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POST ITS FOR MAC FULL
POST ITS FOR MAC MAC

Assets required to close or meet reserves requirements.

Social Security number provided by each borrower.

Evaluate the work of a particular employee or mortgage transaction participant when there is a reason to suspect fraudĪn effective pre-closing quality control review process should include validation or re-verification of:.

Validate that a new product or offering is being originated in accordance with the lender’s policies and procedures.

Review the work originated by a new branch office, employee or third-party originator.

Additionally, lenders should target samples, as needed, in order to: Lenders must regularly assess its sampling methodology to ensure that its pre-closing quality control process is effective.

POST ITS FOR MAC FULL

The sampling process should include mortgages that are representative of the full scope of the lender’s product line and production process. Canceling or postponing settlement when the pre-closing review reveals deficiencies or when the review cannot be completed prior to the scheduled settlement.Reporting deficiencies and taking appropriate corrective measures.Sample selection and timing that permits reviews to be completed prior to closing.The pre-closing review process should include procedures for:

POST ITS FOR MAC MAC

The best practices published by Freddie Mac are as follows. The pre-closing quality control process should operate independently of the mortgage origination and underwriting departments when operationally possible. The goal of an effective pre-closing review process is to monitor origination policies, ensure the accuracy of the mortgage data and prevent the closing of mortgages with deficiencies such as fraud, inaccurate data and insufficient documentation.

This will provide lenders with the opportunity to identify and address deficiencies prior to loan closing. The pre-closing quality control program must include a process to perform quality control reviews on a sampling of mortgages prior to closing. While they have not prescribed specific requirements for pre-closing QC steps, they have created a “best practices and guidance” in a new Section called Pre-closing Quality Control Reviews Section 48.8. Information regarding the QC changes were announced in the AugBulletin 2011-15.įreddie Mac has added a new requirement for pre-closing quality control reviews. The changes take effect for loans closed on or after December 1, 2011. Freddie Mac has updated Chapters 46 and 48 of the Seller/Servicer Guide regarding pre- and post-closing quality control.