Freddie Mac requires the QC program to perform data integrity review to determine the completeness and accuracy of the information obtained in the mortgage origination process.

 

The data integrity review of the information used in the origination must check data fields entered in Loan Prospector and ensuring that all data submitted is valid. The reviewer must perform a data integrity review on each mortgage sampled to
ensure that the loan data is accurate and consistent.

 

Reviews for all mortgages. For all mortgages included in the QC sample, the quality control procedures must require data integrity review for:

  • mortgage applications,
  • employment and income verifications,
  • source of funds verifications,
  • sales contracts,
  • tax returns,
  • credit data,
  • asset documentation,
  • appraisal and inspection reports and
  • mortgage delivery data, including the key number,when applicable.

Additional reviews for Loan prospector mortgages. Additional information to check in Loan Prospector loans:

  • borrower's name,
  • property address,
  • property type,
  • terms of the transaction (including financing) and
  • capacity of the borrower to repay the mortgage.