Performing due-diligence audits is a regulatory requirement that requires time and manpower. Your organization already has a policy in force, now you have to ensure it represents a reasonable risk. Using traditional methods, it’s a time-intensive task that requires gathering vast amounts of data and the skill to interpret that data correctly.
Compliance requirements and good business sense make quality control necessary and important. Beyond regulatory necessity, quality assurance provides an excellent institutional benchmarking tool, allowing you to assess your risk and see just how well your business processes are operating. Your quality assurance team needs the best tools at their fingertips to catch any inaccuracies so the underlying reasons can be found and fixed.
First American CoreLogic provides the complete solution spectrum to perform necessary due-diligence audits and locate troubled loans efficiently and with precision. Automated tools allow you to verify property values are correct, the borrower is sound, and the mortgage broker or originating agent is trustworthy. Batch processing enables quality control to run large numbers of loans and zero in on only those few with questionable characteristics. Escalating levels of investigation allow you to tailor a bump-logic system that operates according to your policies and business rules, enabling quality control professionals to gain a complete understanding of the loan’s history and the information supporting each decision. When loan data presents patterns associated with fraud, geographic information systems and onsite appraisals from an approved and impartial appraiser provide a comprehensive level of oversight.