Mortgage Policies and Procedures Manuals
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Beyond Compliance

Why does my company need
​Quality Control?

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Why does my Mortgage Company Need a Mortgage Quality Control Plan?

1.)  To Meet the Requirements of the States when applying for/renewing a License
States hold employers liable for the actions of employees.  Without documented policies, the Regulator cannot be sure the employer has established standards of conduct and best practices.  

2.)  To Answer Operational Concerns of a Regulator
Often lenders do not have sufficient operational, credit policy, or process management support which can result in concerns for examiners.  Comprehensive, cohesive policies and procedures are the proper response to this concern

3.) To Meet the Requirements of FNMA, FHLMC, FHA/VA, warehouse lenders and correspondent investors
Written Policies and Procedures are a requirement of the agencies when you apply for status as a seller or servicer

4.)  To Remove Legal Liability and Support Errors and Omissions
If you do not have written policies and procedures you have no recourse against your employees in the event of any violations.  This is critical if you have to discipline an employee or defend yourself in a Legal Action

5.)  To Provide an Internal Training Program
Mundane, repetitive training is managed uniformly.  Handle simple tasks that consume an inordinate amount of management time like training:

  • a receptionist how to answer the phones, manage communications, or order supplies 
  • a new processor to submit a loan, order a credit report or appraisal, or set up a loan 
  • a newly hired loan officer what the requirements for completing a registration form, lock in agreement, application, or good faith estimate
  • an underwriter what the underwriting flow is, who the customers are, the difference between a wholesale submission and retail submission;
  • an office manager how to go about hiring, interviewing, reviewing employees or setting up a new branch

6.)  Avoid Misinformation
In any of these areas documenting the process is time consuming.  Worse yet, the instruction for procedures and "how to" do something as simple as determine which credit bureau or appraiser to use tends to change from person to person.  This can perpetuate misinformation.   

7.)  Initial Internal Training for Employees
Avoid repetitive process instruction and redundant errors.  Policies and procedures manuals give you the opportunity to train a position specific function.  They become the foundation for your internal new employee training program.  

Mortgage Quality Control - Managing the Process
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All material copyright 2006-2025 QuickStart Mortgage Manuals
  • Home
    • What Regulators Require
    • The CFPB and You
    • Why do I need Quality Control?
    • What is a Module?
    • What is a Template?
    • Get Free Update Notifications
    • About Us >
      • FAQs
      • Industry Blog
      • Mortgage Resources
      • Client List
      • Discount Codes
      • Free Sample Request Form
  • Policy/Procedure Manuals
    • Single Policies >
      • TRID-Integrated Disclosure Policy
      • Social Media Policy and Procedure
      • Vendor Management Policies and Procedures
      • MERS Quality Assurance (QA)
      • Ability to Repay Policy
      • Anti-Money Laundering/SAR Reporting
      • Fair Lending Plan
      • E-Sign Policy
      • FACTA/Information Security
      • Mortgage Compliance Policies
      • SAFE Act Policy Manual
      • Secondary Marketing Manual
      • Appraiser Independence Manual
      • HPML Appraisal Policy
      • Mortgage Business Plan
    • Quality Control Plan - Agency/Investor
    • Quality Control - Broker/Non-Delegated Corr
    • Mortgage Compliance Manual
    • Origination-Production Manual
    • Processing Policy and Procedure Manual
    • Underwriting Procedures/Credit Policy
    • Closing, Funding and Delivery
    • Mortgage Operations & Employee Manuals
    • Servicing Procedures
    • Sub-Servicing Management Manual
    • Wholesale/Broker TPO Manual
  • Complete Packages
    • Mortgage Banker/Lender Package
    • Correspondent/Broker Package
    • Compliance Pack for Lenders
    • Broker Compliance Package
    • Wholesale (TPO) Package
  • Services
    • Updates and Downloads
    • Agency Approval Services
    • Training Program Development >
      • Intranet Development
    • Audit Support >
      • New York State Audit
      • Pennsylvania State Audit
      • Nevada Audit Preparation
    • QC Audit Quote Request
    • Free Customization Offer >
      • Let Us Customize Your Product
    • Access Document Management