Our Process

Let’s Get Acquainted

Give us a call (1-800-421-6716) to learn more about our services and tell us about your business and methods of closing loans. We will work with you to determine if we need to modify our standard audit or review programs to fully meet your needs.

You can also send us a request for a brochure, and also receive a sample of our report package, our agreement form and other information about Culp QC

Review Your Quality Control Plan

After executing our agreement, you should send us a copy of your Quality Control Plan. While it is permissible to outsource your quality control work, lenders are required to have in place a QC Plan that meets all industry guidelines and requirements. We will review your plan in detail to ensure that you are in full compliance. If you do not have a QC Plan we can provide one, free of charge, tailored to be adopted by your organization.

Determine Files for Audit

When you are ready for us to start auditing your files, just send us your production report for the month and we will make the required selection of loans. We can probably work with your existing production report as long as it shows the loan number, loan name, branch office, loan officer, and loan type (Conv, FHA, VA), along with all loans closed during the month. We will use this data to ensure that the monthly selections will be representative of the total population of loans closed by your organization. Generally, within 24 hours after receiving your production report, we will send our selection report listing the loans we have selected for audit.

Securely Send the Audit Files

Send us the package of complete files by whichever method you prefer. Some of our customers send us copies of files through the mail or by courier delivery service, but our preferred method is to transmit your files directly to our servers through our secure web site. Learn about our security measures.

Audit and Reporting

We begin the audit process as soon as we receive your files.

All of our auditors have extensive experience in the mortgage industry as former processors, underwriters, closers and compliance officers.

Our auditors review the files using our standard checklist, which has been designed to comply with FNMA, FHLMC, HUD, VA and Rural Housing guidelines. We can also customize the checklist to fulfill your precise needs.

All findings by our auditors are independently reviewed before being recorded. This is an important control point as it ensures that your files will be reviewed by two sets of eyes.

Once the audit is completed, which is generally within 50 days from the receipt of the selected files, we will upload to you the Preliminary Quality Control Audit Report for your review and response. Within 60 days from the receipt of the selected loan files we will upload to you the Final Quality Control Audit Report.

Staff Review and Action Steps

As soon as you receive our report, we strongly encourage you to review the findings and trends with your production staff as it helps to improve their accuracy and is a major deterrent to fraud, reminding them that ‘someone is looking over their shoulder.’

The appropriate steps must be taken to prevent the reoccurrence of the errors and findings cited in our report, and these steps must be documented and a action plan must be developed to reduce your error or defect rates.