Prefunding Quality Control Reviews
Prefunding 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 our client’s targeted selection criteria. The review conducted is compliant and comprehensive which covers the review of the loan from application to underwriting. The review covers all agency Quality Control prefunding 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 based on file documentation, review of the mortgage application, borrower and program eligibility, compliance of federal and state disclosures and timing, handling of mortgage documents, occupancy and underwriting accuracy and completeness. Any discrepancies will be written up and reported to the client so that the deficiencies can be corrected prior to loan closing as required by the agencies. Reverifications of documents are completed upon request. Upon completion of the review, a loan audit report and completed worksheet will be provided to the client. Additionally, monthly trending and summary reports will be provided to assist in determination of root causes for deficiencies. 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.