Post-Closing Verification Sample Clauses

Post-Closing Verification. ‌ PFIs must review the final terms of the Mortgage Loan to ensure they align with the data on which the underwriting decision was based. When a PFI’s QC review identifies discrepancies between the data that was used in the underwriting decision and the data verified through the QC process, the underwriting decision must be reassessed based on the newly verified information to determine whether the Mortgage Loan remains eligible as delivered. For Mortgage Loans processed through DU or LP, the PFI must ensure that all data submitted to DU or LP is true, correct, and complete. The PFI must verify that the Mortgage Loan File contains documentation that supports all data submitted to DU or LP. In addition, the PFI must ensure that all of the Borrower’s liabilities were included in the analysis by DU or LP. When there are inconsistencies between the data used for manual underwriting or the information submitted to DU or LP and the verification or post-Closing QC reverification documents, the PFI must do the following: 1 Determine whether the discrepancies are within the tolerances allowed for DU, DO, or LP as permitted by the MPF Guide.