Loan Assurance Reviews

 In today's marketplace our clients need to focus their attention on production and profitability.  Quality Review Solutions offers our clients a cost effective solution to monitoring production quality. QRS's staff has extensive experience in the mortgage lending industry from our underwriters and post closers/insurers to our appraisers, all with conventional and government expertise.  Each staff member has over 10 years of with lending review and/or appraisal review reporting experience.

QRS's loan assurance audits meet the standards of the Sarbanes-Oxley Act:

• Independent of your accounting firm's financial audit
• Independent of your loan production division
• Independent reporting regarding your loan production to your internal staff, management and/or audit committee
• Independent sampling by product, origination source, branch or region
• Independent review compliant with federal lending laws and state predatory lending statutes
• Independent and secure facilities, systems and data handling. All electronic transfers are compliant with the Graham Leach Bliley Act.
• Independent, experienced staff with employment subject to QRS's background screening

Loan Assurance reviews may be completed either pre-funding or post closing.  QRS allows our clients to determine the focus of the review including borrower identity, income, fraud prevention, property valuation, compliance, full file underwrites or any combination thereof.

How do we determine which files to review?

        File selection can be conducted on a random or stratified sampling determined by either QRS or our client.  Random file selection is consistent with secondary market guidelines. Selected files may be submitted for review as hard copy files, imaged files or tapes in xml format may be submitted for upload into the QRS software.

How do we do reverification on full underwriting reviews?

        Employment, income and assets can be reverified through a series of mailings in addition to occupancy verifications and/or the use of informational search engines and databases available through the internet. Credit is reverified using infile merged or full residential credit reports as required by the client's Quality Control Plan and/or secondary market guidelines.

Can we provide analysis of the original underwriting decision ?

         QRS provides not only an analysis of the original decision, but also will provide additional recommendations on errors or omissions noted in the underwriting process.  Red flag reviews may be requested, which provide details on all the items in the file, including property issues, which may point to potential fraud.

Do we provide reports on our analysis and reviews ?

         QRS will provide thorough and easy to understand reports detailing our findings. These reports known as Quality Review Summations, provide the audit results in either graphical or narrative representations. Comparative analysis reports are also provided of all assurance review results during a one year period of time.  Trends and findings can be presented in different formats to assist with delivery to different factions of your organization - staff, management or auditors.

To whom does QRS outsource the appraisal reviews in the loan file ?

           QRS is a unique review company. We offer our customers not only loan assurance reviews through our employees and Analyst registry, we also offer a large selection of appraisal review and report products through our Collateral Division and Appraiser registry.  Our Credit team works hand in hand with our Collateral Team on each loan file reviewed.  A desk review is conducted on 25% of the loan sample and field reviews are conducted on an additional 10% of the sample. Should an individual appraiser's name be noted more than once during our loan sampling, the review percentage will increase to ensure the client has received accurate valuations.  QRS maintains a history on all collateral reviews. By doing so, we offer our clients a basis on which to determine appraiser accuracy.

Call us today and discuss your review needs. Let QRS be your quality assurance department.