Quality Control (QC) Policy and Procedures for Mortgage Lenders

Description

The Quality Control (QC) Policy and Procedures for Mortgage Lenders is designed to meet the specific needs of mortgage bankers and lenders, ensuring that the appropriate level of quality control is applied to produce high-quality mortgage loans.

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

In addition, post-closing quality control reviews help detect key risk areas and protect the company against errors, omissions, negligence, and fraud. The policy also defines best practices for reporting, along with the roles and responsibilities of management in maintaining a strong quality control framework.