Pre-Funding Quality Control
Expert Audits to Ensure Accuracy & Quality of Loan Applications Before Funding
ADFITECH’s Pre-Funding Quality Control audits meet the requirements of all major investors, including Fannie Mae, Freddie Mac and FHA. The focus of the pre-funding review is to ensure the data integrity of the AUS and underwriting conditions match the documentation in the file.
Why Outsource to Us?
More than anything, outsourcing provides our clients with extreme convenience and flexibility, and robust staff with in-depth, unprecedented experience that can’t be found elsewhere. In our over 35 years of mortgage industry experience, we have learned how to stay resilient despite changes and strive to bring this same confidence to our clients through our services.
We offer a variable cost solution that changes as the market fluctuates. There are no fixed costs or staffing concerns during the inevitable downturns. To see how outsourcing to us compares to your in-house costs and other vendors, request a demo.
In-Depth Feedback & Analysis
Our expert pre-funding quality control audits give clients the opportunity to identify and correct problems before they become larger concerns. We help our clients effortlessly spot errors and navigate agency guidelines by providing detailed, thorough results and responsive customer support.
Efficient Turn Time
The pre-funding results are typically available within two business days.
The client provides the credit file to QC after underwriter approval, but prior to funding to allow adequate time to complete the pre-funding review. The client will also need time to properly inform the loan production organization of any findings so that corrections/revisions can be made.
The pre-funding loan sample will be selected by the client from their ‘clear to close’ pipeline. The pre-funding quality control loan selection should include a sampling of loans with characteristics related to errors or defects identified in prior pre-funding and post-closing review results.
QC will perform a data integrity check of AUS files and independently verify the existence of the employer and the current employment of the borrowers. The liabilities on the final application will be compared with the original Residential Mortgage Credit Report as well as a QC credit report. If the transaction is a refinance, the occupancy of the subject property will be verified.
Verification of Data and Documents
Data entered into an automated underwriting system
Borrower Social Security number(s) used to verify borrower identity
Income calculations and supporting documentation
Employment – verbal verification of employment
Assets needed to close or meet reserve requirements
Appraisal or other property valuation data
Documentation of adequate mortgage coverage
Property flipping restrictions
Verify the retention of the condo project eligibility documentation if applicable
Qualified mortgage (QM)