Examples of QC Review in a sentence
However, we will not request, and you will not be required to resubmit, any Origination File information or documents or Closing File information or documents that were previously submitted to us in connection with the Application, Independent Validation or QC Review of the related loan.
Individual Loan Review (QC Review) Banks should verify that brokers and originators have established policies and procedures sufficient to ensure that loans obtained from a broker and originated or purchased by the bank comply with applicable laws and the bank’s policies.
Investors should note that any mortgage loans identified in the Freddie QC Review or in the review conducted by the third-party diligence provider that were found to have Underwriting Defects, Major Servicing Defects or Minor Servicing Defects were removed from the Reference Pool, but those found to have data discrepancies or exceptions that do not result in an Underwriting Defect, Major Servicing Defect or Minor Servicing Defect or violation of Eligibility Criteria will be included in the Reference Pool.
Lord Macdonald QC, Review of .uk Registration Policy, December 2013, http://www.nominet.org.uk/sites/default/files/ Lord%20Macdonald%20Report%20final.pdf.
National MI QC will finalize and share the findings with the MPH, after taking into consideration any response and additional information submitted.QC Review Scope, File Ratings and InterpretationThe QC Review is intended to confirm that an insured loan was underwritten and closed in accordance with National MI’s Underwriting Guidelines (including risk tolerances established by National MI) and priced appropriately.
Further, as described below, when an insured loan is selected for review by National MI’s Quality Control (“QC”) Department (a “QC Review,” as defined in the Master Policy), such QC Review qualifies as an Independent Validation for such loan.If National MI has completed an Independent Validation on a loan and there are no Significant Defects, Rescission Relief for such loan is effective upon National MI’s notification to the MPH regarding the successful outcome.
Those validations will be carried out by National MI Insurance Operations unless the loan has been sampled by National MI QC and designated for QC Review (refer to Section 7.0 QC Review Requirements and Processes for details).
Tools and Templates• 30% Design Package Deliverables• 60% Design Package Deliverables• 90% Design Package Deliverables• Final Design Package Deliverables• Technical QC Review Report This section describes common processes for the design phase.
Refer to Section 7.0 QC Review Requirements and Processes for timelines applicable to files sampled for a QC Review.File submissions should include, at a minimum, the documents listed in Section 5.0 Required Documents.
If problems are not sufficiently corrected (as determined by National MI), National MI may refuse to insure new loans from the MPH and/or revoke the MPH’s delegated authority.Summary ReportingNational MI QC will periodically provide MPHs with reports summarizing their QC Review results.Master Policy Holder Questions about QCMPHs may contact their Account Manager to answer questions about National MI QC.