Pre-Funding Quality Control
Application Review and validate information in the application and credit report versus Income and Asset documentation in the file and the AUS or Manual underwrite conditions
SSN Verification via a third-party 24-48 verification service
SSA Benefits Verification of SSA Benefits or Proof of Income Letter Form - Requires SSA Authorization Form SSA-3288 - Sign also at closing for P-C QC.
Verbal VOE to determine validity or income history and current employment/income.
Form 4506T signed at Application and at Closing to allow verification with IRS
Approval Documents Verify documents provided to qualify approval (1040, W-2, 1099, etc.).
Employment Verifications Verbal Employment Verifications for EVERY borrower prior to closing, with a third-party verified employer telephone number being obtained before the verification phone call.
Employer FEIN Validate employer FEIN via sites like KnowX.com to compare to FEIN shown on paystubs, W-2, and 1099 in the loan file.
Anti-fraud Run an anti-fraud program to check issues of ID:
Occupancy Verification Occupancy addresses, phone numbers, ownership of multiple properties, ownership of property, borrower living patterns vs subject property.
SSN validation as a “match” or “not a match” to alert need to do a specific SSN check .
OFAC Violations Check for OFAC violations.
Appraisal Review Check the appraisal potential risk with a desk review .
Validate Gift Funds if involved – validate donor telephone and conduct a verbal verification of gift.
MDIA Review Check the most recently disclosed APR to determine if re-disclosure may be required (1/8th variance) per MDIA.
Anti Predatory Lending Review Section 32 and Section 33 loan reviews.