- Pre-funding Reviews: Audits conducted before loans are finalized to catch errors early.
- Post-closing Audits: Typically, a random sample of at least 10% of monthly production is reviewed within 90 days of closing to identify deficiencies.
- Compliance Checks: Ensuring adherence to regulations like TILA-RESPA, FDCPA, and ECOA.
- Servicing QC: Monitoring loan servicing activities, including escrow, payment processing, and loss mitigation.
- Technology Integration: Utilizing AI and data analytics for auditing, trend analysis, and identifying potential fraud.
- Appraisal Validity: Ensuring property valuations are accurate.
- Documentation Integrity: Verifying that all legal documents, disclosures, and signatures are complete and accurate.
- Loan File Accuracy: Re-verifying credit reports and borrower income information.
