Pre-Fund Mortgage QC:
Requirements & Best Practices
Pre-fund file audits are an important part of quality control. They are the only proactive audit in the compliance process, and they are required by the GSEs, FHA and many investors. When a quality Pre-fund Audit is completed, you have the ability to correct many problems before they become bigger issues.
This whitepaper answers the following questions:
What are the different requirements between Fannie Mae, Freddie Mac and FHA?
How many pre-fund mortgage audits need to be audited and how should they be selected?
What are the validation and re-verification requirements?
What should be reported and when?
How long do you have to conduct pre-fund QC?
What should a pre-fund QC audit response and action plan look like?
How does pre-fund QC compare with post-close QC?
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