Filed under: Time is Running Out on FHA reform | Tags: FHA approvals, FHA audits, FHA compliance, FHA guidelines, FHA QC
Most of the clients I assist in the mortgage industry are being asked for their Quality Control reports on a quarterly or monthly basis. I had one client that was questioned about their Quality Control report by Wells Fargo and I was requested to write a letter on their behave to add more detail.
The review of Quality Control reports is going to increase over the next several months as the FHA “broker” approval process goes away. If you are either a current FHA approved “broker” or a non-approved mortgage company that is planning on participating in the FHA program now that the approval process has been changed effective June 20, 2010, you need to prepare to have your Quality Control program analysed by investors. The best way to be compliant with your FHA investors is to have an outside company perform Quality Control audits on a sampling of your funded FHA loans. The cost will be minimal to perform these audits. And, the bonus will be that your Investor will know that you care about your loan quality.
So, do not let your time run out as we approach December 31, 2010. When the new year comes and all of the brokers will be in the same status as it relates to FHA lending, you will have to distinguish your company from the many companies that will want to get into or continue brokering FHA loans. A very easy way of distinguishing your company from other companies is to have a Quality Control program in place.
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