As a growing mortgage lender, there are myriad operational and customer experience challenges that you have to deal with on a day-to-day basis. QC Audit Services
Conducting audits is one such significant one, often translating into a cause for sleepless nights due to the extensive and time-consuming nature of the task. After all, at the end of the day, it is the mortgage file audits that serve as quality control for internal purposes or external validation for publicly traded companies. They are needed to report to the regulatory agency and there is only little room for making any mistakes in these documents.
As a fact, it has been a growing trend among ambitious and progressive mortgage lenders to opt for dependable outsourced QC Audit services to avail the benefit of greater convenience and process accuracy with the right economics.
In this article, we explore the services that are typically performed under outsourced Quality Control audits and how opting for them benefits mortgage providers in the highly competitive market landscape. Without further ado, let’s begin.
What to Expect in Outsourced QC Audit Services?
The central idea behind outsourcing the QC Audit services function is to eliminate the burden of looking into and completing the entire task accurately from the mortgage lender’s to-do list.
The process is a long-winded one, and it involves the completion of the following broad tasks –
- Thoroughly reviewing the file before it gets submitted to underwriting
- Performing a deep review of critical loan documentation
- Completion of the loan application forms in their entirety
- Verification of FICO scores, payment histories, credit reports, etc
- Complete validation of all the documentation as per the requirement
- Proper verification of the details of all assets as declared by the borrowers
Outsourcing the entire umbrella of tasks described above is now being recognized as one of the salient practices towards improving efficiency, accuracy, and improving cost-efficiency. The next section describes the advantages of outsourcing in detail.
What are the Benefits of Outsourcing QC Audit?
If you’re a mortgage lender, it always makes sense to outsource QC Audit Services. The reasons are –
Greater Accuracy:
Delegating the task to experts in the industry helps to remarkably improves adherence to compliance, improves agility, helps weed out errors, and mitigates possibilities of losses in the loan production process.
Reduced Operating Costs:
Hiring a skilled and experienced internal auditor or attempting to get the QC Audit done in-house can be quite costly due to the extensive nature of the task. Delegation to a specialized agency helps to ensure the most precise work is done at the most efficient price tag.
Enhanced Customer Satisfaction:
Greater speed of task completion, coupled with unmatched accuracy levels turns out to be a delightful combination for loan seekers. When it is delivered to them by a specialized mortgage service provider, it enhances their experience and level of satisfaction, thereby raising the goodwill of the lender and converting it into enhanced future business growth opportunities.
Achievement of Enhanced Revenues:
As QC audit service providers operate at scale with a specialized team and infrastructure, they’re able to conduct the audits at optimized costs, as compared to a mortgage provider attempting to do the same activity in the house. This translates into a cost-benefit for those outsourcing the audit function to them, thereby raising their overall bottom line.
Accelerated Turnaround Times:
Outsourcing to a specialized QC Audit provider helps to significantly expedite the cycle time needed to complete the QC audit as they are experts in the task. This translates into the ability of lenders to focus better on pursuing greater volume and business expansion opportunities, as against struggling to complete these non-growth-related tasks in-house.
Exposure to Cutting-Edge Technologies:
Finally, when going with a specialized outsourced partner for audits, another significant benefit is getting access to the latest cutting-edge technology. Since service providers tend to serve multiple mortgage providers, they are usually equipped with the best and latest tech toolkits to assist them with the task – something that may not be viable for an individual mortgage lender to invest in. This not only keeps the business up to date but also carves out a good impression in front of the relevant stakeholders.
Want help with QC Audits? Connect with PrivoCorp
Our team is well trained to scrutinize appraisal reports for accuracy, completeness, and reasonability, ensuring that the fair market value of the collateral property is established.
Our post-close QC audits are structured to meet all relevant agency guidelines like Fannie Mae, Freddie Mac, FHA, VA, USDA, CFPB
As a fact, we have a suite of comprehensive mortgage QC services for lenders available with the implementation, monitoring, and regulation of quality parameters, in the loan approval process. We do this after performing an in-depth post-close view of all loan-related documentation. With our automated checklist-based approach all documents are validated ensuring dependable compliance.
When working with us, all you need to do is send us the closed file and we shall return an audit-ready, checked, and stacked file for you to keep for your records. No minimum requirements, and only $49 per file.
