I am pleased to announce that I have sold Culp QC, Inc., to Regulatory Solutions, LLC of Birmingham, Alabama, effective November 1, 2017.
The company will continue to reside in Owensboro, Kentucky and will operate under the name of Culp QC, a division of Regulatory Solutions, LLC.
more: A note from Bruce Culp on the sale of Culp QC
Regulatory Solutions LLC is pleased to announce that it has acquired the assets of Culp QC, Inc., a provider of quality control, post closing audit services to the mortgage industry. This transaction will significantly increase Regulatory Solutions’ business as well as its presence throughout the United States. Culp QC will continue to operate as a separate division of Regulatory Solutions under the Culp QC name with offices in Owensboro, Kentucky. Terms are undisclosed.
more: Regulatory Solutions Acquires Assets of Culp QC, Inc.
It has been widely reported that the TILA-RESPA Integrated Disclosure (TRID) requirements has lengthened the number of days it takes lenders to close loans. Now we have definitive evidence that TRID has also increased lenders’ Overall Net Defect Rates as well.
more: TRID Has Increased Our Clients’ Defect Rates
On March 18, 2015 the U.S. Department of Housing and Urban Development (HUD) released Handbook 4000.1-FHA Single Family Housing Policy. It was published to provide updates to the content initially published on September 30, 2014 and to add several additional sections. This Handbook supersedes, in part or in whole many previously issued Handbooks, Mortgagee Letters and Housing Notices and goes into effect on June 15, 2015.
The purpose of this article is to provide a summary of the required changes to HUD’s quality control requirements as described in Section V-Quality Control, Oversight, & Compliance of this new Handbook (4000.1).
more: HUD Issues New Handbook 4000.1-FHA Single Family Housing Policy
I am pleased to announce that, once again, Culp QC, Inc has received an A+ rating from the Better Business Bureau for the period ending August 31, 2014. For the almost 20 years that we have been providing mortgage quality control services to the mortgage industry, we have never had a consumer complaint file against us.
more: Culp QC is A+ Again!!
I am pleased to announce that we have recently enhanced our Post Closing Quality Control Reports Package to include new defect rate reports and analysis.
Fannie Mae’s recently released Selling Guide Announcement SEL-2013-05 now requires lenders to set gross and net defect rate targets and to track their performance each month in comparison to these targets.
more: New Post Closing QC Reports Package to Include Defect Rate Reports