Mortgage Qc

Written by Jessica Duquette
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Mortgage QC refers to reviews of mortgages that are done after the closing to ensure they comply with Department of Housing and Urban Development (HUD) and with company policies in place. Quality control, or QC, is important to any company but especially to those that lend large amounts of money and have greater exposure to potential fraud or scams. Outsourcing this work has become extremely popular as lenders and loan officers realize the importance of documents and the potential consequences of bad paperwork.

Outside Mortgage QC

Even though you trust your employees and believe they will operate by company policies, having documents inspected by an outside company will ensure that nothing slips through the cracks. In the past there have been cases of employees fixing files to ensure that all documents are in order. While this may solve the current situation, performing this kind of business in the future could lead to lawsuits and huge penalties.

A big part of any company's mortgage QC is related to the service it provides and how dependable the documents are. To ensure that all federal and company guidelines are adhered to, the services of a notary public are required. Obtaining this certification is not extremely difficult to do so it is important to have a certain level of trust with the loan office or mortgage processor that you are working with.

Protecting Customers

For most people the largest purchase they will ever make is a home and having the proper paperwork filled out is essential to that purchase. The last thing you want to hear after you have closed on a house is that some of the documents contain errors making the deal null and void. This could cause not only mental anguish but also monetary damages that may never be recovered.

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