QUALITY CONTROL POLICY
Since we are licensed by the state of California and we do represent investors and we do deal in large sums of money so we must have a policy of confirming the validity of information and documents presented to our company in the process of originating real estate loans.
As such we employ the following to perform our duties to our borrowers, investors and our government regulators.
- All loan files are securely stored in locked file cabinets when not out for processing or servicing. A log is kept whenever a file is removed from the file storage area or taken out of the office in the course of company business. A file return policy is employed so as to confirm a file has been checked back into our secure system.
- All credit reports are ordered by our company from companies that comply with the Fair Credit Reporting Act. We require at least one credit bureau’s credit history on all borrowers. If we are unable to fund a real estate loan due to credit a Regulation “B” Notice is promptly sent to the borrower indicating the reason why we were not able to extent credit and possible solutions for the borrower. Any discussions pertaining to individual credit entries on the borrower’s credit report is referred to the appropriate credit reporting agency for further explanation.
- All appraisals are performed by qualified and experienced real estate appraisers and properly licensed by the State of California.
- All income documentation submitted to our company whether from a borrower or broker is reviewed and checked for authenticity.
- All required loan origination disclosures are provided to the borrower within all required governmental time frames. This includes but is not limited to State Fair Lending Notices, Federal Equal Opportunity Notices, Good Faith Estimates of closing costs, Federal Regulation Z, Truth in Lending Disclosures and the State of California Mortgage Loan Disclosure Statement.
In addition we determine on a daily basis any additional quality control measures that are required to validate that all information received and disclosed to our investors is true and correct.