What happens after a file receives the “clear to close” notification? It then goes through the Quality Control (QC) and Post-Closing stages to ensure that the file is accurate and ready for purchase.
In this AD Mortgage digest, Serena Diaco, Business Development Manager, sits down with Daria Bulanova, QC & Post-Closing Manager, to uncover how our back-end teams keep your loans investor-ready and how mortgage professionals can avoid delays, conditions, and ‘back-and-forths’ by submitting clean, complete files.
How Post-Closing Works
The QC & Post-Closing Department checks that the file is of good quality and meets industry guidelines and regulations. Depending on the file type, it undergoes Deep, Light, and/or Due Diligence reviews.
“The review type depends on various factors – program, conditions, loan amount, LTV, and other parameters. For example, if the LTV is over 80%, we consider this a high-risk loan and perform a deep review of it.”
The QC review is performed at the same time as underwriting, and the broker only hears from the QC team if issues arise.
How Brokers Can Help Speed Up the Clear-to-Close Process
As with other mortgage steps, the faster brokers provide the necessary documentation and respond to questions, the faster the file moves.
“If a loan has QC conditions, brokers should contact senior underwriters rather than reach out to the QC department directly. From our side, we will re-review the documents and approve the conditions.”
For wholesale loans, the QC team rarely contacts brokers – only to request additional documentation.
“Some people think of the QC department as a ‘policeman’ looking for someone to penalize – but that is not our goal. Our goal is to check that the overall quality of the loan is good and that it can be sold on the secondary market.”
Close Deals Faster with AD Mortgage
The AIM Partner Portal by AD Mortgage helps our partners move files faster and streamline their workflows. With advanced tools, such as the LEADer CRM, 24/7 AIM Assistant, and the ADvantage Loyalty Program, you can serve your clients more efficiently.
Become a trusted partner today: Become a Partner | AD Mortgage
