Unfortunate things happen to good people. Mortgage defaults are a major setback for mortgage professionals. Many times mortgage defaults are caused by unfortunate things happening to good borrowers who lose their job, illness, death, divorce, or other things that disrupt lives. The industry wants to know why mortgage defaults occur. Mostly the mortgage investors or mortgage insurance companies want to find out if there were any poor lending practices during the loan process or if the file contained material defects. From Quality Mortgage Services experience from doing mortgage default audits the majority of the discoveries we find are unfortunate events that occur in the borrower's life which exonerates our clients from the presumption of writing risky or bad mortgage loans. However, loans made during the subprime days and during economic instability, we have found that many of the loans met the underwriting requirement and the culmination of the economy caused borrowers to default on their mortgage.

Quality Mortgage Services has found a number of loans that did contain mortgage fraud for housing and other loan officer manipulation. However, this is not the norm or standard practice of our client?s loan production.

Other post closing quality assurance audits may include the following:

Post Closing Quality Assurance

Federal Regulatory Audits

Repurchase or Loan Buy Back Audits

Appraisal compliance and related services:

Appraisal Quality Control

Appraisal Defect Detection and Prevention

QMS Difference

Quality Control Plans

Collateral and Appraisal Compliance Reporting

Collateral and Appraisal Management QC Plan