Early Payment Default Reviews
Early Payment Defaults are reviewed in accordance with FNMA, Freddie Mac, VA, USDA, FHA and any investor requirements as applicable. Inco-Check, Inc. completes a compliant and full review of the file from application to closing, along with a review of a new Quality Control credit report and completion of reverifications of all documents utilized in loan approval. Our auditors review the file for any potential misrepresentation. Compliance with federal and state disclosures and timing is also reviewed. Our auditors will also provide an overview opinion as to why the loan may have defaulted. As required by FHA, field reviews are also obtained. Upon completion of the review, a loan report, attempted and completed reverifications, completed Quality Control checklist, supporting documentation for deficiencies, auditor reviewed Quality Control credit report and any field reviews obtained are provided back to the client so that corrective action can be taken as necessary. Additionally, monthly trending and summary audit reports are provided. 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.