Mortgage Management Systems - Mortgage Quality Control from application to post closing - less risk and more profit

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FNMA Seller Guide Update - New QC Requirements

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FHA Quality Control Plans - HUD Quality Control Plans - Mortgagemanuals managing the process from application to post-closing

State Licensing Application Tools for Brokers and Lenders - operational documentation for licensingWarehouse Lender Approval PackageRed Flag Identity Theft Program and Information Security Program for Mortgage Bankers and Brokers

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What we Provide

  • Bank and Credit Union Lending Policies and Procedures

  • Complete Mortgage Quality Control Plan Solution - Meets New FNMA Part D Seller Requirements for Approval, Pre & Post Closing Audits, Selection,  Reporting and Process - Get the Banker Package

  • Investor QC Plan - Chase, BofA, Wells, Flagstar, FNMA, FHLMC, others

  • FHA Quality Control Plan - HUD - Post-Closing AND Production Quality Control

  • Lending Policies and Procedures - Underwriting

  • Red Flag-Identity Theft Plan

  • Customized and Delivered in under 24 Hours

  • Electronic templates that can be completely customized

  • Expertise - 2,048 customers deployed since 1996 (as of 5/2010)

  • Location in Washington, DC - fast access to HUD, FNMA, FHLMC, VA, USDA

  • Broker to Lender Solution

Our Products: 

  • Are Delivered in Word, Excel and PowerPoint Format

  • Are Constantly Updated

  • Integrate with each other - use one module or many

  • Are Easily Customizable - Ready to use "off the shelf"

  • Are manageable on an intranet (hyperlinked/indexed ready)

  • Can be integrated with existing policies/procedures

  • Are fully compliant with FHA Quality Control Plan Requirements, Freddie/Fannie, State and Federal guidelines; SAFE Act Requirements

  • Are guaranteed to meet requirements of warehouse banks and lenders

  • Protect your company from expensive litigation - limit Fraud Liability - works with E&O Insurance/Fidelity Bond

  • Adhere to required Policies and Procedures - "Best Practices"

How Can We Help?   I Need a GLB Safeguards PlanWhy Do I Need Quality Control?How Do You Get FHA Approved?Let Us Submit Your ApplicationLet Us Bid For Your Audit NeedsGet Downloads and Tools

The Complete Mortgage Business Management System is a "Mortgage Company in a Box"

 

 

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6-15-2010 - Mortgagee Letter 2010-20 re-states previous guidance - FHA Approved Mortgagees can originate loans through TPOs.  There will be no tracking by FHA of TPO until approximately September 2010.  After 9/2010, TPOs will have separate IDs, allowing lenders to track TPO performance.  Existing mini-eagles will be able to access Neighborhood Watch until 1/1/2011, thereafter no access. 

4-14-2010 - Long awaited guidance from HUD on TPO (broker/correspondent) origination procedures.  Click here to read entire text.  

 

Executive Summary:

Mortgagee Approval

- Net worth increases to $2,500,000 in 2013, 2,000,000 by 2012, plus 1% of volume over $25,000,000.
- Temporary Accommodation made for "Small Business Lenders" to $500,000 minimum net worth - through end of 2010.
- Authorized Agents (In Principal/Authorized Agent Relationship) must have DE underwriters beginning 2011

TPO - Broker Approval

- Brokers (referred to as TPO) Handled through Sponsor directly - NO FHA guidance on standards, but must meet all FHA criteria
- FHA Lender must monitor all activities for compliance
- FHA Lender is responsible for ALL actions of TPO
- Current brokers approved through 1/1/2011
- No Stated Net Worth Requirement
- No Stated QC Process Requirement
TPO - May No Longer Table Fund - Effective 1/1/2010

 

3-29-2010 - FNMA Announces more rigorous quality control requirements.  Non-compliance will result in loan repurchases.

3-4-2010Mortgage Broker Renewal Extended - As proposed in a November 30, 2009, proposed rule (74 FR 62521), HUD is seeking to eliminate FHA approval for loan correspondents. Because this rulemaking is still in process and a final rule has not yet been issued, FHA is extending the deadline for the submission of audited financial statements for loan correspondents seeking renewal of their FHA lender approval for 2010. For loan correspondents with a fiscal year end of December 31, and that would ordinarily be required to renew their FHA approval by March 31, 2010, HUD is providing these lenders with an additional 30 days in which to submit their audited financial statements. These loan correspondents must continue to comply with existing requirements for the submission of their Annual Certifications and renewal fees, but will be given until April 30, 2010, to submit audited financial statements. Again, the deadline for the submission of the Annual Certification and renewal fee has not been changed. Loan correspondents that do not complete their renewal in accordance with the deadlines as specified above will no longer be FHA-approved as of the effective date of the final rule that follows the November 30, 2009, proposed rule.

1-14-2010 - Correspondents are reporting that HUD is still accepting broker (mini-eagle) applications. 

11-30-09 - HUD officially has eliminated the correspondent (broker) approval process.  Current correspondents will not be renewed.  This administrative ruling takes effect in 30 days under expedited rulemaking authority.  Going forward, wholesale lenders will be responsible for assuring that brokers comply with FHA requirements and the requirements of the SAFE Act. 

11-10-09 - 2 More lenders fined or sanctioned after failing to maintain a quality control plan

9-18-09 - HUD Eliminates Broker (Correspondent) Approval and Increases Lender Net Worth Requirement - FHA announced on www.hud.gov that it would no longer approve mortgage brokers (correspondents).  Approved lenders will now approve brokers, just like FNMA/FHLMC.  In addition, HUD increased the minimum net worth requirement to $1,000,000.  These changes are being implemented in the rulemaking process and should take effect in 90-180 days pending comment. 

4-15-09 - FHA/HUD SWAT Teams - It is not an urban myth.  FHA examiners are appearing, unannounced, at the offices of HUD approved mortgage brokers and lenders demanding access to files.  We have seen this in Houston, Dallas, Denver, Los Angeles, Atlanta, Baltimore and Tampa.  The first thing requested - "please show us your quality control plan." 

2-24-2009 - It is becoming clear that the Mortgage Broker business of the past is over.  1)  HVCC (Home Valuation Code of Conduct) eliminates the broker's role in directing the selection or ordering of the appraisal - brokers can no longer compete on the basis that there is better chance of obtaining the value. 2.)  PMI no longer accepting broker ordered PMI and instituting higher credit standards and premiums for Third Party Originated applications 3.)  RESPA Reform eliminates fee packing with the new Good Faith Estimate process requiring that the broker state the specific dollar amount of compensation received from all sources and not allowing that number to change after application.  The solution?  Become a lender.   

1-21-2009 - Information Security - FTC Files Complaint against Nevada Mortgage Broker

12-31-2008 - FHA Relevant Again - insures over 25% of all mortgages made in the US in 2008.  In 2009, with streamline refinance programs that don't require an appraisal, the ability to cash out at 95% LTV, no saved down payment, liberal income, asset and credit qualifying standards, FHA insured residential mortgages have become the leading affordable lending program.

September, 2006 - New Mortgagee Approval Guidelines - FHA revised its quality control guidelines to include all aspects of mortgagee operations.  Previously, the fraud detection, random audit selection and review process were the only components reviewed.  FHA is suspending applications and renewals to require that the mortgagee incorporate these factors: For supervised lenders and sponsored brokers evidence of controls in the origination, processing, underwriting, funding and human resources management components must be included in the quality control submission.  Required disclosures, checking disbarred mortgagees, affirming date of last transfer, and mortgagee licenses are prominently posted,  Be aware that branches will be inspected in a physical audit.  Particularly attention is paid to the hiring of 1099 contractors as employees. 

 

 

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