Quality control audit
The audit process doesn't have to be a puzzle. Here's what to expect.
Why audits matter
We conduct audits to make sure that loans are manufactured according to expectations. Audits help us ensure that:
- Loan data is valid and reliable
- Underwriting was performed properly
- Loans are eligible for insurance
Audits have some advantages. They offer rescission relief and can help you identify opportunities to correct potential gaps in your loan manufacturing process. And a healthy audit culture helps everyone in the mortgage industry stay compliant with regulations.
How it works
Every lender has a chance of being randomly selected. If you’re selected for an audit, we want to make sure there are no surprises. We’ll walk you through the process every step of the way. Here’s what to expect:
- We’ll reach out to let you know you’ve been selected for an audit. We’ll explain the process in detail so you’ll know what to expect
- We’ll give you the list of loans that need review
- You’ll send us the loan docs using our Secure File Transfer ("SFT") site. Don’t worry, we’ll walk you through how to submit your files!
- We’ll review the loan files. We may ask for additional loan docs to help us complete the audit
- We’ll provide a report of the results to you, and work with you to determine next steps, if any. The process usually takes about 90 days from receipt of loan docs to results
Resources
Questions?
Find your account representative or contact Quality Control directly:Marcia Stilwell
Quality Control
414-347-5625
marcia_stilwell@mgic.com