All-in-one US Residential Mortgage Servicing Solutions

Pre-Funding Audit

Pre-fund file auditing is a long-established element of the quality control process. Required by Fannie Mae, Freddie Mac, FHA, and many investors, these audits are also the only proactive audit in the quality control process. When a quality pre-fund QC audit is completed, you gain the ability to correct many problems before they become bigger issues. Using third-party expertise to do pre-fund QC audits is also an opportunity to cut quality control costs by at least 15% than if you conducted them internally

Benefits of Outsourcing Pre-Fund QC

• Reduce errors
• Comply with FHA, Fannie Mae and Freddie Mac pre-fund requirements
• Provide an overall risk assessment of the file
• Detect potential fraud and high-cost violations

Post Closing Risk Monitoring

At Auctor Business Solutions, we understand that post-closing is a critical component of the mortgage loan process. Our Mortgage Quality Control team provides pre- and post-closing loan reviews for quality assurance to ensure compliance with investor and agency requirements and guidelines. Our post-closing reviews involve a full and comprehensive review of every mortgage loan, carefully evaluating and monitoring the overall quality of your mortgage loan’s production, starting with mortgage appraisal services. We ensure that all loan file selections are structured to comply with investor and agency requirements and guidelines. Our comprehensive approach system complies with guidelines in accordance with all loan types. Our team is dedicated to being a point of contact through which resolutions such as processing a homeowners payments occur in a time sensitive manner.

NMLS QC

NMLS QC is a mandatory audit process designed to assess the quality of residential mortgage loan origination and servicing. It requires mortgage companies to conduct regular internal audits of their operations and report any findings to the NMLS.

The objective of NMLS QC is to ensure that mortgage companies are operating ethically and in compliance with all applicable regulations. It also helps identify potential areas of risk and improve the quality of loan origination and servicing. The audit process typically involves a review of loan files, underwriting, processing, closing, and servicing activities. The NMLS may also review the company’s policies, procedures, and training materials to ensure they are up-to-date and in compliance with regulations.

Mortgage companies that fail to comply with NMLS QC requirements may face penalties, fines, and license revocation. Therefore, it is essential for all residential mortgage companies to prioritize NMLS QC and maintain a culture of compliance to avoid legal and financial repercussions.