Adverse Action Reviews
Adverse Action Quality Control Reviews are reviewed in accordance with FNMA, Freddie Mac, VA, USDA, FHA and any other investor requirements as applicable. Inco-Check, Inc. will perform loan selections for adverse audit reviews based on agency requirements. The review conducted is compliant and comprehensive which covers the review of the loan from application up to the time of the decision and action taken. The review covers all agency Adverse Quality Control requirements which include but are not limited to: Compliance with federal regulations, proper action taken, delivery of action notifications, proper completion of action notifications and gathering of HMDA data for reporting of the action. Issuance and timely compliance for federal and state loan disclosures is also reviewed. Any discrepancies will be written up so that the deficiencies can be reported to the Quality Control client and corrective action taken as necessary. Our auditors review the file for any potential misrepresentation. Upon completion of the review, a loan report, completed Quality Control checklist, supporting documentation for noted deficiencies, reviewed Quality Control credit report and any field reviews obtained as part of the audit are provided to the client. Additionally, monthly trending and summary audit reports are provided back to the client. Inco-Check, Inc. has an extensive compliant suite of 100 or more audit reports that can be utilized by the clients for their Quality Control Reporting.