You might randomly sample a percentage of all loan transactions or only take on those that display a field of red flags. Either way, your task is to gather the right data quickly and use your experienced eye to spot the underlying trouble or move it through to funding. Pulling together and gridding out the right data is key to making an accurate determination. And that takes time you don’t have to spend.
Quality assurance is where the buck stops. Your most experienced, and most highly paid appraisers have to be certain of the determination they make on each loan they review. That takes data, and data collection takes high-dollar time. As the market becomes less certain and fraud becomes more prevalent, the role of quality assurance is more important than ever. But as margins tighten, the non-production expense of QA can take a toll on profits.
When selling to mortgage investors, being certain of loan quality allows you to dramatically reduce loan kick-outs, or avoid them altogether. The nation’s largest mortgage investors are using First American CoreLogic’s sophisticated collateral risk-assessment tools as part of their due-diligence process. If investors find fraud or inflated collateral values in your mortgage pool, you face kickouts and a loss of reputation that could eventually impair your ability to sell on the secondary market.
First American CoreLogic offers a single source for all tools needed to gather and analyze data quickly and with the accuracy demanded to assure quality. Solid information about the property, borrower and mortgage broker or agent is rated and compared to locate patterns connected to fraudulent activities. Using a customized system of logic designed to fit your policies and incorporate your business rules, our solutions allow you to escalate scrutiny from a thorough automated review to an in-depth examination that includes geographic information systems and onsite appraisal by an impartial appraisal expert.