Quality Control for Mortgage Origination Manual From AllRegs

The Consumer Financial Protection Bureau (CFPB), FHFA, HUD, and other agencies have established that mortgage bankers, lenders, and brokers are accountable for compliance with consumer protection laws and federal regulations related to mortgage lending. This policy sets forth minimum standards and industry best practices for mortgage lenders to apply effective quality control to their loan originations.

Overview

All lenders must establish and monitor compliance with origination standards and regulatory requirements. Do you have an approved QC policy in place? FHFA, Fannie Mae, Freddie Mac, HUD, VA, USDA, and FHLB all require implementation of or access to a quality control for mortgage origination policy. Choose AllRegs' Quality Control for Mortgage Origination Policy Manual to submit for agency approval.

This policy is designed to assist mortgage lenders in complying with quality assurance requirements based upon agency guidance and industry best practices.



Benefits

The Quality Control for Mortgage Origination Policy Manual features the following benefits:

  • Supports strong operational preparedness
  • Establishes staff training requirements
  • Defines roles and responsibilities
  • Helps meet regulatory and internal compliance requirements
  • Allows policy revisions to fit your business model
  • Delivered via email within one business day
  • Provides a complete AllRegs Quality Control for Mortgage Origination Policy Manual, saving you development time and resources
  • Includes terminology and disclosures required under TILA-RESPA Integrated Mortgage Disclosures rule
  • Addresses Handbook 4000.1 FHA Single Family Housing Policy Handbook. Chapter V. Quality Control, Oversight and Compliance
  • Outlines prefunding quality control requirements
  • Clearly identifies Fannie Mae, Freddie Mac, FHA, VA, USDA, and the Federal Home Loan Bank's MPF quality control requirements
  • Meets multi-agency requirements for conforming loans
  • Provides best practices for expanded quality control measures and reports

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.

Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.

Contact your account manager for information regarding these optional services!


Policy Manual
Quality Control for Mortgage Origination Manual From AllRegs
Section Title Priority Action
1.1 Goals and Objectives Mandatory Review Include the point of view or culture of your organization in this section, if applicable. It is recommended that you develop the quality control plan in agreement with the risk management and compliance management system of your company.
1.4 Required Review Mandatory Review Be sure this accurately reflects your company’s annual policy review process.
2.1 Internal Controls Mandatory Review Include or reference related procedures in this section.
3 Staff and Training Mandatory Review Include the means by which your organization provides and tracks required training.
4 Prefunding Quality Control Recommended Best Practice This chapter covers the procedural steps generally acceptable to institutional investors. Ensure this section accurately describes the processes you have in place
5 Fannie Mae Quality Control Plan Requirements Optional Enhancement Consider including specific processes you have in place to adhere to agency requirements. If you do not originate Fannie Mae loans, indicate that here or remove this section.
6 Freddie Mac Requirements Optional Enhancement Consider including specific processes you have in place to adhere to agency requirements. If you do not originate Freddie Mac loans, indicate that here or remove this section.
7 FHA Requirements Optional Enhancement Consider including specific processes you have in place to adhere to agency requirements. If you do not originate FHA loans, indicate that here or remove this section.
8 VA Requirements Optional Enhancement Consider including specific processes you have in place to adhere to agency requirements. If you do not originate VA loans, indicate that here or remove this section.
9 Federal Home Loan Bank’s Mortgage Partnership Finance (MPF) Program Optional Enhancement If you do not participate in the program, consider removing this chapter, or note that it is not applicable.
10 USDA Rural Development Program Optional Enhancement Consider including specific processes you have in place to adhere to agency requirements. If you do not originate USDA loans, indicate that here or remove this section
12 Best Practices for Expanded Quality Control Recommended Best Practice This chapter features eight control points for implementing QA steps beyond agency or investor guidelines. Indicate here if you adhere to these or any additional controls.
13 Best Practices – Quality Control Reports Recommended Best Practice This chapter refers to reports that may be utilized as tracking and communication tools for reporting to functional managers and senior management. Modify these report titles to align with reports you have in use.
14 Appendix Recommended Best Practice Review and, if needed, revise the checklists provided in this section.