Random Sampling. A PFI may utilize a statistical sampling method to determine its random sample size. This method must be designed to achieve a ninety-five percent (95%) level of confidence. If the PFI uses a statistical sampling method for its selection process in lieu of the standard 10% random selection process, it must document the methodology and provide to its MPF Bank upon request a detailed written justification of the methodology which must including the following: • Method for making a statistical selection; • Variables used in the selection model and how they are defined; • The results of periodic evaluations of the process and variables; and • Establishment of time periods for the evaluations. The MPF Bank or the MPF Provider may require adjustments to the statistical sampling methodology based upon a review of the statistical sampling methodology. A PFI that does not use a statistical sampling method must use the following post-Closing random sample selection procedures: • Select for review at least ten percent (10%) of one of the following origination populations: o Total annual home mortgage production; o Total annual secondary market home mortgage production; or o Total annual MPF Program originations. • The selection of the post-Closing QC Sample from within the chosen population must be made throughout the year based on the following schedule: Production Sample Selection Timing 10 or more Mortgage Loans closed in a month The selection of at least 10% of the mortgages closed within that month must be made no later than the last day of the following month. The PFI must notify the MPF Bank if their sampling cycle is in, or will be in, significant arrears. Example: In December, the PFI closes 12 loans; the sample must be selected by January 31. Less than 10 Mortgage Loans closed in a month The PFI may defer the sample selection until the month after which a combined 10 or more mortgages have closed since the last sample was selected. However, the PFI must select a sample no less than every 90 days. If after three consecutive months the combined production is <10 mortgages, the PFI must select one Mortgage for QC review.
Random Sampling. Chlorophyll a sampling shall incorporate stratified random sampling and shall be consistent with the currently approved methodology.
Random Sampling. Where a select single Applicant or group of Applicants:
Random Sampling. 1.5.1.2 100 percent inspection of items, such as reports and invoices, on a periodic basis (daily, weekly, monthly, quarterly, semiannually or annually) as determined necessary to assure a sufficient evaluation of Contractor’s performance.
Random Sampling. Where a select single Applicant or group of Applicants: Has/have completed the knowledge and skills test; Is/are chosen entirely by chance; and Has/have an equal chance of being selected for re-examination. Skills Testing Pad. A 35’ x 240’ concrete or reinforced asphalt pad located in a safe location, clearly painted or marked with safety cones, free of debris, other vehicles, and segregated from the general public or traffic when used for skills testing. SPE. Skills Performance Evaluation.
Random Sampling. A method for looking at a few individual items in a lot to measure the quality of that lot against a standard.
Random Sampling. Appropriate for frequently recurring tasks. Evaluate randomly selected samples of the lot to determine the acceptability of the entire lot.
Random Sampling. The Servicer agrees to produce and maintain as part of its books and records in the ordinary course of business a separate binder for each calendar month which shall contain copies of all of its internal reports and bank statements supporting each of the line items contained in the status and servicing reports for such month provided pursuant to Section 6.01(a) and (b) of the Assignment and Servicing Agreement. Upon reasonable prior notice from time to time of the Insurer, but, prior to the occurrence of a Default, or an event which, with or without notice or lapse of time or both would constitute an Event of Default), not more often than four times annually, the Servicer agrees to provide a copy of such binder to a financial consultant designated by the Insurer.
