Amid tighter regulation on lenders, Credit Plus announced that it will be offering QC Review, a new loan quality control program.
Powered by the LoanHD Platform, QC Review enables lenders to run quality assurance checks to meet their own policies and procedures throughout the entire origination process using real-time technology.
“QC Review assures lenders that the loans they fund meet FHA/HUD, Fannie Mae, Freddie Mac, VA, and private investor requirements for prefunding analysis and post-closing audits,” said Greg Holmes, national director of sales and marketing for Credit Plus.
According to Credit Plus, here’s how QC Review works in each step of orgination:
- Pre-closing, the program runs each loan through a validation process, including employment verification and confirming compliance with lender, state and federal guidelines.
- Post-closing, QC Review automates audit tasks and enables significant efficiencies when reviewing audit results.
- Then there is a forensics review designed to detect any inconsistencies in loan documents and ensure each loan is in copmliance with regulations.
- Loans underwritten in QC Review have Reps and Warranties insurance coverage included in the cost, along with the option for lenders to get additional protection from the Prieston Group’s Reps and Warranties Insurance program.
