Post-Closing Audits

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We've been performing post-closing audits for over 20 years for hundreds of clients.

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Most lenders either decide to conduct post-closing audits using an internal team or outsource their audits to a third party vendor such as Waquis. We greatly advise using a third party firm or a hybrid model (utilizing an internal team and an outside QC vendor) for the reasons listed below.

 

Auditing Your Own Files is Very Risky

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Performing post-closing audits internally comes with inherent risk. Some of the risk factors include:

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• There is a very real risk of conflict-of-interest auditing your own files that many regulating agencies and investors frown upon upon.

• It is prohibitively expensive hiring a dedicated QC team given the massive volume shifts in the mortgage industry.

• Finally, if some QC auditors choose to leave, there can be a brain-drain of industry knowledge.

 

Using Waquis QC Provide Many Advantages

 

A third party QC partner such as Waquis can provide many advantages. A few of these advantages include:

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• Your company only pays for the audits performed so your costs are adjusted for your volume. If one month you need 100 audits, and then the next you only require 50, you're only paying for the audits delivered.

• Our cost per post-closing audit is $100.00 compared to around $175.00 internally or $250.00 (or more) from other QC companies.

• Waquis has dozens of QC specialists to keep up-to-date on industry and investor requirements.

• Investors and regulating agencies prefer a third-party QC company to mitigate any kind of conflict-of-interest of auditing your own files.

• We perform all support functions such as re-verifications, credit pulls, desk review appraisals, and field reviews.

• Your company has a dedicated project manager you can reach anytime with questions or concerns.

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Please click HERE to learn about our post-closing audit process.

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