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 * 
   Chris Bruner
   
 * 
 * * Jul 8
   * 
   * 3 min read




QC EFFICIENCY AND COST SAVINGS OPTIONS IN TODAY'S MORTGAGE ENVIRONMENT







If you staffed up in the last year or two only to now reconsider keeping some of
those positions on, where are most business owners looking to make cuts?
Typically, it is in two areas - front-line production (MLO’s & Processors), and
back-office closers and auditors. Regardless of which of those two camps you
fall into, or if you completely disagree, there are changes being made now. A
business must remain competitive and profitable in order to sustain market
dynamics much like we are all facing now.






Today I want to discuss options for the back-office change considerations. Cross
training and repurposing staff are generally a preferred choice, but if that is
unsustainable, other options do exist. If your QC department must be repurposed
or downsized, outsourcing that business function is a popular option. But who do
you trust to partner with on this critical function?






You can check your industry partners for who they know or already use and hope
that you receive the same experience they tout. Or you can begin a vetting
process for potential partnerships based on your specific requirements. Either
way, there are a few things you will want to consider so you don’t find yourself
“herding cats” with your outsource partner. I am reminded of this great EDS
commercial from 2009.






First and foremost, do you outsource both pre-funding and post-close QC reviews?
The turn time from your vendor partner must match realistic expectations. Common
turn times for pre-funding in the industry are 24-48 hours. And everyone
promotes a 30-day post close turn time. Check references to see if those claims
are indeed consistent. Another factor to consider, do you have additional audit
needs in the areas of HELOC, Compliance, Fraud, Adverse Action, Servicing,
Reverse or HECM, etc.?






Other areas that are less obvious in the vetting process but become huge issues
as the partnership progresses are in the areas of auditor experience, the
ability to constantly calibrate how defects are addressed (provided the vendor
allows you to rebut them), and what your final reports show versus what has
actually occurred. Staff scorecards, sampling, investor overlays, trivial
defects, missing documents (that were actually in the file), and
re-verifications (Trailing? For how long?) can all be important factors that
affect your final turn time and report quality. Plus, how easy is it to deliver
your initial loan data to the vendor & how do you provide them viewing of the
documents to support the audit? All of these areas should be considered when
evaluating the best partnership for your business.






Clear Audit Services (CAS) was created and re-imagined from the ground up with
the mindset of lender QC Management that needs the best of all these criteria.
We hope you find these thoughts informative as you review your QC process. If
you are facing an operational change or want to know how your current vendor
partnership stacks up against what you can easily obtain from CAS, we look
forward to providing you with the best cost-saving options for outsourcing your
QC and building the best partnership experience. CAS clients will tell you they
do not feel they are herding cats. A hallmark of CAS is our focus on stellar
customer service ensuring each client’s voice is heard. Remediation preferences
differ between clients. We look forward to proving that CAS’s nimble approach to
each client is the successful formula that will promote your loan quality for a
brighter future.






We prepare lenders for agency approvals, revise, or create new QC policies,
recommend operational best practices in QC for MORA or CORE audits, and much
more. Our strength is in our client successes, and we look forward to learning
your specific needs and sharing similar stories of success. Contact us today for
a non-obligatory quick overview of where we know we can improve your bottom
line.









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