America Mortgage Quality Control, Inc. rica Mortgage Quality Control, Inc.

 

 

 

 

 

 

Quality Control

Our quality control services are carried out on an ongoing basis, with monthly reports provided. Fannie Mae guidelines are strictly followed, including the requirement that 10% of the loans sold be reviewed for compliance with the investor’s specifications.

Scope of Review

  1. 100% of the randomly selected loans are underwritten and income and debt ratios recalculated to ensure compliance with standard lending practices. Explanations for swings in self-employed income and commission income are always provided when applicable.

  1. New standard factual credit reports are obtained on each of the files and reviewed. A comparison is made with the status of the credit at the time of closing. Explanations for derogatory credit are on file, and pay-down of credit card debt is monitored.

  1. All appraisals are reviewed and reported on. Adjustments by the appraiser are reviewed and the suitability of comps is assessed. In addition, 20% of the files are randomly selected for review on the Residential Appraisal Field Review Report, Fannie Mae Form 2000.

  1. Verification of employment, telephone or otherwise, and income verification is carried out on all of the files.

  1. A document checklist including compliance with government regulations is carried out on all of the files.

Our quality control monthly report and “one-on-one” comments as to the loans checked enable you to maintain your high standard of underwriting and improve on your processes.

We have an ongoing communication with the underwriter and from time to time request documentation or other verification which the underwriter obtains for us. Our requirements/suggestions are always promptly and courteously met.

Some of our previous and current clients include:

  • Ark Mortgage
  • Bridgepoint Mortgage
  • Castle Home Mortgage
  • Federal Mortgage
  • First Community Resources
  • Mercury Mortgage, Inc.

 

 

 

 

 


America Mortgage Quality Control, Inc. 1082 Magnolia Road. Teaneck, NJ 07666.
Phone: 201-692-8375 Fax: 201-692-0321 E-mail:AMQC@aol.com

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your specific situation.