It is essential to maintain the quality of loan files to meet regulatory compliance and satisfy customers. The Mortgage Underwriting QC team is responsible for ensuring that the loans are underwritten correctly and in compliance with all relevant guidelines.

At GrowQ, our Mortgage Underwriting QC team begins the verification process by reviewing the loan file to ensure that it meets all required documentation, which is accurate and complete. The team then checks the borrower’s credit score, debt-to-income ratio, employment history, and other factors to ensure that the underwriting decision was made in accordance with all applicable Federal and Agency guidelines. The team ensures that the loan file meets any additional internal overlays required by the lender to mitigate their risk.

The Mortgage Underwriting QC team also ensures that the CTC issued complies with all relevant guidelines. A Clear to Close (CTC) is a critical milestone in the loan process, indicating that the loan is approved, and the borrower can proceed with the closing. The Mortgage Underwriting QC team verifies that the CTC was issued correctly and in compliance with all applicable guidelines, including Federal and Agency guidelines and internal overlays.

If any issues are identified during the verification process, the QC team works with the underwriting team to resolve them immediately. This may involve requesting additional documentation from the borrower or revising the underwriting decision based on new information. Once all issues are resolved, the Mortgage Underwriting QC team provides final approval for the loan to proceed to closing.

In addition to maintaining compliance and satisfying customers, the Mortgage Underwriting QC team also plays a critical role in mitigating the risk for the lender. By verifying that all loans meet the necessary guidelines and internal overlays, the team helps ensure that the lender is protected from potential losses.