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Goals of QCP Systems
Our goal is to help our customers to assure
Investors, Regulatory Agencies, and Mortgage Insurers that the loans they
originate are in compliance with appropriate regulations, laws and underwriting
guidelines. We also will help you to mitigate fraud and misrepresentation in
the loan origination process. QCP Systems conducts
the following quality control audits as a service to the mortgage industry on
an outsourcing basis:
- Post Closing Reviews: QCP Systems'
outsourced post closing review process allows customers to concentrate its
efforts on what it does best: originating loans! You do not have to be
concerned about hiring an experienced person to handle the quality control
responsibilities. QCP Systems can do it for you for a mere fraction
of the cost to you of hiring an individual qualified to perform these
activities. QCP Systems also will provide you with management reports that
can help you modify your operations to eliminate existing problems and
avoid potential ones.
- Pre-Funding
Reviews: QCP
Systems' Pre-Funding Quality Control Review is designed to
provide the Lender with a “High Level of Confidence” that the information
provided in the file for underwriting purposes DOES or DOES NOT contain
accurate information. However, due to the fast turn around time
requirements for pre-funding reviews, it is virtually impossible to be
100% accurate in pre-funding reviews. Therefore, the Lender is given a
“High Level of Confidence” report that the information reported is
accurate but not guaranteed. When a negative Pre-Funding review report is
issued, it is recommended that the loan be placed on hold until the Lender
can review the file to make a final determination as to whether the loan
should or should not be funded.
- 2nd
Check:
QCP Systems will conduct an audit of your Quality Assurance Department to
determine if it is being operated in accordance with your company's
prescribed policies and procedures and in compliance with overall industry
standards and expectations. On a monthly, quarterly, semi-annual or annual
basis, QCP Systems will conduct a 2nd Check on a percentage of the
loans that your Quality Assurance Department has already reviewed to
determine if the department is catching everything that it should and to
show you what mistakes are being made, and/or omissions that are occurring
and last but not least, where training should be focused. The 2nd Check
file review process also serves to validate that your Quality Assurance
Department is doing the job you need and expect.
- EPD/Special
Investigations: QCP Systems
investigations includes a thorough review of the purchase agreement and
escrow instructions; the mortgage application; the verifications of
deposits and gift funds; verifications of employment/W-2s/tax returns;
verifications of signature consistency and social security numbers; the
HUD-1 and appraisal report; the borrower's intent to occupy the property;
and the chain of title ownership of the property. At the conclusion of the
investigation, QCP Systems issues a narrative report of findings for each
area reviewed, including our opinion of whether the file contains
significant discrepancies, inconsistencies, misrepresentations, program
abuses and/or possible fraud. If the file contains some or all of these
problems, QCP Systems will recommend how you should handle the situation.
Our early payment default and special file investigations provide
management with an external view, internally.
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