Quality Control As A Profit Center
Quality Control as a Profit CenterBy Charles W. Sewright, CMAPresident & CEOQuest Advisors, Inc. Many in mortgage lending view Quality Control as a cost center that is simply a cost of doing business. But, when properly implemented and managed, Quality Control can be a profit center. A deep dive into Quality Control can lead to profit improvement opportunities throughout the mortgage manufacturing process if time and effort are spent looking for them. The goal of every mortgage lender is to produce saleable and profitable loans; however, it is easy to miss the opportunity to realize additional profit or reduced cost, when one views Quality Control only as an auditing function geared to be the rules enforcement officer in one's organization. Lenders sometimes tell me that they have a quality control program because it is required by the GSEs, FHA, VA, USDA, and correspondent aggregators in order to sell their originated loans. From that perspective, it would seem to make sens...
Quality Control As A Profit Center
Quality Control as a Profit CenterBy Charles W. Sewright, CMAPresident & CEOQuest Advisors, Inc. Many in mortgage lending view Quality Control as a cost center that is simply a cost of doing business. But, when properly implemented and managed, Quality Control can be a profit center. A deep...
Upcoming Freddie Mac Servicing Update Effective October 1, 2023 Regarding Payment Deferral and Disaster Payment Deferral
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Freddie Mac Selling Guide Bulletin –
Changes effective June 1, 2023 with regards to ASSET AND INCOME MODELER (AIM) FOR DIRECT DEPOSIT DELIVERY REQUIREMENTS: SSET AND INCOME MODELER (AIM) FOR DIRECT DEPOSIT DELIVERY REQUIREMENTS Effective for Mortgages delivered on and after June 1, 2023; however, Sellers may implement immediat...
Changes to Fannie Mae’s Prefunding Requirements
Check out the article! 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 procedu...