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#1727796 - 08/06/12 07:43 PM Mortgage Correspondent Quality Control Plan
CateG Offline
Member
Joined: May 2006
Posts: 60
Can anyone direct me to where I can find the requirements for a quality control plan for a correspondent mortgagee? Specifically pre and post-closing information verifications for a mortgage department of an FDIC regulated bank that funds mortgage loans and then sells them to an investor shortly after closing.

Also, what exam would this type of plan be a part of? Compliance? Safety and Soundness?

Thanks so much!

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#1727880 - 08/07/12 12:01 AM Re: Mortgage Correspondent Quality Control Plan CateG
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,423
Florida
The correspondent mortgagee should have their own QC plan. Here is some guidance from Fannie.
https://www.efanniemae.com/sf/lqi/pdf/beyondqcguide.pdf
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#1729190 - 08/09/12 03:29 PM Re: Mortgage Correspondent Quality Control Plan CateG
ledfoot Offline
Member
Joined: May 2004
Posts: 93
Georgia
Mortgage applications will be received at our bank but approved and underwritten and fund by another bank. In other words we will be acting as a broker. What type QC Plan would be required on our end? A sample QC plan for this type arrangement would be welcomed it anyone is willing to share.
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Ledfoot

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