Our Services
Post-Closing Quality Control Audit Progam
Our mortgage quality control services includes a full and complete audit of each loan file. Our auditors use a comprehensive audit checklist that complies with quality control guidelines as set forth by FNMA, FHLMC, HUD & VA. We also will tailor our checklist form to include any special documentation that is unique to your business.
Our audits include a re-verification of credit documents, ordering of credit reports and field appraisals, a thorough review of the underwriting decision and supporting documentation, and a complete audit of all closing documents including a re-calculation of the Final Truth-in-Lending Statement.
Our report package includes several reports and an Executive Summary, which will provide you with all the information you need to properly evaluate your loan origination process. Our goal is to mail the report package to the customer with in 30 days from the date we receive the copy loan files.
Compliance Review Program
For brokers and other lenders who are not required to audit 10% of their loan production through the post closing quality control audit program, but want to ensure they are in compliance with federal & state compliance guidelines, we offer our Compliance Review Program.
This program includes the complete review of all federal & state compliance documents, including a re-calculation of the Truth-in-Lending statements. Other audit steps, such as a High Cost Loan Analysis, can be included in this program, based upon the needs of the customer.
This audit program can be utilized on a pre-funding or post-closing basis, depending upon the needs of the customer.
File Doc Reviews
This service consists of comparing the actual documents in each loan file to a 'standard' list of documents provided to us by the lender/broker. At the end of each month we send to the customer a list of documents not found in their files. This service can include other audit steps, based upon the needs of the customer.
Pre-Funding Audit Program
This program is designed to provide pre-funding quality control audits in order to reduce errors, prevent fraudulent loan transactions, and property overvaluations.
By utilizing a variety of on-line fraud prevention and identification tools and various internal quality control procedures, Culp QC validates the authenticity of the loan application data, and a property valuation with a 24-48 hour turnaround time.
While no one can guarantee that all fraudulent transactions will be detected and prevented, this program provides significant and timely information to lenders as a tool for making underwriting decisions.
Other pre-funding audit steps can be included in this program based upon the needs of the customer.
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Compares borrower's name & address to USPS database
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Verifies accuracy of the borrowers' social security number to the Social Security Administration database
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Validates borrower's signature from file records at county offices
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Verifies existence of employers & borrowers' current employment
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Compares tax returns to those on file at the IRS
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Predicts presence of property overestimation & land flip schemes.
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Ensures that all loan participants are not on various watch lists
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High Cost Loan Analysis (Optional-Additional Charge)
File Scanning & Retrieval
In addition to our various audit programs, we also offer mortgage file scanning and retrieval services. Lenders and brokers send their files, free of charge, to our service bureau, who in 3-5 business days will scan the documents and host them on their secure web site for easy 24/7 access.
This service also includes a feature whereby lenders and brokers can give their borrowers web access to their closing documents.
The per file fee for this service includes scanning the loan documents and storing the hard copy files in a secure facility for the required retention period.
If you are interested in our services, please
give us a call.
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