HUD & VA require that FHA and VA loans be audited within 90 days of closing. Freddie Mac says that the results of the quality control reviews must be reported in writing to senior management within 90 days of the selection of the files for review.
Fannie Mae requires that the entire post closing quality process be completed within 120 days from the month of loan closing, with the following breakdown: Loans must be selected for audit within 30 days, the quality control review and rebuttal must be completed within 60 days, and the results of the audits must be reported to senior management with in 30 days.
At Culp QC, our method of operation is to provide the lender with a Preliminary Audit Report with in 50 days from the date we receive the selected files for audit. Once we receive the lender’s response to the Preliminary Audit Report, we issue the Final QC Audit Report within 60 days from the receipt of the selected files.