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If you are a company with loan products looking for a borrower, any borrower, willing to sign the papers put before him/her, then you should expect and accept quality control findings that cite insufficient qualification elements to support the approval decision. You should also expect, accept and be prepared to pay for increased delinquencies and defaults, repurchase and indemnification demands, and audits from investors and examiners alike. Remember, the power is in your hands.
A quality control review is a tool to spotlight good or bad business philosophies and practices. In other words, it is an opportunity to objectively scrutinize what you’re doing right as well as what needs to be improved. Quality control findings might even identify the root cause of a problem that seems to crop up from time to time but, in actuality, follows a pattern due to continuing departmental oversight. Don’t get mad with the findings or the examiner doing the review. Change what you’re doing and move on. If you’re okay with something not being done correctly, then that’s just the way you do business. So, when it comes to your quality control findings, like the comedian Jamie Kennedy says, “Don’t be hatin’,” just expect, accept and change.
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