Frequently Asked Questions (FAQs) for Borrowers and Verifiers

1. Who is Waquis QC?

Waquis QC is a company that provides third-party quality control audit services for the mortgage industry.

 

2.  Who are Waquis's clients?

Our clients are companies that originate residential mortgage loans, including: banks, savings and loan associations, credit unions, mortgage lenders, and mortgage brokers.

 
3.  Why do we perform quality control audits?

Many private and government agencies that purchase or guarantee loans require their lenders to perform independent reviews of a sampling of files that were closed.  In order to keep these reviews as independent as possible, our clients elect to use a third party that is completely independent form the loan origination process.

 

4.  Why did Waquis pull my credit or request employment information?

As part of the quality control audits we perform, we are making sure our clients used accurate and correct information in the underwriting of your loan. 

 

We reverify credit by pulling a new credit report as a hard review inquiry which will show up on your report, but not affect your credit score. 

 

We also reverify your employment/income and assets.  Any time we need to send forms to employers we direct them to Human Resources and mark the envelopes as confidential. 

5.  How are you able to obtain my credit, employment, and asset information without my permission?

As part of the application process, you did give us permission when you signed the uniform residential mortgage application in which you acknowledged: "that any owner of the Loan, its services, successors, and assigns, may verify or reverify any information contained in this application or obtain any information or data relating to the Loan, for any legitimate business purpose through any source, including a source named in this application or a consumer reporting agency."

 
6.  I gave a gift to my relative, why do you need me to sign another piece of paper?

As stated above, as part of the quality control process, we need to verify all assets the borrower used in connection with obtaining a loan.  This includes gift funds that were used.

 

7.  The information to be reverified is incorrect, inaccurate, and/or fraudulent.  What do I do?

Please complete our form as instructed and provide us with as much information as possible.  We always welcome a courtesy call for such situations. The best number to reach us at is the phone number on our form.  As soon as we receive all the information from you, we will inform our client so they may take swift and appropriate action.