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America Mortgage Quality Control |
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Quality
Control Our
quality control services are carried out on an ongoing basis, with monthly
reports provided. Fannie Mae guidelines are strictly followed, including the
requirement that 10% of the loans sold be reviewed for compliance with the
investor’s specifications. Scope of
Review 1. 100% of the randomly selected loans are
underwritten and income and debt ratios recalculated to ensure compliance
with standard lending practices. Explanations for swings in self-employed
income and commission income are always provided when applicable. 2. New standard factual credit reports are
obtained on each of the files and reviewed. A comparison is made with the
status of the credit at the time of closing. Explanations for derogatory
credit are on file, and pay-down of credit card debt is monitored. 3. All appraisals are reviewed and reported
on. Adjustments by the appraiser are reviewed and the suitability of comps is
assessed. In addition, 20% of the files are randomly selected for review on
the Residential Appraisal Field Review Report, Fannie Mae Form 2000. 4. Verification of employment, telephone or
otherwise, and income verification is carried out on all of the files. 5. A document checklist including compliance
with government regulations is carried out on all of the files. Our
quality control monthly report and “one-on-one” comments as to the loans
checked enable you to maintain your high standard of underwriting and improve
on your processes. We have
an ongoing communication with the underwriter and from time to time request
documentation or other verification which the underwriter obtains for us. Our
requirements/suggestions are always promptly and courteously met. Some of
our previous and current clients include: § Ark
Mortgage § Bridgepoint
Mortgage § Castle
Home Mortgage § Federal
Mortgage § First
Community Resources § Mercury
Mortgage, Inc. |
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America Mortgage Quality Control.
1082 Magnolia Road. Teaneck, NJ 07666.
Phone: 201-692-8375 Fax: 201-692-0321 E-mail: AMERMQC@aol.com
Copyright
© 2011 by America Mortgage Quality Control. All rights reserved. You may
reproduce materials available at this site for your own personal use and for
noncommercial distribution. All copies must include this copyright statement.
The
information you obtain at this site is not, nor is it intended to be, legal
advice. You should consult an attorney for advice regarding your specific
situation.