We have seen an uptick of inquiries from our customers who engage with several national wholesalers. At the root of the inquiry is the reviewer asking the customer to locate items in the QC Plan. To forestall this we wanted to show you what a standard response looks like.
More than this, though, is an understanding of the terms. Our plans are all delivered in Word format. This means you can easily search them for a particular phrase. The problem is that the reviewers aren't using standard QC nomenclature. Key phrases include:
- Independence - does the plan show that reviewers are not involved in underwriting or production?
- Completion - are loans reviewed within 90 days of closing?
- Selection - does the plan require a 10% sampling
- Schedule - does the plan require reporting results to management within 90 days
- Scope - does the plan review all origination documents, underwriting, and closing documents?