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quality control audit

The audit process doesn't have to be a puzzle. Here's what to expect.

Why audits matter

“Audit” may seem like a scary word, but the process doesn’t need to be painful or mysterious.

We conduct audits to make sure that loans are manufactured according to our expectations. Audits help us ensure that:

  • Loan data is valid and reliable
  • Underwriting was performed properly
  • Loans are eligible for insurance

While being audited may feel inconvenient, it also has some advantages. It offers 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:

  1. 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.
  2. We’ll give you the list of loans that need review.
  3. 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!)
  4. We’ll review the loan files. We may ask for additional loan docs to help us complete the audit.
  5. 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

Learn about the types of loan documents we may request:

Download Loan Document List

Find instructions for submitting loan files securely through our Secure File Transfer site:

Download SFT Instructions

 

Questions?

Find your account representative or contact Quality Control directly:

Sara Fiorita
Quality Control
414.347.6468
sara_fiorita@mgic.com