As a Seller/Servicer for Mortgage Investors, Banks are required to carry out a post-closing IQC review to ensure the quality and integrity of mortgage loans sold to the Investor in accordance with FNMA/FHLMC/MPF. Not only can ShareFI assist originating financial institutions with the establishment of a documented Quality Control Program, but our team of ShareFI professionals will complete a post-closing IQC quarterly and appropriately report results to management. The scope of these reviews include, but are not limited to:
- Documented IQC program
- Review Transfers of Servicing (if any)
- Random selection of mortgage loans originated within 30 days of closing and perform a review within 90 days.
- Perform reverifications of 1) employment, income and sources of funds 2) Borrower Social Security, 3) Credit reports 4) Verification of Owner Occupancy, and 5) Property valuation. D1-3-02 (When appropriate, ShareFI will utilize existing vendors from the Bank’s approval provider list to perform certain reverifications).
- Data Integrity Review
- Documentation review, including compliance with mortgage lending laws and regulations.
- Report result to management
Our services can be performed onsite or remotely as needed.
If you would like to discuss your needs or our services, please contact Jeff Schmid, Director of Compliance and Management Services via email or at 608-441-1220.