Client FAQ
General/About Us
How long has ADFITECH been in business?
Can ADFITECH provide us a Mortgage Quality Control Plan? What does it cost?
Yes. ADFITECH has a QC Plan that has been accepted by every agency and private investor that we have presented it to.
Do I have to sign a long term contract to do business with ADFITECH?
What QC software do you use? Can I buy it?
ADFITECH uses a proprietary Mortgage Quality Control software package that has been developed by us, for us which is constantly updated and refined.
We
do not sell our software because we believe it is also necessary to have the
trained professionals that know QC and can provide our clients with years of experience that you can not get by simply buying a software program.
Is ADFITECH approved by Fannie Mae, Freddie Mac, FHA, VA, FHLB?
No. All the agencies maintain a policy against “approving” any vendor.
Can we send a test file for review?
This would not obligate you to send any future work to us. If you want to stop after the test file, that is your choice. On the other hand, if you do choose to continue with ADFITECH’s Mortgage Quality Control Services, all we have to do is execute a Master Agreement for QC Services and you are ready to go.
What makes ADFITECH different from other Mortgage QC vendors?
How do you protect my customer’s private information?
ADFITECH has many layers of security in place to protect your customer’s private information.
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ADFITECH begins by performing a thorough background investigation, including drug testing, on every employee before being hired. -
ADFITECH’s location in Edmond, Oklahoma, is a controlled access facility, with state of the art, 24-hour video surveillance. -
All reviews are performed on-site by full-time staff auditors. ADFITECH does not outsource or employ contract underwriters to review our client’s files. -
All loan data and loan file images are stored in our LOANVAULT® imaging system and are protected with 132-bit encryption and firewall protection, within a fireproof concrete vault. All information is continually backed up to our second building as well as a secure co-location, to ensure zero downtime in the event of a natural disaster. -
The ADFITECH I.T. staff constantly monitors all email and data transmissions for viruses and breaches of security.
Does ADFITECH have a SAS-70 or SSAE16?
Yes. ADFITECH provides financial accounting and annual SOC 1 Type II assurance reports.
Can I get a copy of your financial statement?
Yes. We can provide a financial statement upon request. ADFITECH is an independent company incorporated in the state of Delaware, operating in Edmond, Oklahoma.
Do you carry liability insurance?
How long does it take to get set up?
24 hours. Once we exchange information and sign the agreement, we can get your database set up and give you access to our secure web link within 24 hours, so we can begin the process of making loan selections and receiving files as soon as you are ready.
How do I sign up with ADFITECH?
Mortgage Quality Control
Is the mortgage audit Agency Specific?
Yes. Our loan level covers Fannie Mae, Freddie Mac, FHA, VA and USDA Mortgage Quality Control requirements. However, we have experience in Reverse, Fix & Flip, Seasoned, Non-QM, Jumbo and other products.
How often should a mortgage audit be performed?
Monthly. It is recommended and dictated by most of the agencies that a QC audit be performed on a monthly basis. Current investor guidelines require selections to be completed within 30 days of closing and the audit must be completed within 60 days of selection or 90 days of closing.
Doing the mortgage audit on a monthly basis will give you the information you need in a timely manner to correct errors in processing and give your employees the training they need to succeed. It is necessary for you to deliver the loan data and loan files to QC in a timely manner in order to keep you in compliance.
What are your turnaround times?
ADFITECH would like to have four to six weeks to complete a comprehensive review. This would allow time for all the re-verification and field appraisal reviews to be returned and analyzed. Our target is to return results within thirty to forty days of receiving the complete set of loan files.
What is a defect rate?
The significant defect rate is the percentage of loans with four or five rated errors.
Do you complete desk reviews of the appraisal and order 10% field review appraisals per HVCC QC requirements?
Yes. ADFITECH performs a desk review appraisal on every loan which meets HVCC requirements, and we track and order the necessary Field Appraisals on 10% of the Q.C. review population. The desk appraisal review is included in our per-file cost and we only pass along the actual third party cost of the field appraisal review to you.
Do you complete Federal and State high-cost testing?
Yes. ADFITECH includes a Federal High Cost analysis in every loan review and we can order State-Specific High Cost testing from a third-party vendor for an additional fee.
Do you perform a compliance review?
Yes. All ADFITECH loan audits include a comprehensive Mortgage Compliance Review. All disclosures are checked for accuracy and completeness and the Closing Disclosure is reviewed and recalculated.
Do you send out re-verifications?
Yes. Using the information provided in the loan file, ADFITECH will re-verify all employment and asset information, by mail, fax, and telephone. ADFITECH will order the necessary credit reports and field appraisals.
Can I deliver the files in an electronic format?
Yes. Files and loan data can be uploaded directly to our secure website, delivered via SFTP, or provided to us on a disk. ADFITECH also accepts hard copy files, which will be converted to images upon receipt.
Can I get access to the actual loan file from the website?
Yes. ADFITECH offers clients the ability to retrieve entire loan files from the website. Supporting documentation (i.e. Review Appraisals, Occupancy Inspections, Public Records Searches, Re-verification Mail, etc.) is also available on the website. These images are available for 3 years from the time the review is completed for active clients.
Can I get reports in electronic format?
Yes. ADFITECH offers a wide variety of reports which can be opened in an Excel spreadsheet. Please don’t hesitate to ask for custom reporting which can typically be developed at no extra cost.
How do I view my reports online?
After you log into the system, you will be taken to the Dashboard page. There are various ways to view online reports.
What does it cost?
Our simple, per-file pricing eliminates the need for long-term and minimum contracts, enabling ADFITECH to operate as your company’s full-service quality-control provider.
What is an EPD review?
Early Payment Default loans that become 60 days past due must have reviews completed within 45 days from the end of the month in which the loan is reported as 60 days past due.
Mortgage Due Diligence
Is the audit agency specific?
Are you approved by the Rating Agencies?
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S&P -
Kroll -
Moodys -
Fitch -
KBRA
What are your turnaround times?
Can I deliver the files in an electronic format?
Can I get access to the actual loan file from the website?
Can I get reports in electronic format?
How do I view my reports online?
What does it cost?
Servicing Quality Control
How often should an audit be performed?
Monthly.
Is the audit agency specific?
What are your turnaround times?
30-40 days from the receipt of the loan images selected for review.
Can I deliver the files in an electronic format?
Can I get access to the actual loan file from the website?
Can I get reports in electronic format?
How do I view my reports online?
What does it cost?
Pre-Funding Quality Control
Is the audit agency specific?
Yes. All ADFITECH audits are agency and investor specific. We can also customize the audit to include your internal guidelines and fit your needs.
What are your turnaround times?
Results will be available on our website within 2-3 business days.
When should I submit a pre-funding review file?
The pre-funding loans should be selected and submitted daily from your “clear to close” pipeline.
Do you send out re-verifications?
No. There are no requirements to re-verify income and/or asset information in the Pre-Funding Quality Control review. However, ADFITECH will attempt a verbal verification of employment to determine if the borrower is employed prior to closing.
Can I deliver the files in an electronic format?
Yes. Files and loan data can be uploaded directly to our secure website, delivered via SFTP, or provided to us on a disk. ADFITECH also accepts hard copy files, which will be converted to images upon receipt.
Can I get access to the actual loan file from the website?
Yes. ADFITECH offers clients the ability to retrieve entire loan files from the website. Supporting documentation (i.e. Review Appraisals, Occupancy Inspections, Public Records Searches, Re-verification Mail, etc.) is also available on the website. These images are available for 3 years from the time the review is completed for active clients.
Can I get reports in electronic format?
Yes. ADFITECH offers a wide variety of reports which can be opened in an Excel spreadsheet.
How do I view my reports online?
The Findings Page allows you to respond to individual Mortgage QC findings and generate Interactive Reporting to track initial (gross) and final (net) defect rates as well as defect category trending.
What does it cost?
Our simple, per-file pricing eliminates the need for long-term and minimum contracts, enabling ADFITECH to operate as your company’s full-service quality-control provider.
Mortgage Fulfillment
How do we access the document images?
How long do you keep our document images?
Do I have to purchase expensive software or hardware?
Who do we contact if there are technical issues?
After you become a client, you will be assigned a Customer Service Representative, who will become your main point of contact. Often times the CSR will be able to resolve your problem immediately. If not, our IT staff is available to pinpoint any trouble and eliminate it.
What are your turnaround times?
What happens to the files after ADFITECH receives them (shred, store, how long, etc.)?
What type of reporting can we provide?
We can provide your company daily and weekly reports that track our progress as we work the files. We can also send reports detailing the errors found in the loans. We have reports that will fit your specific needs.
Do you track final docs?
Who follows up on NORs?
Who follows up on Investor stips?
Do you prepare HUD Case Binders?
What does it cost?
Do you accept paper files or images?
SUPPORT // CLIENT FAQ