Quality Control for Financial Institutions
The Y&A ADVANTAGE
Our Mortgage Quality Control Services
Young & Associates can develop a quality control plan that is customized to your institution and loan program. Whether you need help developing a new plan or updating your existing plan, we will work with you to ensure compliance with Freddie Mac, Fannie Mae, HUD, and investor guidelines, as well as adherence to your institution policies, insurer, and guarantor requirements.
Post-closing quality control reviews are required by Freddie Mac, Fannie Mae, HUD, and private investors. At Young & Associates, our QC reviews are designed to test residential mortgage loans and origination sources and validate income, cash sources, collateral value, and qualification analyses to assure product quality. These reviews verify that loans conform to your company policies, meet insurer and guarantor requirements and comply with lending regulations and laws.
Our in-house portfolio QC reviews will test your residential mortgage loans and origination sources to validate income, cash sources, collateral value, and qualification analyses to assure product quality. These reviews will verify that loans conform to your company policies, meet insurer and guarantor requirements and comply with lending laws and regulations.
Required by Freddie Mac, Fannie Mae, HUD, and private investors, pre-closing QC reviews provide important and timely information to origination staff prior to closing a loan. Our independent pre-closing QC reviews are designed to test residential mortgage loans and origination sources to identify and address loan defects prior to closing and will verify that loans conform to your company policies, meet insurer and guarantor requirements, and comply with lending laws and regulations.
Our quality control specialists perform annual branch audits, as required by the U.S. Department of Housing and Urban Development for traditional and non-traditional branch offices engaged in the origination of FHA insured loans.
Young & Associates provides early payment default reviews. We will review loans in default within the first six months that are 60 days past due for FHA loans and 90 days past due for conventional loans, as required by secondary market guidelines.
Young & Associates provides denied loan reviews for banks, credit unions and other mortgage lenders. We review FHA and VA denied loans to affirm that your organization had a valid reason for denying the loan and that you met the requirements of the Equal Credit Opportunity Act. These reviews demonstrate that in the rejection of the application, no civil rights were violated, and each rejection had the concurrence of an officer or senior staff person of the company or a committee.
Reverse audits allow lenders to back-check the QC reviews that Young & Associates has performed for them to determine compliance with regulatory guidelines. These audits include work papers, credit bureau checks, reverifications, and APR verification. Our reverse audit service offers an organized and efficient review of select loans provided for QC review for re-verification and will identify problems, errors, or concerns with these loans.
