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Loan Administration & Servicing Quality Control
Servicing Quality Control Reviews
Outsourcing Servicing Quality Control, aka Loan Administration, is one of many Mortgage Audit Services that TenA offers. Our approach to Loan Administration involves the review of select loan records as well as a general audit of each primary servicing process. TenA has additionally incorporated all servicing audit questions and rules into its Servicing Quality Control Software to assist those firms that prefer to audit internally. This comprehensive system contains all of the audit processes necessary to review every aspect of your Servicing Operation. Plus, our Servicing clients have additional resources at their fingertips through their access to our Compliance/Legal Division.
Servicing Audit Processes
To divide the Servicing Audit into manageable increments, TenA segments the audit processes into components it has named Areas of Inquiry (AOI’s). Each AOI is designed to accommodate the specific review of the segment of Servicing that it represents. These AOI’s and their focus are customizable to fit the needs and requirements of your firm.
| AOIs for a Servicing Quality Control Review |
| Tax and Insurance |
Bankruptcy |
| Loss Mitigation |
Default Admin/Collection |
| Foreclosure |
New Loan Setup |
| Paid-In-Full |
MIP/PMI Billing |
| ARM Adjustment & Conversion |
Claims Submissions |
| Assumption |
Customer Service |
| HAMP |
Annual Reports/Disclosures |
| Maturing Balloon/Reset Mortgages |
Reverse Mortgages |
| Payment Processing |
Property Management |
| Record Retention & Other Physical Inspections |
Partial Release & Other Modifications |
| Servicing Transfer |
FHA 235 |
Importance of Loan Administration
The Mortgage Bankers Association concludes that “Loan Administration is a vital part of mortgage banking, since the mortgage banker often derives a large part of its net income from its loan administration or servicing operation.”
We agree with this assessment and encourage all lenders to take an active role in the Loan Administration QC Process by giving us the opportunity to do the Servicing audits for you or licensing our Servicing QC Software.
Our Servicing QC Software has built in reports which can be modified to fit your needs. All the data captured in the software can be extracted or exported to other reporting engines. Various selection and sampling methodologies can be incorporated to select mortgage records for review. TenA’s Audit Consultants can assist in determining the best selection approach for use with each AOI.
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