Pre-Closing/Quality Control
Industry Challenges
-
Screening for regulatory compliance issues prior to loans being funded can result in higher quality loans but the process does involve challenges such as:
- Prevention of calculation manipulation by employees
- The need to identify problem loans quickly
- The need to streamline processes
- Minimizing human errors
- Outdated manual processes
- Complicated compliance spreadsheets
- The need to ensure data accuracy
- Changes requiring constant training
- Knowledge of complex legal issues
- Cognizance of laws of multiple states
- The need to avoid time wasted on processing applications for loans that can’t legally be made
- Preventing last minute fire drills
- Maintaining compliance with agency and investor requirements
- Identification of problem originators
Industry Solutions
To assist with pre-closing quality control, Interthinx has created a system that offers automated common compliance checks, data validation, streamlined processes, consistency, and unbiased analytics for all 50 states.
