Post-Closing Mortgage Audits
UHS America residential mortgage quality control service includes a full and complete Post-Closing Mortgage Audit and re-underwrite of each loan file. Our highly experienced auditors conduct a comprehensive review that complies with quality control standards as set forth by Fannie Mae, Freddie Mac, FHA, VA, and USDA. In addition to this, UHS America will enhance the due diligence requirements to include any special documentation or requests that is unique to your business.
UHS America will randomly select 10% as required for both standard and discretionary audits – UHS America can offer either a weekly or a monthly Post-Closing Quality Control Audit fulfillment.
The life cycle of a loan in UHS America Post-Closing Mortgage Audit begins with uploading loans into our system and performing a random selection. UHS America built an upload function that consumes practically any type of data you can give us from your loan files. Normally, we receive loan files as Excel spreadsheets, but we have also imported comma delimited and DU files for import. UHS America can work with clients on seamless data uploads. Once the loans are uploaded, UHS America performs the random selection process. With years of experience in selecting loans for clients, our stratified random selection engine allows clients to practically select any parameters they desire for their random selection. From ten percent of all Conventional loans to ten percent of the loans from each Originator, we can fulfill whatever selection needs have been identified in your company’s QC plan.
At UHS America, we understand a QC Plan requires flexibility to meet your company’s goals and government regulations. The loan selection engine of our flagship product, QCIQ, provides this flexibility. With years of experience in selecting loans for clients, our stratified random selection engine allows clients to practically select any parameters they desire for their random selection. We work closely with each client to identify the optimal selection criteria to meet that client’s needs and load this criteria into the client’s custom selection file. Our system then reads this file to provide the following types of selection:
- Straight random selection
- Stratified random selection
- Discretionary random selection based on client specific criteria
Included with our base product is also our YTD selection engine that allows clients to identify criteria that need to be measured not just on a monthly scale, but on an annual scale. This is most beneficiary for clients who need to meet requirements regarding auditing Broker loans over the course of the year. Our powerful selection engine provides you the tools you need to meet both your company’s QC goals and federal guidelines. Our engine can be customized and tuned to meet your needs and can be changed month to month, depending on circumstances. Whether you need to select 10% of Conventional loans each month or select 10% of a new underwriter’s loans for a single month, UHS America QCIQ’s selection engine is your answer.
UHS America audits include a re-evaluation of all credit documents; pulling of updated credit reports, appraisal field and desk reviews; thorough analysis of the underwriting decision and supporting documentation to include – a complete audit of all credit and closing documents including a re-calculation of income, assets, the Final Truth-in-Lending APR, along with a complete compliance review.
The final UHS America Report Package includes reports and an Executive Summary, which will provide you with all the standardization and trending you need to properly evaluate your loan origination process. Our objective is to deliver the report of our findings to you within 60 days from the date we receive your loan files.
UHS America Post-Closing Mortgage Audits are meticulously designed to reduce the controllable and/or unforeseen errors; escalate preventive measures for detecting fraudulent loan transactions; and ensuring your collateral has been adequately appraised thus safeguarding your business pool from value inflating. By utilizing an array of on-line fraud prevention and identification tools along with various internal quality control procedures, UHS America validates the authenticity of the loan application data, and a property valuation.
While no one can guarantee that all fraudulent transactions will be detected and/or prevented, UHS America’s internal procedures prove to be a significant and timely intelligence source for the purposes of actualizing quality underwriting decisions and a higher level of accuracy.
Post-Closing Mortgage Audits and Quality Control process to be performed by UHS America:
- Verify the existence of the employer
- Verify borrower’s employment
- Re-calculation and analysis of income
- Re- calculation of debt to income ratio
- Validate title vesting
- Identify any possible property flipping or value inflating (chain of title)
- Comprehensive review of appraisal
- Identify any possible undisclosed property ownership
- Comprehensive review and re-calculation of assets
- Validate Social Security Number(s)
- Validate Credit Report
- Validate CAIVRS and LDP/GSA Lists
- Confirm all Compliance due diligence standard set forth by RESPA, TILA, and QM are properly performed during the loan origination process
- Review documentation for Red Flags
- Complete underwrite of the loan to affirm all guidelines set forth by the GSE’s have been met