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12.2.2 Post Closing Reviews
Post-closing reviews must comply with all Agency requirements concerning timing, loan selection, sample size, and document reverification. Audit processes must include a check of all credit documents, collateral documents, and closing documents for...
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Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-2-1-Pre-Funding-Reviews > 11-2-2-Post-Closing-Reviews

12.2.3 Other Required Reviews
Clients must also provide for the following required reviews, as applicable:
  • Early payment defaults
  • Declined loans
  • Insuring process
  • Branch reviews
  • Servicing reviews
  • Vendor...

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-2-1-Pre-Funding-Reviews > 11-2-3-Other-Required-Reviews

12.2.4 QC Process

Within the sampling methodology, loans must be selected on a random, targeted, and discretionary basis. Discretionary samples should include higher risk characteristics such as certain product types, high ratio, high LTV, areas of high...

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-2-1-Pre-Funding-Reviews > 11-2-4-QC-Process

12.2.5 Reporting
An effective QC plan must include consistent reporting of all prefunding and post-closing results to senior management within 30 days after completion of the review and an appropriate method for implementing corrective action to the findings....

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-2-1-Pre-Funding-Reviews > 11-2-5-Reporting

12.2.6 Self-Reporting of Significant Defects or Fraud
The Client shall immediately report to PHH any material defects and/or misrepresentation or fraud relating to any Loan and/or any Person. The Client must provide the PHH Correspondent Specialist (CS) the following information: PHH Loan Number,...

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-2-1-Pre-Funding-Reviews > 11-2-6-Self-Reporting-of-Significant-Defects-or-Fr