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Frequently Asked Questions
How do I get a Quality Control Plan? Send a written request to Quality Mortgage Services for a Quality Control Plan. We will call and discuss the details of your mortgage operations in order to write the plan to fit your production line. How often do I send production list? Clients provide QMS with a monthly or quarterly production list of closed loans. The list can be faxed, emailed, or FTP. What information do you need in the production list to make an order? The list should include loan number, loan amount, type of loan, and loan purpose. However, you can provide as much information as you feel is necessary for the decimating criteria for selection. Can I weight certain areas more than other areas for the selection? We can make an arbitrary selection of a minimum of 10% from the production list and provide to you an order of the files for review. Guidance can be provided to weight a particular region, branch, or loan personnel if needed. What is the maximum and minimum that should be selected for Mortgage Quality Control Review? The industry standards for the agencies are 10%, however, management may choose to do more than 10% in regions of the country where known problem areas exist. What media should we use to send files? Files can be provided in the media of your choice. We accept original, copied, and electronic .pdf files. |
How does QMS account for the files? When QMS receives the files they are inventoried for completeness and for accountability purposes. If a file is missing or incomplete, you will be notified immediately. The review will be placed on hold until 100% accountability is achieved with the order. Do you make re-verifications? Once the inventory is completed, the processing begins. The processor is responsible for preparing the files for the audit. The processor begins the re-verification process and orders any credit reports and Field Review Appraisals necessary for the review. How long does it take to get my report? We like to allow up to 6-weeks for a report to be completed. This is to ensure that mailings of verifications are received and Field Review Appraisals are completed. What security measures are used to protect privacy? All reports, orders, and invoices are accessed through MARS. The client designates who will have access to what information during the execution of the contract. An email notification is sent via QMS’s software program MARS, to inform you your order, report, or invoice is ready. The email will have a link back to MARS where the user is required to login to access the order, report or invoice. MARS uses SSL certification for internet security. What happens to the files when the report is completed? Electronic files are maintained in our archive for 3 years and original and copied files are returned. QMS provides shredding services for copied files after the completion of the review. A certificate of destruction is maintained on file for 3 years. How do I get an On-Site Review? We can conduct on-site reviews either announced or unannounced. The on-site reviews need to be coordinated 30 days in advance. On-site reviews are very comprehensive and are negotiated at a per day rate. |
