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1 Introduction Goals Client Chapter 1 Introduction Mortgage quality control programs are critical to the operations of a mortgage company. Quality control programs can maximize the effectiveness of mortgage operations while ensuring compliance with investor, insurer/guarantor, state and federal laws. Quality control implements a system that provides management with an opportunity to examine and, if necessary, adjust its policies and procedures. It comprises a system of internal controls that sets standards, measures performance, and determines compliance with applicable legal, federal agency, and investor requirements. Quality control also provides for the timely correction of deficiencies when they are identified highlighting additional training needs. Many investors and agencies require their servicers to have an active quality control program in place. Because requirements affecting loan servicing are continually changing, a servicer s policies and procedures must also be revised to reflect updated requirements. As a result the servicer s quality control program must also be revised. This quality control program is intended to help ensure compliance with various requirements related to mortgage loan servicing. The policies described in this quality control program are based on requirements in effect as of the date of issuance of the program. [ Client] has designed this Quality Control Program (QCP) for mortgage loan servicing to comply with federal and state laws, regulations, and the general loan servicing guidelines of Fannie Mae, Freddie Mac, the Department of Housing & Urban Development (HUD), the Veteran s Administration, and the Rural Housing Service (RHS) (Agencies). The standards described in this QCP are representative of key agency standards and do not include every agency requirement. It is anticipated that this plan will be used in conjunction with the servicing manual, agency directives or other information source providing an accurate reflection of the guidelines in place for the period under review. Additionally, to the extent there are other investors, insurers, and/or guarantors for whom we service mortgage loans, [ Client] will ensure their quality control requirements are included in this QCP to guarantee that all quality control requirements are met. 1.1 Goals The QCP has been designed to meet the following goals: Provide the highest level of risk review and compliance measurement. Continually evaluate the quality of loan servicing activities. Maintain auditable verification that the QCP has been implemented and follows all established guidelines. Provide a vehicle for management to review and implement change based on feedback. Satisfy requirements of the Agencies, federal, and state laws. Copyright 2013 Mortgage Resource Center, Inc. d/b/a AllRegs. ALL RIGHTS RESERVED. Without the prior written permission of 15

2 Accountability and Monitoring Frequency of Reviews Client Chapter 2 Accountability and Monitoring [ Client] requires that its own organization, its employees and its third party vendors comply with all requirements of this policy and all underlying agency guidelines as they exist, or from time to time may be amended. 2.1 Frequency of Reviews Reviews will be performed on a regular and timely basis. Delinquent servicing, loss mitigation, and foreclosure activities will be reviewed monthly. General servicing functions will be reviewed quarterly. All other (semi-annual and annual) reviews will be performed in keeping with the schedules and tasks outlined in Quality Control Reviews. 2.2 Site Reviews All offices engaged in loan servicing activities will be subject to annual site reviews to determine compliance with the following standards including, but not limited to: The office is properly registered with all Agencies and the address is current in their records. Operations are conducted in professional, business-like environments. Any office located in commercial space is properly and clearly identified for walk-in customers, has adequate space and equipment, is in a location conducive to mortgage servicing, and is separated from any other entity by walls or partitions (except for any shared entrances or reception areas). Servicing offices provide toll-free lines or, in the absence of a toll-free line, accepts collect calls from mortgagors. Offices are sufficiently staffed with trained personnel having access to relevant statutes, regulations, issuances, and handbooks. Procedures are updated to reflect changes in requirements and that personnel are informed of changes in a timely manner. Personnel are employees (or contract employees performing functions allowed to be outsourced). Offices do not employ (or contract with) anyone currently under debarment, suspension, or on HUD s Limited Denial of Participation (LDP) list, or subject to any other Exclusionary Agreement. 2.3 Affiliate Review Only contractors, agents, or other third parties acceptable to the Agencies based on their requirements will be used. Written procedures are in place for the approval and management of vendors and other third-party service providers. Refer to [ Client] s Vendor Management Policy for complete information. Copyright 2013 Mortgage Resource Center, Inc. d/b/a AllRegs. ALL RIGHTS RESERVED. Without the prior written permission of 19

3 HUD Loan Servicing Standards Mortgage Loan Records Client Chapter 4 HUD Loan Servicing Standards 1 As stated by HUD in the Mortgagee Handbook, Each HUD-approved mortgagee must establish and maintain a formalized, written quality control plan for mortgage servicing on a system-wide basis, including the servicing of its branch offices. Under this Quality Control Plan, a mortgagee must utilize a program of internal/external audit or provide for an independent review by the mortgagee's management/supervisory personnel who are knowledgeable and have no direct mortgage servicing responsibilities. The Quality Control Plan must be implemented and maintained in such a manner consistent with its needs to assist corporate management in determining the accuracy, validity, and completeness of its mortgage servicing function. This plan must also enable corporate management to determine whether HUD's requirements and the mortgagee's policies and procedures are being followed by its personnel. The plan must be comprehensive and include all servicing issues, including Equity Skimming violations. It should evidence a representative statistical sampling of all FHA-insured mortgages serviced. [ Client] s HUD Quality Control Program for servicing provides for a review of all aspects of loan servicing. The following standards are included in the review: 4.1 Mortgage Loan Records Loan servicing records are promptly established after loan closing. Loan servicing records contain all necessary documentation either electronically or in hard copy. Documents required to be retained as originals and the remaining paper documents or acceptable imaged or microfilmed versions are retained for a minimum of the life of the loan plus three years, and any additional time required due to payment of a claim or Section 235 subsidies. 4.2 Loan Servicing Transfers Mortgagors are promptly notified when [ Client] acquires servicing from another servicer. All loans purchased contain all necessary documents. For loans sold to another servicer, the Mortgage Record Change is reported to HUD within 15 days of the transfer. For loans acquired from another servicer [ Client] signed Form HUD verifying the selling servicer reported the Mortgage Record Change on purchased loans. 4.3 Mortgage Insurance Premiums All Mortgage Insurance Premiums (MIP) are paid timely and in the correct amounts REV-5: Chapter 1:1-4C. Copyright 2013 Mortgage Resource Center, Inc. d/b/a AllRegs. ALL RIGHTS RESERVED. Without the prior written permission of 23

4 VA Loan Servicing Standards Mortgage Loan Records Client Chapter 5 VA Loan Servicing Standards According to the Department of Veterans Affairs, Holders are expected to service VA loans in conformity with procedures customarily used by prudent lenders in servicing portfolios of similar conventional loans. Loan holders performance is also measured by their compliance with applicable federal statutes, such as the RESPA (Real Estate Settlement Procedures Act), as amended, and laws and regulations governing the VA loan program. 2 [ Client] must have internal controls which periodically assess the quality of servicing of VA loans and assure that VA's servicing standards are met. An internal assessment of servicing activity must be conducted at least annually. This includes: Collecting and maintaining appropriate data on delinquency rates, loss mitigation options, and foreclosure rates to enable the evaluation of the effectiveness of collection efforts. Determining how VA delinquency and foreclosure rates compare with [ Client] s loan portfolio and with rates in reports published by the industry, investors, and others. Analyzing significant variances between portfolio foreclosure and delinquency rates and those found in reports and publications, and taking appropriate corrective action Mortgage Loan Records [ Client] shall maintain a record of loan payments received, disbursements made, and dates of all transactions for each account. Records supporting a decision to approve any loss mitigation option are maintained by [ Client] for a minimum of three years following receipt of any incentive payment for the option. 5.2 Servicing Transfers When servicing of a loan is transferred, [ Client] shall insure compliance with the Real Estate Settlement Procedures Act (RESPA) for the: Notice of the transfer. Form and content of the notice. Timing of the notice. 2 VA Servicing Guide, Chapter 1 3 VALERI VA Servicer Guide, Chapter 3 Copyright 2013 Mortgage Resource Center, Inc. d/b/a AllRegs. ALL RIGHTS RESERVED. Without the prior written permission of 32

5 Rural Development Loan Servicing Standards Reporting to VA Client Chapter 6 Rural Development Loan Servicing Standards 4 [ Client] is responsible for servicing the loan under the Lender Agreement and this subpart even if [ Client] has engaged a third party to service the loan on its behalf. Normal servicing includes: (1) Receiving all payments as they fall due and proper application of payments to principal and interest and escrow accounts for taxes (including special assessments) and insurance. (2) Establishment and maintenance of an escrow account to pay real estate taxes and assessments and required hazard and flood insurance on the security. All escrow accounts must be fully insured by the Federal Deposit Insurance Corporation (FDIC). [ Client] is responsible for maintaining escrow funds in a reasonable and prudent manner and for assuring that real estate taxes and assessments and required hazard and flood insurance are paid in a timely manner even if it requires advancing its own funds. The monthly payment may be adjusted when it is not adequate to meet established charges of the escrow account for the coming year. Escrow funds may be used only for the purpose for which they were collected. (3) Obtaining compliance with the covenants, loan agreement (if any), security instruments, and any supplemental agreements and notifying the borrower in writing of any violations. Other servicing requirements include taking actions to offset the effects of liens, probate proceedings, and other legal actions. [ Client] 's responsibility includes assuring that: (1) Insurance loss payments, condemnation awards, or similar proceeds are applied on debts in accordance with lien priorities on which the guarantee was based, or to rebuild or otherwise acquire needed replacement collateral. (2) Borrower complies with laws and ordinances applicable to the loan and the collateral. (3) Borrower is not released of liability for the loan except as provided in agency regulations. [ Client] should make every effort to assist borrowers who are cooperative and willing to make a good faith effort to cure the delinquency. [ Client] should consider the borrower's financial condition in attempting to work out repayment agreements. [ Client] may revise the payment schedule of the loan on a temporary basis with the written concurrence of the borrower. Changes in the loan repayment such as reamortization of the unpaid balance 4 Rural Housing Service, Guaranteed Rural Housing Policies and Procedures (Part 1980-D), Part 1980: General (01/01/06), Part 1980, Subpart D: Rural Housing Loans (01/01/06), : Loan Servicing (01/01/06) Copyright 2013 Mortgage Resource Center, Inc. d/b/a AllRegs. ALL RIGHTS RESERVED. Without the prior written permission of 49

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