Free mortgage broker quality control plan
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Quality Control Plan
For Mortgage Brokers & Non-Delegated or Mini - Correspondents
QC Plan or Compliance Pack for Brokers and Mini Correspondents - Not for Delegated Correspondents - Includes Fraud Red Flags, Anti Money Laundering and SAR Reporting
This product offers substantial savings over our standard products designed for banks and lenders. This product only includes those elements of quality control that the broker/non-delegated correspondents perform.
Small companies have limited time to spend composing, editing and updating their quality control and compliance plans. We have compiled this comprehensive resource for you to use as a foundation for your quality control procedure documentation. We have addressed all of the requirements imposed by wholesalers and state regulators for origination quality control.
Brokers perform many production QC elements, but the wholesaler/investor usually double checks the file, so the broker's role in this level of review is minimized. BUT if you review the standard broker agreement it normally calls for you to have a QC plan in place. This doesn't necessarily mean you will perform Post-Closing audits, compliance reviews, and the whole scope of quality control that a lender requires, but it does mean that you will have some basic elements in place; application quality, financial audit, compliance audit, fraud red Flags and Anti-Money Laundering/Fraud Reporting (SAR).
- Application Quality Control - this is your application checklist, to make sure that you are requesting everything that a borrower needs.
- Underwriting Submission Checklist - this is your pre-underwriting quality control that checks for red flags and other elements and makes sure that your borrower isn't trying to perpetrate fraud.
- Post Closing compliance and financial audit. You want to make sure you have all of the required documents in the file when you receive your funding check so that you can close the file and be sure that if you are audited you have all the required paperwork in file and that you haven't overcharged the borrower.
- Fraud checks - You do a credit report - that has a fraud guard element, so it's part of your quality control. Include this. There are half a dozen other Fraud prevention steps that we take as a matter of course, and we don't even realize these are quality control measures. This procedure allows you to document this process.
Sample Forms Included
- Pre-Underwriting Audit Checklist (Pre-Funding Audit for Brokers)
- Complete Application Checklist
- TRID Audit Checklist
- Post-Closing Financial Audit
- Post-Closing Compliance Audit
- SAR Reporting Worksheet
- Red Flags Checklist
- AML Self-Audit Checklist
- Annual Audit Checklist
- Vendor IT Audit Checklist
- BSA/AML Enhanced Review Checklist
