First American Unit Introduces QC@Closing
October 25, 2012
FA Business Services, LLC, a wholly owned subsidiary of First American Financial Corp., announced the release of QC@Closing, its new, automated loan quality product that helps lenders identify and mitigate risk, save time and resources and improve the consumer experience.
Changing regulations and the risk of loan repurchase and penalties are forcing lenders to allocate more time and resources than ever before on loan-processing quality controls. Many lenders employ manual quality reviews of loan documents, which have limited success in reducing buybacks and can be costly and time-consuming.
FA Business reports that QC@Closing conducts an automated evaluation of the HUD-1 settlement statement and loan data, based on lender-defined rules, at a point in the closing process at which corrections can still be made. Possible risks and discrepancies are flagged for lenders in real time, so that they can identify and act upon them while still closing on time.
“While many in our industry recognize the potential to improve compliance by manually auditing the HUD-1 settlement statement, getting this data in a consumable format has been the core challenge. With QC@Closing, we’ve been able to successfully extract and standardize the closing data so that it can be automatically evaluated against lender-defined rules that are tailored to each lender’s programs,” said Sally French Tyler, senior vice president of FA Business Services, LLC. “By helping to facilitate better and faster quality control measures at the most appropriate time in the closing process, we hope to show that settlement providers are an essential part of the solution, actively involved in improving confidence in lending for borrowers, lenders and secondary investors.”
- Consistently applies each lender’s rules at the closing table—across all geographies, business channels and settlement agents
- Analyzes closing data and loan information and automatically flags possible risks and compliance issues
- Provides a flexible rules-management system, allowing lenders to apply standard or customized rules for each loan
- Delivers real-time results on every HUD-1 revision, from pre-closing to post-closing
- Stores the actual closing data and results for five years, even after a loan is sold or acquired