We have designed this portion of the website to answer the frequently asked questions for our lender’s clients. If you have additional questions beyond the following information, please contact firstname.lastname@example.org, or you can call Traci Mollot, Chief Operating Officer, at 1-800-793-0542.
- Who is Quest Advisors?
Quest Advisors is a third-party outsourcing quality assurance company engaged or contracted by the mortgage company, bank, savings and loan, or credit union (“Quest Client Lender”) to conduct quality assurance services concerning Residential Mortgage Loans they originate. As their agent, we do residential mortgage loan quality control audits for them that are required by HUD, FHA, VA, Fannie Mae, Freddie Mac, other investors, and government regulatory agencies.
- My residential mortgage loan is funded through the company you identified in your re-verification letter sent to me. Why haven’t I heard of you?
Often, Quest Advisors represents the mortgage lender that funded your residential mortgage loan in a quality control audit and agency function.
Please contact the quality control department of your mortgage lender for verification that we are allowed to work on their behalf concerning the quality control review of your loan.
However, please note that if you obtained your loan through a mortgage broker who arranged for our client lender to provide you with and fund or purchase a Residential Mortgage Loan, your mortgage broker will most likely not know who we are since we are engaged directly by the lender that funded your loan. The loan officer or loan office that took your application may not be familiar with us, as well, since we are engaged by senior management of the lending mortgage company. Therefore, you need to contact the lender’s quality control department that we work with to validate our contracted status with them.
- Why did Quest Advisors order my credit report or other documentation?
Quest Advisors represents mortgage companies, banks, savings and loans, credit unions, and other authorized lenders as (“Quest Client Lender”). Quest Advisors ordered your credit report as part of a normal quality control review process related to a Residential Mortgage Loan you received from a Quest Client Lender, that is required by FHA, VA, Fannie Mae, and Freddie Mac (the “Agencies”). The required quality control function for Residential Mortgage Loans originated by mortgage companies, banks, savings and loans, credit unions, and other authorized lenders is defined by the Agencies, as well as by private investors.
The function is clearly defined in the Agencies’ guidelines and policies. It is also defined in the guidelines that they allow a “third-party” firm to complete these audits for an authorized lender, if the third-party firm is engaged or contracted to do so by that authorized lender.
Our firm was contracted by the Quest Client Lender who originated or acquired your Residential Mortgage Loan. We have been provided by the Quest Client Lender with an authorization signed by you, the borrower, giving the lender, its successors, or its agents (Quest Advisors) the right to obtain any information, including a credit report, required to verify or re-verify anything in the original loan file. This new “verification” credit report is used to re-verify the original credit report information used to make the original lending approval decision by comparing and validating the credit information from the original credit report to ensure that it was accurate and was not altered during the loan approval process. This necessary function was also recognized in the federal Gramm-Leach-Bliley Act when it gave lenders and their agents (Quest Advisors) the right to obtain this information in the “permissible purpose,” section of the Act (section 4): “For use to protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability.”
- How imperative is it that I send the information back to you?
Returning the requested information to us will help the lender meet their required quality control requirements, and in cases of incorrect information, it will help to ensure accuracy. If this requested information required to complete the quality control review is not returned, a repeated request for the information will be made. If the requested information is still not returned, or is refused, we are required to report to the lender of the residential mortgage loan that the requested information was refused or was not returned. Quest Advisors only provides the lender with the results of the quality control reviews. It is the decision of the lender as to what additional action will need to be taken.
- The information you sent is incorrect or fraudulent. What are the next steps for addressing those inaccuracies?
Quest Advisors collects the information obtained in the loan file audits and reports the findings to our Client Lender. It is the decision of the lender as to what action will be taken.