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What is the purpose of having post closing loan file reviews?

April 26, 2017closing file loan purpose Reviews

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What is the purpose of having post closing loan file reviews?

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The post closing loan file review is a quality control tool that helps to assure the quality of the loan transaction. HUD-FHA, VA, Fannie Mae, Freddie Mac and most other investors require that all mortgage brokers/bankers with whom they do business have quality assurance reviews conducted of at least 10% of their closed loan files.