Mortgage Correspondent Quality Control Plan

Posted By: CateG

Mortgage Correspondent Quality Control Plan - 08/06/12 07:43 PM

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!
Posted By: Rocky P

Re: Mortgage Correspondent Quality Control Plan - 08/07/12 12:01 AM

The correspondent mortgagee should have their own QC plan. Here is some guidance from Fannie.
https://www.efanniemae.com/sf/lqi/pdf/beyondqcguide.pdf
Posted By: ledfoot

Re: Mortgage Correspondent Quality Control Plan - 08/09/12 03:29 PM

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.