Review ordered after loan funded

[alex gilbert]

Maybe "post funding quality control" where a percentage of funded loans over a previous time period are pulled for a q/c check.

 

[Midwest Guy]

Each FNMA and Freddie lender must review and quality control a percentage of their total loans for quality control. If they do ahead of time the loans would take to long, if 1 0f 20 or 1 of 50 loans are reviewed in the back end, they under which vendors, and brokers are providing acceptable documents for their loans. They can certify a number of "good loans" based upon percentages of good reviews.

 

[MBD]

I just finished a post-closing review. The property closed on 04/30/07 and the review was ordered on 05/08/07. This may have been the first time I ever encountered this.

This was weird because the report under review indicates the contract price at $320,000, FMV at $310,000, and subsequently, the contract price was lowered to the appraised value.

 

[CindyMura]

I have been a desk review appraiser for the past 4 years and an appraiser for 21 years. Sometimes a loan funds without appraisal review and a questionable appraisal doesn't get caught until the quality control reviewer sees it. Maybe it never gets caught until the investors reviewer questions it. Maybe the investor is checking a bunch of files submitted by a certain mortgage broker who they suspect of shenanigans.