Review & Risk Analysis of Mortgage Lending Operations
It includes, but is not limited to:
- Conduct One-on-One Interviews with staff in various positions to discuss processes followed
- Assess uniformity and conformity in following company policy, investor guidelines & regulatory requirements in the origination of mortgage loans
- Thorough review of workflows and responsibilities
- Review & risk analysis of Loan Origination System (LOS) as it relates to the logic used to produce all disclosures and documents
- Actual loan file reviews to ensure compliance with federal and state law along with investor requirements
- Analysis of loan delivery into the secondary market and review of investors’ suspension items
- HMDA reporting and data accuracy
- Review and analysis of the Quality Control Plan and monthly findings reports as well as the Quality Assurance Program and review of monthly findings reports
Quality Control (QC)
A successful Quality Control Plan ensures timely discovery of non-compliance with regulatory as well as investor/underwriting requirements, therefore reducing financial risk to our Mortgage Lending Clients. Our Quality Control Review assures that the procedures of the Lending Institution Client are sound and in compliance. These steps include but are not limited to:
- Re-underwriting review of closed loan files follows the requirements of Fannie Mae (FNMA), Freddie Mac (FHLMC), Housing and Urban Development (HUD), the Veterans Administration (VA), and Private Investors
- Regulatory compliance review of closed loan files
- Withdrawal/Denied File Review to ensure compliance with applicable regulations and quality of loan decision
- Closing documents are reviewed for accuracy and to identify any regulatory infractions.
- Credit Report, Loan, Rent, Income, Asset Re-verification
- Appraisal Re-verification
- Findings and Trending Reports are produced and shared with the Lending Institution Management
Quality Assurance (QA)
Midea Mortgage Lending Consulting offers a pre-funding review Quality Assurance (QA) service for those clients who may not have the in-house capacity to develop this program. Some high-level steps are as follows:
- Total review of loan files before closing and immediately after the in-house underwriter has approved the loan
- The review is comprehensive and heavily weighted on loan underwriting, final loan approval, and loan salability in the secondary market
- Findings and Trending Reports are produced after this review and shared with the Lending Institution Management
Maintenance & Ongoing Consultation
For those clients who may not have the in-house expertise, we offer ongoing support services:
- Review of processes and procedures regularly as regulation and investor requirements change. This helps to ensure that procedures, process flows, and products are up-to-date, which mitigates the risk of non-compliance
- Mentoring Staff on updated Policies and Procedures and implementing changes
- Training Staff in underwriting, closing, loan delivery, loan ensuring/guaranteeing
Procedures, Process Flow, Product Development, Implementation, and Compliance Management System (CMS)
For clients who may not have in-house expertise, Midea Mortgage Lending Consulting offers the following services:
- Written Procedures, Process Flow & Product Descriptions
- Development and Implementation of Compliance Management System (CMS)
- Training of Personnel
- Implementation of recommended changes and enhancements