Flatworld Mortgage's Pre-Closing QC Program is designed to reduce errors, identify fraudulent applications, and prevent property overvaluations before the loan process begins. Our clients leverage our pre-closing QC service to review mortgage application, appraisal reports, mortgage origination documents, disclosure and legal compliance, credit reports, debt obligations, underwriting completeness and so on. Our process entails reviewing a predetermined percentage of loans and examine them in detail to validate the loan selection process.
We review information furnished by borrowers in loan applications. This includes name, employment status, loan repayment history, marital status and other information with the help of supporting documents. Every single detail is verified meticulously to establish borrower credit worthiness.
We assist lenders assess bank statements, W-2 forms, loan history and pay stubs to ensure the borrower has no other liabilities. If any potential issue is overlooked, we flag it to the lenders along with remedial actions. After completing our assessment, we present our findings to the lender in a detailed report.
With this service, we engage our experts to review the underwriting decision in detail. Our service includes evaluating the conditions listed by the underwriter; the accuracy of the loan decision and so on. During the process we list down all underwriting deficiencies and provide a feedback to management on every loan file.
This is a critical part of our pre-fund QC audit and is used to scrutinize the appraisal reports. Our experts go through the reports to spot and flag flaws in the appraisal. In the process, we assist our clients release loan amount that equates to a fair market value of the collateral.
Our pre-fund QC service ensures every loan file meets regulatory compliance requirements. We carry out pre-fund QC audit strictly as per GSE guidelines to ensure all loans have the highest chance of being approved by GSE.
Our review process is driven by a team completely separate from the team that handles loan origination process. All our auditors in the team have a minimum of five years of experience in pre-funding quality control reviews. From management of assigned pre-funding queues to ensuring timely review of selected loan files, our auditors specialize in random audit selections prior to closing to ensure adherence to company and investor guidelines.