October 14, 2016
CA 2016-05: Full-File Closing Documents Added to the Quality Assurance Process
Effective November 1, and in a move designed to align with Private Mortgage Insurer Eligibility Requirements (PMIERs), our Quality Assurance team will introduce a step to the QA process for full-file submissions. Our QA team will randomly request closing documentation for these loans.
The closing documents required for the review are:
- Final Settlement Statement or other similar settlement disclosure statement (fully executed or certified).
- Promissory Note (fully executed).
- Title Insurance Policy or Binder of Title Insurance.
- Final, signed loan application (Fannie Mae 1003, Freddie Mac 65).
- Homeowner’s Insurance Policy.
- Verbal Verification of Current Employment.
- Borrower’s signed Authorization Form.
- 442 Completion Certificate and photos for subject property (if applicable).
- Settlement Statement or other similar settlement disclosure statement on sale of property (if applicable).
- Power of Attorney (if applicable).
- Additional closing documentation may apply on a case-by-case basis.
What to Expect if Your Loan Is Selected
If your full-file loan is selected for QA, our review will be limited to the closing documents. Also note that the process remains collaborative. Our QA team averages 24 years of industry experience, and we are committed to helping you every step of the way.
If you’re already familiar with the benefits of a QA review as a delegated customer, then you’ll notice the new process for full-file submissions is similar—with fewer required documents.
When your full-file closing documents are selected for a QA review, you’ll receive an email with detailed instructions about how to identify the files requested as well as how to submit that documentation.
If you have any questions about our QA processes at any time, you can contact us by phone at 888.844.6787 or 336.217.2100, or by email at email@example.com.
We look forward to working with you!
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