Freddie Mac requires the QC program to perform a review of all loans in the sample to determine determine:

  • the existence and accuracy of the documentation required by applicable law,
  • compliance with the eligibility and underwriting requirements and guidelines of the lender, the mortgage insurer and Freddie Mac, as applicable.
  • compliance with the lender's warranties regarding Freddie Mac's exclusionary list and
  • the settlement statement and related documentation to determine that all conditions of closing have been satisfied.

Documents to compare with reverifications. The lender must include the following documents in its quality control review
for comparison with the reverifications received mortgage applications:

  • Form 65, Uniform Residential Loan Application
  • credit documentation,
  • employment and income documentation,
  • source of funds documentation
  • appraisal or inspection documentation,
  • sales contract and
  • Form 1077, Uniform Underwriting and Transmittal Summary

Closing documents to review. A lender must also include the following applicable closing documents in its quality control review to ensure that the information is accurate, complete and consistent with other documents in the mortgage file:

  • Notes and riders,
  • security instruments and assignments,
  • mortgage insurance certificate or policy or Mortgage guaranty certificate,
  • modification or assumption agreement,
  • title binder or final title insurance policy (both if available) or other evidence of title,
  • plat or survey,
  • settlement statements (HUD-l or other form),
  • leasehold estate documents,
  • hazard insurance policy or certificate,
  • flood insurance policy or certificate or flood zone determination documents,
  • underwriter's approval and any conditions of closing and
  • closing instructions.