QC and Compliance Organization. The Caldwell Quality Control Plan for Mortgage Lending covers the components of an effective quality control and compliance organization. This component of the QC Plan sets out the framework for organizing and operating a quality control and compliance system. It covers a wide variety of issues that you must consider in making sure the company complies with all laws, regulations and other agency requirements that affect residential mortgage lending business and that the quality control program works and helps the company produce quality loans.  

Mortgage Orgination. The loan origination component covers all procedures from the borrower's application through developing the credit information, underwriting, closing and delivery. It sets out a comprehensive statement of the standards and procedures lenders, brokers and their employees should use in originating residential mortgage loans insured by FHA, guaranteed by VA or purchased by Fannie Mae or Freddie Mac. It also includes requirements found in the numerous federal statutes and regulations that affect mortgage lending transactions.

 

Mortgage Servicing. In the full two-volume QC Plan, the loan servicing component covers all phases of routine and delinquency servicing. This component of the QC Plan sets out a comprehensive statement of the standards and procedures lenders and servicers and their employees should use in servicing residential mortgage loans insured by FHA, guaranteed by VA or purchased by Fannie Mae or Freddie Mac. It also includes requirements found in the numerous federal statutes and regulations that affect mortgage lending and servicing transactions.

 

Audit Program. A key component of quality control is an effective audit program. The QC Plan's compliance review audit component offers a complete in-house audit capabilty. The audit program reflects the QC organization, origination and servicing components and gives you a method of testing employee compliance and loan quality as HUD, VA, Freddie Mac and Fannie Mae require.

 

Regulatory Compliance. More than a dozen federal statutes affect the business of residential mortgage lending and servicing. The QC Plan integrates federal statutory and regulatory requirements into the loan origination, servicing and QC organization components. It provides procedures for employees to follow to comply with these requirements. The audit program covers compliance with these requirements.