Serving mortgage clients since 2000.
Frequently Asked Questions
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Q. Is Waquis an American owned company?
A. Yes, Waquis is an American owned company as a C corp in Washington state. It is 100% American owned and bound by US law.
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Q. How long has Waquis been in business?
A. We have been in business since July, 2000.
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Q. Are all auditors employees of Waquis?
A. Yes, everyone that works with Waquis is a dedicated employee. We never use temporary or contract employment (unlike most other QC vendors).
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Q. Do auditors or processors work from home?
A. Unlike most QC firms, we NEVER utilize contract auditors or employees that work from home. Our employees work from a very secure and dedicated facility with physical security guards, key code access, IT monitoring, and strict security protocols.
Q. How do you ensure excellent customer service?
A. All of our clients have a dedicated project manager to understand their business and needs. This project manager can be reached directly via phone, email, Facetime, or CHAT. We provide daily, weekly, and monthly reports to ensure project satisfaction and accuracy as a very high quality of customer service is the cornerstone of our business. Most of our clients have been with us for 7+ years and some for as long as 18 years. They stay with us because of the excellent quality of work and high level of customer service.
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Q. Do you offer an offshore facility?
A. We have a hybrid model of both offshore and onshore. We have offices in Portland, Oregon and White Salmon, Washington and a dedicated processing center in Colombo, Sri Lanka. Every major lender and bank in the world (Bank of America, Wells Fargo, Citibank, HSBC...) has a significant offshoring presence as the cost savings and quality of work have become imperative to remain competitive.
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Q. How much does a post-closing audit cost?
A. Our post-closing audits cost just $100, while many other QC firms charge $250 - $300 per audit.
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Q. What is the turn-around time for post-closing audits?
A. Our turn-around time for post-closing is less than 30 business days. We also offer a RUSH service of 14 day delivery as well as one week for management response to any defects or errors.
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Q. How much does your mortgage staffing cost?
A. Our staffing typically ranges between $11 - $13 per hour for a dedicated full-time employee working 40 hour work weeks. That cost includes all overhead such as taxes, health insurance, vacation and sick time, holiday pay, retirement plans, and HR costs. Most clients pay a domestic hourly wage between $28 - $38 per hour (when taking into account overhead costs).
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Q. What kind of tasks can your staff perform?
A. Our staff can perform most back-office tasks including submission review and stacking, indexing, processing, pre-underwriting reviews, LOS submission, QC check lists, LOS submission, and Final Doc reviews. We don't perform any kind of voice or telemarketing work. ​
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Q. How is the quality of your work and audits?
A. Actually, most clients realize a significant increase in the quality of work using our auditors. Most of our auditors have been employed with Waquis for 12+ years. We also have a QC check in place using over 400 questions to ensure every audit is thoroughly checked and re-checked. Sri Lanka has, per capita, more accountants and accounting technicians than any other country in the world and our work force comes highly educated. We also have an American work force that performs quality control and oversight and keeps our staff updated and informed on all the regulatory changes in the mortgage industry.
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Q. Who are some of your clients?
A. You can find a few of our references on our testimonials page. Due to confidentiality, we can't name many of our clients. However, we work with clients of all sizes. Our biggest client is the largest bank in the mid west that closes thousands of loans every month. We work with major lenders in Florida, Michigan, Illinois, Texas, and California and many smaller houses throughout the country.
Q. Is it secure to have work performed in Sri Lanka?
A. Yes! In addition to our secure processing center, most work never leaves US soil or servers as we work in a client's environment as we utilize software such as Citrix, Encompass, or Sharefile. Annually, we pass some of the most stringent IT and operational audits imaginable as we work with many US banks.
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Q. How easy is it to get started with Waquis?
A. We can typically get clients set-up in 15 minutes to begin sending us files for post-closing audits. We can get set-up for pre-funding reviews in a couple of hours. Most staffing projects are launched in under a week. We also offer new companies incentives to try our services (such as three free post-closing audits to assess the quality of our work or hourly discounts on staffing projects).
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Q. Do you require term contracts?
A. No, unlike most other QC firms (that require a minimum of one year commitment), our contracts are performance based. In most cases, if you're not happy with our work, you can quit with just 30 days notice.
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