Transcription of CHAPTER 7 QUALITY CONTROL PLAN - HUD.gov / …
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CHAPTER 7 QUALITY CONTROL PLAN - HUD.gov / …
CHAPTER 7 QUALITY CONTROL plan 7-1 General. All FHA approved mortgagees, including loan correspondents, must implement and continuously have in place a QUALITY CONTROL plan for the origination and/or servicing of insured mortgages as a condition of receiving and maintaining FHA approval. This applies to both the Single Family and the Multifamily Housing programs. A copy of the plan must be submitted when applying for mortgagee approval. QUALITY CONTROL must be a prescribed and routine function of each mortgagees operations whether performed by a mortgagees staff or an outside source. Mortgagees applying for approval to originate only or service only may submit a plan that pertains only to the function they will perform. A mortgagee that will perform both origination and servicing must submit a plan that covers both functions.
CHAPTER 7 QUALITY CONTROL PLAN ... loss mitigation procedures, escrow ... Mortgagees may develop a system of evaluating each Quality …
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