Quality Control for Origination
Classroom Mortgage Training – Quality Control for Origination
In today’s highly regulated and scrutinized mortgage environment, quality control and quality assurance have become important components of the mortgage origination and servicing processes. Maintaining investment quality loans is essential to company profitability, as well as maintaining knowledge regarding industry trends and best practice. This course will help you improve this required knowledge base while providing an opportunity to network with peers and learn how they are dealing with similar issues.
This course is designed for those in a leadership role, those individuals who are the “go to” person when a loan file issue is escalated. You are the team lead, supervisor or manager in Quality Control. You are the person who writes and/or enforces the policies and procedures. You will be responsible for writing the Quality Control Plan for your staff.
What will I learn?
Upon completion of the course, students will be able to:
- Detail the basic elements of an effective quality control plan
- Recognize established timeframes for the audit process
- List quality control audit requirements from Fannie Mae, Freddie Mac, FHA, VA, and RHS
- Identify different types of sampling methods
- Recognize procedures for ordering re-verifications
- Identify methods for compiling and distributing audit findings
- Recognize how policy and procedure impact quality control and business operations
- List elements of underwriting data integrity assurance
- Identify elements and methods for assuring regulatory compliance
- Identify the elements and methods surrounding quality control of the valuation process
- List essential elements of an outsourcing contract
- Recognize red flags in the mortgage application and supporting documentation
Benefits
Upon returning to the office, students will be able to:
- Participants will be able to write up their Quality Control Plan
- Prepare reports for senior management
- Complete the process for sample selection
- Identify red flags
Agenda
During the course the following topics will be covered:
Day 1 - Topics
- Introduction to Quality Control
- Agency Requirements
- Selections
- Reverifications
- Evaluating the Underwriting
Day 2 - Topics
- Regulatory Compliance
- Reviewing the Appraisal
- Red Flags and Fraud Schemes Review
- Reporting and Follow-Up