Sales and processing personnel are monitored to ensure compliance with policies and procedures. Starting in May, the Director, Gretchen Schoer, will sit with each employee throughout the loan process and review what the employee should be doing to meet compliance procedures, checklists, and program guidelines.
The Quality Control process is supervised by an external firm, TENA, and remains independent of loan production and servicing functions. A written agreement is in place that states the roles and responsibilities of each party and is available for review by all appropriate parties and agencies. Services provided by TENA comply with HUD, Fannie Mae, FHLMC, VA, RHS and The Mortgage Company, Inc. quality control policies, procedures and …show more content…
All staff have been instructed to be forthcoming with loan information upfront to process loans efficiently and properly and avoid problems that may affect closing, causing customers to be dissatisfied. Gretchen is currently training a new Junior Underwriter who will review files in a senior processing role until she is ready to complete and approve files on her own.
Employee Training Program –
All employees go through an orientation program, which includes performance requirements, basic company policies, compensation and benefits plans, compliance training and product training. Monthly product training will be implemented in May with inexperienced staff and proceeding on or about the 15th of each month. Compliance team training was conducted in April and will be conducted annually to keep up to date and refreshed on changes and new products introduced.
Secondary Market …show more content…
Gretchen is experienced in this area and currently training Ashley to be compliance backup in her absence. The Mortgage Company, Inc. reviews a sampling of its loans prior to closing on an annual basis. Reviews performed prior to closing provide timely feedback to the origination staff and can prevent the closing of mortgage loans with significant defects such as misrepresentation, inaccurate data, or inadequate documentation. Responsibility for validation of the data and authenticity of the documentation is delegated to functions within the quality control and underwriting areas of operation. Written reports are completed including the results of the prefunding reviews. The defects and resolutions will be reported to Management upon
The Quality Control process is supervised by an external firm, TENA, and remains independent of loan production and servicing functions. A written agreement is in place that states the roles and responsibilities of each party and is available for review by all appropriate parties and agencies. Services provided by TENA comply with HUD, Fannie Mae, FHLMC, VA, RHS and The Mortgage Company, Inc. quality control policies, procedures and …show more content…
All staff have been instructed to be forthcoming with loan information upfront to process loans efficiently and properly and avoid problems that may affect closing, causing customers to be dissatisfied. Gretchen is currently training a new Junior Underwriter who will review files in a senior processing role until she is ready to complete and approve files on her own.
Employee Training Program –
All employees go through an orientation program, which includes performance requirements, basic company policies, compensation and benefits plans, compliance training and product training. Monthly product training will be implemented in May with inexperienced staff and proceeding on or about the 15th of each month. Compliance team training was conducted in April and will be conducted annually to keep up to date and refreshed on changes and new products introduced.
Secondary Market …show more content…
Gretchen is experienced in this area and currently training Ashley to be compliance backup in her absence. The Mortgage Company, Inc. reviews a sampling of its loans prior to closing on an annual basis. Reviews performed prior to closing provide timely feedback to the origination staff and can prevent the closing of mortgage loans with significant defects such as misrepresentation, inaccurate data, or inadequate documentation. Responsibility for validation of the data and authenticity of the documentation is delegated to functions within the quality control and underwriting areas of operation. Written reports are completed including the results of the prefunding reviews. The defects and resolutions will be reported to Management upon