Quality Assurance

CrossCheck’s quality assurance loan reviews are customized to each client to evaluate the quality of the client’s process from origination to closing. Our quality assurance consultants average over 10 years of underwriting and quality control experience. This experience allows us to not only identify issues with a loan file but to determine the root cause and offer specific resolutions or actions to be taken by the client. Our customized quality assurance solutions are constantly reviewed to ensure compliance with investor, agency, and regulatory requirements and to confirm industry standard adherence. CrossCheck’s auditing platform offers clients the ability to review findings in real time which allows the client to make quicker process changes and ensures timeline adherence.

The pre-funding review has become an integral component to the lender’s overall risk management program. Our pre-funding reviews are designed to meet all agency and investor requirements while also addressing specific internal policy and procedures for the client. Our pre-funding review consists of a full re-underwrite of income and assets as well as AUS data validation and regulatory disclosure completeness and accuracy. CrossCheck’s 24 to 48 hour turn time allows the client to mitigate processing issues identified quickly and to correct issues with specific files while avoiding closing delays. Our pre-funding auditors average over 10 years of underwriting experience. This experience helps our clients to identify potential fraud, to eliminate closing non-saleable loans, and to decrease their overall defect rates.

Post-closing quality control agency, investor, and regulatory requirements seem to constantly be changing in today’s residential lending climate. Our experienced staff is adept at monitoring these changes and the impact they have on post-closing file reviews and quality control plan requirements. From sample selection to re-verifications, CrossCheck’s customized post-closing file review process meets investor requirements while also providing loan level feedback that a client can use to identify training issues, policy revisions, and product deficiencies. We deliver preliminary findings within 30 days of receiving or being granted access to the audit file. CrossCheck’s compliance consultants provide a unique, experienced perspective our consumer loan reviews. This experience creates a robust, in-depth scope to the compliance portion of the post-closing review as well as our enhanced compliance reviews and adverse action audits.

All of our reports are tailored to the client’s specific needs and contain the data elements and trending required by investors and regulatory agencies. Clients are presented with a turn-key reporting package that can be provided to operations, executive boards, investors, and regulators.

  • Pre-Funding
  • Post-Closing
  • Early Payment Defaults
  • Canceled/Denied Applications
  • Compliance Reviews
  • Servicing

Due Diligence Review

CrossCheck’s due diligence process is independent, transparent, and designed to meet the standards of the rating agencies. CrossCheck’s management team works closely with clients to customize review scope, sampling, and final reports to each client’s specific securitization or acquisition needs. Our core due diligence team members have a minimum of 20 years of due diligence experience in securitization offerings and acquisitions. Currently, the best practices and requirements for the due diligence and securitization process are being reinforced and improved by regulatory and rating agencies. CrossCheck monitors these changes and we revise our policies and procedures accordingly. CrossCheck’s experienced analysts and robust review scope identify risks regarding credit, compliance, property valuation, fraud and data integrity. This precise risk identification for an individual loan or portfolio helps our clients accurately price and acquire all types of residential, commercial, and consumer portfolios.

  • Rated securitizations including non-QM and jumbo
  • Whole loan sales and acquisitions
  • Non-performing loans
  • Consumer loans

Portfolio Reviews

The CrossCheck team has years of experience reviewing residential mortgage loan files in hard copy form or electronic images. Our portfolio reviews consist of repurchase analysis, litigation support, loan sale preparation, and risk assessments. Our comprehensive portfolio reviews help our clients identify credit risk issues regarding fraud, credit, collateral, or compliance. CrossCheck’s has reviewed thousands of repurchase requests from private investors and agencies and is adept at preparing an effective rebuttal with supporting exhibit package. CrossCheck’s fraud and compliance reviews identify issues and help our clients implement improved policies and procedures at origination. CrossCheck develops and performs comprehensive reviews of origination and servicing portfolios customized to specific client needs such as litigation support, loan sale preparation, loan modifications, and risk assessments.

  • Fraud
  • Repurchase
  • Litigation Support
  • Compliance
  • Servicing

Representative Engagements

  • GSE Repurchase Reviews – performed forensic reviews to verify the allegations in the GSE repurchase demand
  • Mortgage Fraud Reviews – performed forensic review of acquired loans to determine existence of material representation
  • Second Lien Portfolio Repurchase Reviews – reviewed loan origination and servicing contracts and loan files, evaluated underwriting exceptions, compliance issues, and misrepresentation
  • Post-Closing Quality Control/Denied Applications – quality control reviews on a sample of a bank’s student loan originations and denials.

View Engagements