MSR Bid: Quality Control reviews to support a bid to purchase a portfolio of mortgage servicing rights (MSRs) associated with seasoned loans, often through the secondary mortgage market.
Portfolio Sale: Our auditors review for a bulk sale where a large group of related financial assets (like mortgages) are sold in a single transaction.
Fannie Mae Bulk Delivery: We specialize in quality control auditing of the specific type of bulk purchase offered by Fannie Mae for multifamily properties that allows for flexible financing terms and property substitutions.
SERVICING
Quality Control
Compliance is crucial when it comes to Mortgage Servicing. Our experienced team of servicing auditors examine your individual servicing records to ensure overall adherence to applicable statutory and regulatory requirements from agencies such as Fannie Mae, Freddie Mac, FHA, VA, CFPB, State Compliance and more.
Our servicing audit process utilizes loan level reviews such as Foreclosure, Loss Mitigation, ARM Adjustments and Servicing Transfers to gauge compliance with regulatory requirements.
Targeted Audits
To make certain that audit results will be statistically valid, over two dozen key servicing functions can be targeted during the selection process.
Each of these targeted areas are referred to as an Area of Inquiry (AOI). We review and analyze all impacted AOIs applicable to the subject servicing portfolio. AOIs incorporated into a typical mortgage servicing audit include, but are not limited to:
- ARM Adjustments and Conversions
- Bankruptcy Requirements
- Claims
- Collections/Default
- Escrow/Tax/Insurance
- Foreclosure
- Loss Mitigation Efforts
- Property Management
- Paid in Full
- Payment Processing
- Servicing Transfers
State-Specific Servicing QC
Mortgage Loan Servicing: State-specific requirements as they pertain to the servicing of mortgage loans can be included in the servicing audit testing scripts.
Foreclosure Rules: Approximately 5,000 state-specific questions are included to address all pertinent aspects of the residential mortgage foreclosure process. A thorough monitoring of state-specific foreclosure requirements has never been easier.
Quality Control Plan - Servicing
Our Quality Control Plan establishes the policy of monitoring loan servicing activities to ensure that all FHA, VA, USDA, and conventional loans that are originated meet the standards of the Company and those of its insurers, investors, regulatory agencies, GSEs, and HUD.
To accomplish this Plan’s objective, this Plan provides formal practices and procedures for mortgage loan servicing quality control, as follows:
A. Accurately monitors all loan servicing functions, processes, documents, events, and the compliance and legalities in connection therewith;
B. Assures that mortgages are serviced to:
1. Conform to Company policy and procedures,
2. Comply with FHA, VA, USDA, insurer/guarantor requirements, and
3. Meet specific investor requirements; and
C. Evaluates and monitors the overall quality of loan servicing.
Our team of experienced auditors continually monitor your origination and servicing files for compliance with Fannie Mae, Freddie Mac, FHA, CFPB, VA, USDA, individual state compliance and more.