Identify & Capture Loan Deficiencies Throughout the Loan Process
QC Review from Xactus enables you to take control of receiving exactly what you need to know to monitor the quality of your loan portfolio.
Enhance Profitability with Effective Loan Quality Control
How well is your QC solution identifying and capturing loan deficiencies throughout the loan manufacturing process? Xactus helps you exercise proper mortgage loan quality control throughout the mortgage origination process, so you can be assured of meeting your policies and procedures. At the same time, you ensure compliance with FHA/HUD, Fannie Mae, Freddie Mac, VA, and private investor requirements for prefunding analysis and post-closing audits.
The Importance of Quality Control
Having reliable quality control processes through regular mortgage loan reviews works to your advantage in a variety of ways:
- Increases business sustainability
- Prevents financial and consumer harm
- Ensures investment-quality mortgages
- Speeds up fundings
- Reduces repurchase and default risk
QC Review Benefits
- Provides professional guidance (policies and procedures)
- Audits are performed by industry experts
- Platform is easy to use and efficient
- Areas are flagged that need a second look
- Processes are transparent
- Real-time reporting that is customizable and easy to read
- Quick turn times
- 24-48 hours (pre-close)
- 30 days (post-close)
QC Review from Xactus takes each loan through a series of validations and quality control steps to ensure compliance, then provides a report detailing how the loan checked out. Loan risks or problems are highlighted, pointing out areas that need a closer look. And your QC Review results are delivered quickly – we have some of the fastest turn times in the industry!
Once a loan has been funded and closed, QC Review performs both an automated and a manual audit to identify any loan manufacturing defects. On average, these reviews are completed in just 30 days. In addition, ongoing portfolio monitoring is available. These reviews recalculate and reverify qualifying documentation and use technology to compare documents for inconsistencies, omissions, and compliance thresholds, such as key dates.
Early Payment Default & Forensics Reviews Identify Data Inconsistencies
Our Early Payment Default and Forensic reviews include full audits and necessary reverifications of employment, identity, assets, and collateral. The reviews identify material and non-material findings and can be customized to include investor specific research or questionnaires. Reports are easily accessed and are accompanied by supporting documentation.
Obtain Repurchase Loss Protection with Reps & Warranties Coverage
Loans that have been underwritten in QC Review have exclusive Reps and Warranties insurance coverage included in the cost. The insurer underwriting the insurance is rated A by A.M. Best and A+ by Standard and Poor’s.
Lenders can obtain additional protection against repurchases for underwriting, fraud, compliance and appraisal issues through The Prieston Group’s Reps and Warranties Insurance program. Those who choose this optional program receive a Mortgage Operational Safety Assessment™ to compare their lending processes against their peers and provide feedback on ensuring compliance using industry best practices.*
* MOSA™ U.S. Patent 7,707,103
* PBIS Insurance Services, Inc —CA License Number 0D35048