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Conventional & Government Quality Control Audits

Whether you originate loans or purchase loans from several originators, or are servicing a pool of loans, regardless of your company size Fraudmit can help your organization with our mortgage quality control audit services.   

Our Team

Fraudmit's staff has year of experienced in originating, underwriting and closing mortgage loans.  Our quality control reviews are conducted in accordance with the guideline requirements of FHA, VA, Fannie Mae, Freddie Mac, Servicers, Rate Agencies, as well as those conduits in the Secondary Market. Our Quality Control Review packages are designed to be cost effective, allowing you to concentrate on your core business.

FHA - Did you know? 

According to HUD Handbook 4060.1, REV-2, Chapter 7, all approved lenders and loan correspondents (commonly known as mortgage brokers and bankers) are required to conduct post closing reviews of 10% of all loans funded each month. HUD requires that these reviews be done by personnel that are not involved in the loan origination, processing, underwriting or closing platforms.

Online Submissions

Our web-based uploading loan system provides you the choice of sending us loan file electronically, or sending us physical files in a more traditional manor.  Whether you ship us the file electronically or send us the paper file, each loan audited is stored on our secure website for 3 years. Included with each virtual loan folder are the quality control review documents, reverification and our Loan Summary Report.

Post-Closing/Funding Review and Re-Verifications

  • Re-underwritten according to specific guidelines of
  FHA, VA, FNMA, FHLMC or private investor
  • Income / Employment
  • Assets
  • Credit
  • Appraisal Review (desk/field) 
  • Social Security Number
  • Ownership Records Search & Undisclosed Property Search
  • 58 Point "Red Flag" Review
  • Compliance
  • Closing Documents (including Title Review)
  • High Cost (both State and Federal)
  • Reviews conducted monthly or quarterly
  • Monthly Reports: Senior Manager, Loan Summary and other detailed reports

Pre-Closing/Funding Reviews and Re-Verifications

  • Employment and Assets
  • Credit
  • Internal Desk Review of the Appraisal, including an AVM
  • Social Security Number
  • 58 Point "Red Flag" Review
  • Ownership Records Search & Undisclosed Property Search
  • Review of the Preliminary Title Report
  • High Cost (both State and Federal)
  • Review Report issued within 24 to 48 hours on each loan

Additional Quality Control Packages

  • Denied/Withdrawn
  • Loan Servicing
  • Security Pools
  • Warehouse Pipeline
  • Investor Pipeline
  • Predatory Lending Reviews
  • EPD/FPD

Each Review Package will include a user-friendly Sr. Management Summary Report along with a detailed list of our findings including recommendations for improvement of any deficiencies found.     

Reviews may be customized to fit the needs of your organization.   Training and consulting services are also available.

For more information including pricing please email us at Sales@Fraudmit.com

QUALITY CONTROL
Toll Free: (800) 610-6680
Premier Provider of Mortgage Quality Control and Risk Mitigation
Services
Does your Quality Control review process meet these standards?

*  Independent of your Loan Production Division; Origination, Processing, Underwriting & Closing?

* Provide Sr. Management & Loan Summary Reports within 30 days of an audit being completed?

* Done monthly or quarterly as required?

* Reverification of Income & Asset documents?

* Review of Credit new credit ordered when needed?

* Appraisal Desk & Field Reviews?

* Fraud Checks such as; Social Security Number validation and Chain of Title Search?

* APR/TIL, High Cost Check at both the state and federal level?

* Supply you with all audit and reverification documents?

With Fraudmit you get all this an more!
What clients are saying:
LEARN WHAT TO EXPECT DURING A HUD QUALITY CONTROL ASSURANCE DIVISION AUDIT
Click Here
Fraudmit has received the distinguished honor of being a
Certified Due Diligence and Quality Control Provider by
BlitzDocs a Xerox Company.
Quality Control &
Due-Diligence

News Article

"As F.H.A.’s Role Grows,   So Does the Risk of Fraud"

Click Here to Read the Full Article
“Ralph, Thank you for the great service and guidance on our first FHA quality control audit! The report was very easy to read and comprehend… Thank You"
Dean Staley – President Guaranteed Mortgage Company, Reading, PA
Post Closing  &
Pre-Closing
Specialists in
FHA Quality Control Reviews!

HUD Mortgagee Letter 2009-12 Mortgagee Monitoring / Orginating Quality Loans

Click Here to read the Mortgagee Letter