Postfunding Quality Control Reviews
Postfunding 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 audit reviews based on agency requirements. Discretionary and/or Targeted selections will be based on the client’s selection criteria. The review conducted is compliant and comprehensive which covers the review of the loan from application to closing. The review covers all agency postfunding Quality Control requirements which include but are not limited to: AUS data integrity, employment, social security number review, assets, appraisal, income calculations and supporting documentation, mortgage insurance (as applicable), determination if additional credit/liabilities exist, review of the mortgage application, borrower and program eligibility, compliance with federal and state disclosures and timing, handling of mortgage documents, occupancy, underwriting accuracy and completeness and closing documents. Any discrepancies will be written up so that the deficiencies can be reported to the Quality Control client and corrective action taken as necessary. A new Quality Control credit report is obtained and reviewed and completion of reverifications of all documents utilized in loan approval is conducted. Our auditors review the file for any potential misrepresentation. Upon completion of the review, a loan report, attempted and completed reverifications, 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 our clients for their Quality Control Reporting.