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QC Best Practices

639 Words3 Pages

Reliable and effective Quality Control (QC) programs are essential for any organization operating today in the mortgage finance industry. Organizations having a strong commitment to quality control, recognize that quality begins even before a loan application is taken, and continues throughout both the origination and servicing lifecycles. Successful players in today’s marketplace embrace quality and differentiate themselves across the industry by consistently monitoring and evaluating the integrity of critical loan origination, operations and servicing data/processes. Doing so allows for the performance of source-cause analysis for key issues identified in the QC process, enables management to provide feedback throughout the organization and …show more content…

Furthermore, this offers homeowners a sufficient level of trust and comfort that strengthens and fosters ongoing collaboration with the organization.
QUALITY CONTROL BEST PRACTICES

A comprehensive review of various organizations throughout the industry reveals a number of factors that stand-out amongst mortgage originators and servicers relating to QC practices.
Stewart Lender Services has compiled a listing of the ‘top ten (10)’ factors from major organizations having the most successful QC programs proven to be strong and reliable. These ‘Best Practices’ suggest that effective QC programs must have:

»» Document Procedures (Documented Procedures): Be documented and in-writing, with a vision, purpose and goal clearly stated upfront;

»» Standard Operating Procedures: Provide standard operating procedures for all employees who will be involved in or affected by the QC process;

»» Consistency of Performance: Be performed on a regularly scheduled and consistent basis (i.e. bi-weekly, monthly, quarterly, etc.);

»» Independence: Be performed by personnel that are independent of the function being evaluated;

»» Metrics: Include processes to review critical metrics and

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