In the fast-evolving mortgage landscape, lenders must adopt a holistic approach to Quality Control (QC) that integrates QC principles across the lending process, beyond mere compliance.
A comprehensive QC program should be structured to reduce risks by ensuring independence from production pressures, recruiting experienced professionals, and regularly updating policies to reflect market demands.
The cyclical nature of the mortgage industry provides opportunities for lenders to enhance their QC programs, particularly during periods of lower origination volume, by conducting assessments and providing additional training.
Ed Gerding emphasizes that the traditional view of QC as simply a post-closing audit is outdated, urging lenders to prevent errors through a proactive and integrated QC framework.
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