Posted To: Voice of Housing
As an FHA approved lender, you are required to have and implement a Quality Control Plan (QCP) . As many lenders have probably figured out, the QC review process is not necessarily intuitive and easily discernible as they would like. For example, are you fully aware of the sampling requirements – how to meet them – and how to do so in a cost efficient manner? You are probably able to readily identify what it costs for your staff or contractor to complete the monthly QC process, but can you quantify the financial and reputational risk if you fail to implement the Plan or not do so in compliance with FHA requirements? It can also cost you an audit by the Quality Assurance Division or HUD’s Office of Inspector General, a Credit Watch or Direct Endorsement authority termination…(read more)
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