Denied/Non-Originated Quality Control Reviews

In the mortgage world when you say the words quality control, post closing quality control loan file reviews immediately come to mind. Did you know that non-originated loan reviews are also considered a part of quality control?  Freddie Mac’s Quality Control Best Practices states that as part of your quality control process you should include a random sample of your declined loan applications.  In addition, FHA requires that you review a random statistical sample of rejected applications within 90 days from the end of the month in which the decision was made.   Regulatory Solutions can assist you with these monthly non-originated reviews to ensure you are in compliance with agency and regulatory requirements including the Equal Credit Opportunity Act (ECOA).

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