Quality Control (QC) Policy and Procedures for Mortgage Brokers

Description

This Quality Control (QC) Policy and Procedures has been specifically developed to meet the needs of independent mortgage brokers and to ensure the proper level of QC is applied throughout the mortgage loan process.

The policy outlines how to evaluate residential mortgage loans to ensure they are properly originated, processed, and closed. It includes pre-funding quality control reviews designed to identify and prevent the closing of loans with major issues such as misrepresentation, inaccurate information, or insufficient documentation.

In addition, the post-closing quality control reviews help detect areas of risk and protect against errors, omissions, negligence, and fraud. The policy also details best practices for quality control reporting, as well as the roles and responsibilities of management in maintaining an effective QC program.