QC Audit Service
The purpose of Nationwide Solutions, Inc.'s Quality Control program is to ensure lenders that loan originations and underwriting decisions are of investment quality. Our Quality Control department monitors, evaluates and reports on a 10% sampling of your originations each month. This outsourcing service enables your organization's critical resources to be deployed on more profitable underwriting and loan processing activities. It also guarantees that quality control audits are performed independently, in a timely manner, and in conformance with regulatory requirements. This discreet and economical service is performed at our Northern Virginia offices and encompasses the following areas:
- Regulatory Documents - are checked for accuracy and compliance with federal RESPA and state regulations.
- Credit Documents - are reviewed for conformance to underwriting standards.
- Closing Documents - ensures that all conditions for closing were met in compliance with instructions.
- Reverifications - confirms income, employment and funds.
- Credit Reports - ten percent of the sample group receive residential mortgage reports with the balance of the sample receiving in-file credit reports from two repositories.
- Mortgage Applications - discrepancies between handwritten and final applications are identified.
- Appraisals - review of appraisal is performed and compared to original on 10% of sampled files.
Loan Compliance
Loan Compliance Services are designed to provide our clients with quality expertise related to the mortgage industry. We offer a comprehensive set of services that are tailored to meet client and industry needs. Our reviews are managed by seasoned analysts that quickly identify problem areas. Specifically, our Loan Compliance Services include:
- Loan Origination System Set-up — set up of initial defaults, basic parameters and disclosures relating to residential mortgage loans originated adhering to state and federal disclosure requirements.
- Mortgage Loan Compliance Reviews — file reviews pertaining to state and federal regulations.
- State Examination Audit Assistance — assistance with preparing annual and renewal reports relating to State Licensing. Research and analytical support for building arguments and validating the facts of our findings.
- Training — Provide hands on training to improve operations and reduce lender’s risk.
- Document Retrieval — attempt to retrieve copies of follow-up documents (FUD) for mortgage loan files.
Due Dilligence
Nationwide Solutions, Inc. provides comprehensive due diligence services, to assist our clients in acquisition portfolio valuation, loan pool sales or establishment of reserves. The services offered are:
- Re-underwriting
- Complete asset description
- Loan history
- Financial history and current status of the asset and any makers or note guarantors
- Asset valuation
- Development and analysis of disposition options
- Asset stratification
- Division of assets into pools and pool pricing
Nationwide Solutions will typically travel to an institution’s location and start the examination process. Our team is responsible for setting up the note and mortgage library, establishing the grading criteria of the loans, cataloging pay histories and tracking the completed files. All of the primary documents are checked for accuracy and compliance. Using our loan evaluation, underwriting review and due diligence software, Nationwide Solutions is able to develop and model standard or custom reports to suit the client’s specific requirements. Each loan has a comprehensive report prepared, which is integrated into the final portfolio report provided to the client. Provided in hard copy and on diskette, the portfolio data can be easily uploaded into your prepared software for assumption modifications and data analysis at your discretion.
Loan Servicing
Nationwide Solutions, Inc. offers our clients specialized servicing capabilities for loans related to residential, consumer, and asset-backed pools. Although Nationwide Solutions is experienced in collecting on all types of loans, it has determined that its clients are best served by having one servicer that specializes in unique servicing requirements such as interim, private portfolio and complex or difficult loans. Our software and our high ratio of staff to loans serviced enables us to provide personalized servicing. We will perform a variety of tasks on your behalf for your investors and your loan portfolios. These include payment collection and processing, payoffs, assumptions, PMI/MIP and loss draft processing, handling mortgagor inquiries, ARM adjustments and escrow management as it applies to real estate taxes, hazard and flood insurance and escrow analysis. In addition, we can perform special loan functions such as investor reporting, ARM audits and default management covering collections, loss mitigation, bankruptcy, foreclosure and Real Estate Owned.
- Interim Servicing - the labor intensive, short-term servicing of loans being aggregated for securitization or portfolio sale.
- Sub-servicing - for our clients that wish to retain servicing rights and enjoy the efficiencies of outsourcing inefficient or complex servicing portfolios, as well as securitization sub-servicing, reporting to Master Servicers.
- Specialized Servicing - wrap-around loans; multiple participant loans; simple interest loans; bi-weekly, semi-monthly, quarterly and annual payment loans; non-real estate asset-backed and lien secured collections.