Post-Closing Audits

Whether your company funds loans in your name, or your firm is approved with Freddie Mac, Fannie Mae, Ginnie Mae, HUD or VA, at least 10% of your closed loans must be audited. The post-closing audit standard is a 10% random sampling, for most loan products. A post-closing audit can be performed by an outsource firm, or by an employee, who is devoted exclusively to compliance. The audit guidelines can be found in the FHA handbook 4060.1 and Freddie Mac section 48.

Our QC Audits are special because they include many services, which other companies charge extra for.

We receive files in disk (scan) format, by email or paper version. We accept small audits as well as larger ones. We don’t eliminate the small guy!

Our QC audit rate is $95.00 per file and includes:

-Re-underwriting the loan file

-Data Integrity review (legal documents)

-Regulatory document review (RESPA, TILA to name a couple)

-Re-verification of income and asset documents

-Desk review

-Internet search

-Appraiser license search

-New credit report (run on your credit software)

-APR test

We issue a report within 21 days of receiving your files. We will work with you on response to audits, as well as, provide free phone training on just about any topic you could imagine.

Once the audit process has been completed, we will send you a final report and copies of your desk reviews, Internet searches and re-verifications.

State Specific Audits

We offer a review of specific documents related to state audits. Some states are aggressive on auditing for excessive fees, or interest charges. We can review a percentage of your loans in a specific state to help you determine if your company is in compliance with state fees and regulations. Fee varies depending on volume and data source to audit.

Fraud Audits

If your company is realizing some kind of issues related to loans generated by a loan officer, third party originator, realtor or branch, we can provide management with a report that identifies the issues and the source. We pull tax returns, look for flips, and use reliable fraud software for issues or problems. Fee for this type of audit: $150.00 per file.

Servicing Audits

If you service loans or have an outsource service them for you, a quarterly audit is mandatory for agency loans. Our servicing audit tests all areas of servicing from boarding loans, compliance with fees, collection, flood and insurance guidelines, REO, to name just a few.

Fess for this type of audit: Based on size of audit, and whether audit is computer or on-site based.