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Post Closing Loan Audits
Mortgage Data Integrity utilizes the latest technological resources along with a staff of experienced underwriters to provide a thorough audit of your files. Each file is dealt with the highest level of confidentiality and reviews are completed in an expedient manner.
File Selection A random 10% or a 2% sample that will provide a 95% confidence level will be chosen from closed loans on monthly basis. If fewer than 10 loans are closed monthly, a 90 day sample will be selected. If fewer than 10 loans are closed annually one loan from the year will be selected.
Program Eligibility All loans will be reviewed for eligible property types, credit minimums, file documentation, loan terms, LTV and CLTV maximums.
Re-verification All verifications, gift letters, other credit related documents, and the original loan are re-verified.
Appraisal Review A desk review of the property appraisal is performed on all loans chosen for a Quality Control review. The desk review includes a review of the appraisal data, arithmetic used and the validity of the comparables.
Mortgage Data Integrity utilizes the latest technological resources along with a staff of experienced underwriters to provide a thorough audit of your files. Each file is dealt with the highest level of confidentiality and reviews are completed in an expedient manner.
File Selection A random 10% or a 2% sample that will provide a 95% confidence level will be chosen from closed loans on monthly basis. If fewer than 10 loans are closed monthly, a 90 day sample will be selected. If fewer than 10 loans are closed annually one loan from the year will be selected.
Program Eligibility All loans will be reviewed for eligible property types, credit minimums, file documentation, loan terms, LTV and CLTV maximums.
Re-verification All verifications, gift letters, other credit related documents, and the original loan are re-verified.
Appraisal Review A desk review of the property appraisal is performed on all loans chosen for a Quality Control review. The desk review includes a review of the appraisal data, arithmetic used and the validity of the comparables.
Credit and Closing Analysis For each loan in the Quality Control sample, the quality control review will determine if the underwriting decision was appropriate for the loan and made in accordance with the criteria specified. The review will also determine if the documentation is sufficient to support the underwriting decision and meet the requirements. The information in the file must demonstrate that the applicant is able and willing to repay the loan in accordance with its contractual terms.
Loan Documentation The quality control review will determine whether each loan file contains all required loan processing, underwriting, legal documents, and applicable regulatory disclosures.
Fraud Detection Review of documentation will attempt to determine if there is evidence of improper handling (i.e. documents were transmitted by any interested party to the transaction) or possible fraud
Occupancy Verification Occupancy addresses, phone numbers, ownership of multiple properties, ownership of property, borrower living patterns vs subject property.
Anti Predatory Lending Review Section 32 and Section 33 full loan reviews.
Fraud Detection Review of documentation will attempt to determine if there is evidence of improper handling (i.e. documents were transmitted by any interested party to the transaction) or possible fraud
Occupancy Verification Occupancy addresses, phone numbers, ownership of multiple properties, ownership of property, borrower living patterns vs subject property.
Anti Predatory Lending Review Section 32 and Section 33 full loan reviews.
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