The lender must maintain and implement a written prefunding QC plan that outlines requirements for reviewing a sample of its loans prior to closing or, in the case of loans acquired from a delegated third party, prior to acquisition. The lender must have documented procedures that include, at a minimum, the following elements:
- timing of the prefunding QC reviews,
- loan selection process,
- verification of data and documents, and
- reporting.
The lender’s ...
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