Frequently Asked Questions

Welcome to our Frequently Asked Questions (FAQs) page. If you have a question that isn’t answered here, please contact us at sales@tenaco.com.

Audit Services

Can my company’s overlays be incorporated into the standard audit?

Yes. TENA can audit to any custom parameters that your firm may have.

How are Servicing QC audits performed?

TENA segments the Servicing QC audit process according to the primary servicing function that is being checked. The servicing process is segmented into approximately twenty-six functional segments that we refer to as “Areas of Inquiry” (AOIs). Each AOI has its own audit sampling protocol. There is some variation in the total number of AOIs dependent on the type of loan product being serviced. Examples of AOIs include Bankruptcy, Reverse Mortgages, ARM Adjustments, Foreclosure, and Escrow/Tax/Insurance.

What is the turn-around time for completion of Pre-Funding QC audits?

TENA’s standard completion time for Pre-Funding audits is 48 hours (exclusive of Saturdays, Sundays and Federal holidays); however expedited service is available upon request.

What is the turn-around time for completion of Post-Closing QC audits?

Assuming the selected loan files are received as scheduled, TENA provides reports within 35 calendar days of the start of the audit process. TENA will initiate third party reverification actions, order field appraisal reviews and review credit reports, audit the file, perform a desk review of the appraisal, and analyze third party reverification responses and field review appraisals as they are received. The results of all efforts will be incorporated into the audit record and a comprehensive series of reports that cover all loan files in the audit workgroup is then generated. The reports reflect all audit steps initiated and all of the results obtained.

Does TENA require any specific format for files that are to be audited?

TENA prefers that the post‐closing and pre‐funding files be imaged, but hard copy files can be accommodated.

By what method should files be submitted to TENA for audit?

TENA prefers that imaged loan files be submitted electronically via a secure box.com account. Login credentials are established for each outsource Client at the time of Client set‐up. Other methods of file delivery include uploading to TENA’s SFTP site or a password protected DVD or CD. Hard copy files are typically delivered via FedEx, UPS or a similar carrier. When performing servicing file reviews, TENA’s preference is to have some form of remote access to the servicing and documentation systems; although the servicing area can accommodate portions of the reviews as image or hard copy files, as described above. Additionally, there is no required stacking order when submitting files.

Are TENA’s processes audited by an independent audit firm?

Yes. On an annual basis, TENA engages an accounting firm to perform a Service Organization Control Audit that reviews TENA’s internal processes and security measures. Upon completion, a report is issued that outlines the findings of the audit; a copy of that report, commonly referred to as a SSAE 16 SOC2 Report, is available upon request.

Where are TENA’s auditors located?

To prevent possible security issues and to maintain consistency, all TENA auditors work exclusively from within TENA’s offices. Offshore firms and workers are not used in any manner; contract workers are never used for any work relating directly to a client or any component of the audit process. All audit service work performed for clients is handled from within TENA’s secure, access controlled, camera monitored facility in Saint Paul, MN. Except for employees who are required to travel periodically for sales, consulting, or training purposes, no work pertaining to a Client is performed at any location other than at TENA’s offices.

Does TENA require a minimum number of files for a Production QC audit?

There is no required minimum number of files nor is there any “up-charge” if the number of files submitted for audit is small. TENA’s client base consists of lenders who range in size from very small to some of the largest in the nation.

How are files selected for audit?

TENA performs the audit selection process for approximately 98% of its clients; however, a Client can also select which files will be audited. When TENA handles the audit selection process, it utilizes the selection functionality built into its SecondLook Audit Software. In those instances, the Client’s unique selection requirements and criteria are identified during the Client set-up process and the applicable parameters are pre-loaded into the software. Upon receipt of the Client’s list of loans that are candidates for audit (typically, a closed loan report), the selection process is initiated. The SecondLook file selection process accommodates a wide range of selection criteria, from very simplistic to very complex. SecondLook automatically stratifies the list of eligible loans according to each Client’s specific requirements. It then uses random, discretionary, stratified and targeted sampling protocols in conjunction with fixed count, percentage, conditional, and statistical methodologies to fulfill the specific selection criteria established for the Client. Upon completion of the selection process, the list of loan files selected for audit will be communicated to the Client.

Does TENA offer any specialized audit services?

In addition to audit services specifically structured to meet a Client’s unique needs, auxiliary optional services most commonly used by Clients include, but are not limited to: full APR validation/recalculation, targeted reviews, and state specific compliance reviews.

How is the audit price determined?

TENA charges for audits on a per-file basis and charges only for the work performed.  The price per audited file varies based on the type of audit being performed. Contact our sales team at sales@tenaco.com for an estimate.

Can TENA assist a firm in preparing a QC Plan?

Yes, TENA is very experienced in helping lenders and servicers prepare QC Plans. Our efforts not only make the process fast and relatively easy, it’s a very cost effective way to complete the task.

How does TENA ensure that all of the testing script updates are accurate?

TENA maintains an in‐house Legal Department and Compliance team that continually monitors Agency, Federal and state requirements, including but not limited to Fannie Mae, Freddie Mac, FHA, VA, RHS, FHLB, CFPB, MHA. This group, along with our customer support team, ensure that the rules-based information in SecondLook Software that drive the dynamic testing scripts is up-to-date.

How often does TENA update their testing scripts?

TENA’s testing scripts are continuously updated by TENA’s rules and compliance team on a monthly basis.

Does TENA include state specific questions in their audits?

Yes, Production clients can request that TENA includes the state specific questions when auditing your files. Servicing clients receive state specific questions automatically in their audit. Additionally, federal compliance requirements are included.

Does TENA offer MERS Reviews?

Yes. TENA offers MERS® Annual Reports, MERS Data Reconciliations, MERS Life of Loan Reviews and MERS QC Reviews.

What types of reports will my firm receive once TENA has completed the audit?

An array of pre-built and customized reports are available to meet each firm’s unique business requirements, providing insight into the strengths and weaknesses of the various elements of the mortgage loan process. Graphically enhanced, statistical and trend analysis, peer comparison, individual audit summaries, and gross and net defect reports are just some of the many variations of servicing and production QC reports that are available to meet Client’s needs.

What separates TENA from its competitors in the QC space?

TENA has been the leader in mortgage Quality Control for lenders and servicers since 1982.  TENA’s large expert staff and dedicated customer service personnel provide superior service through the Solutions Desk department.  In addition, TENA maintains a Legal/Compliance group that can, through Solutions Desk, help provide information that will allow all clients to make reasonable, educated decisions.   The many reporting options and custom/targeted reviews available to TENA’s client base have your firm covered for all your QC needs.

SecondLook Software | General

How long does it take to start using SECONDLOOK?

Typically, it takes about 30 days from TENA’s receipt of the signed contract to the use of SecondLook at a client’s site. During this time, you will receive personalized training to walk you through SecondLook’s features, including: pre-populated audit questions, dynamically generated testing scripts (checklists), reverification letters, and reports – everything your firm needs to get started. Upon completion of user training, you’re ready to go.

Can SECONDLOOK be customized?

Yes. SecondLook can be customized in many ways, including but not limited to: custom audits, processes, functions, work flows, and reports.

What support is available to SECONDLOOK Licensees?

The SecondLook Resource Center is a customer support department dedicated to assisting SecondLook Licensees with training, customization, procedural solutions, problem resolution and any other inquiry a SecondLook user may have. Their goal is to help SecondLook users in any way possible. The Resource Center is open every business day from 8:00 AM thru 5:00 PM Central Time. If needed, arrangements can also be made for a Resource Center representative (support@tenaco.com) to be available at alternative times.

How often does TENA update their testing scripts (checklists)?

Our experienced Rules and Compliance team updates the testing scripts on a monthly basis to reflect changes to state, federal, and agency rules and regulations.

How does TENA ensure that the testing scripts are accurate?

TENA’s process for updating its testing scripts includes Legal Department monitoring of all Federal, State and Agency changes.

How is the client notified of updates to the testing scripts?

TENA sends a notification that the update is available and also provides a summary of the changes.

How do I request a demo of SECONDLOOK?

To request a demo of SecondLook, contact TENA’s Sales Department at sales@tenaco.com.

SecondLook Software | License

Is SECONDLOOK licensed by workstation?

Yes. SecondLook is licensed based on the number of concurrent (rather than “named”) licensed workstations that a client requires. For example, if two workstations are licensed, any two authorized users may access the system concurrently. The minimum number of workstations that can be licensed is two; there is no maximum. The number of licensed workstations may be increased or decreased as required by the Licensee and this may be done upon request.

What is the term of a SECONDLOOK Software license?

The SecondLook Software license is month-to-month. The fee is billed in advance on a monthly basis. This approach provides clients with significant flexibility – Rather than being locked into an inflexible longer term contract, SecondLook Licensees can easily scale their license to accommodate the ebb and flow of their business workload at any time, upon providing a thirty day notice.

Is there a per-file fee when licensing SECONDLOOK?

No. TENA does not require a per file fee for SecondLook. Clients can audit as many files as they like for the monthly license fee.

Is reporting included when I license SECONDLOOK?

Yes, SecondLook includes hundreds of reports available to clients in both PDF and Excel format. Custom reports can also be created by TENA’s Resource Center, upon request.

Are state specific questions included when I license SECONDLOOK?

State specific compliance questions are an optional item that can be added to your SecondLook license. You can license as many or as few states as you require.

SecondLook Software | Technical

Is SECONDLOOK web-based or is it a client/server application?

SecondLook is a client/server application that utilizes a SQL database. This configuration allows for each firm to apply their individual security preferences to the SecondLook software.

How does SECONDLOOK interface with a firm’s Loan Origination System or Loan Servicing System?

Unlimited data fields from any Loan Origination or Servicing System can be imported into SecondLook. These data fields can be used as selection criteria during the loan selection process and can be reflected on reports. A Licensee can elect which data fields to import into SecondLook.

If a firm has installed SECONDLOOK Software, can TENA access any of that firm’s data?

No. Since SecondLook is installed on the client’s server, outside parties (including TENA) cannot access your system or any data contained within the system, unless granted access by the client.

What is the process of adding new custom questions to SECONDLOOK?

Simply contact TENA’s Resource Center (support@tenaco.com) for a custom question template. Return the completed template to the Resource Center and a Resource Center representative will create the new questions and send you a replication file so you can add them to your SecondLook installation.