Quality Control Plan Template for Mortgage Brokers TRID
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Quality Control Plan Template for Mortgage Brokers TRID
This Quality Control Plan Template for Mortgage Brokers TRID streamlines the loan application process, ensures TRID compliance, and optimizes client interaction.
1
Review and familiarize with TRID requirements and guidelines
Perform analysis of client’s financial situation and potential affordability
7
Preparation of closing disclosure form
8
Approval: Closing disclosure form
9
Setup a timeline for the TRID process
10
Provide mortgage estimate to client
11
Check for Regulatory compliance
12
Compile details of any change of circumstances
13
Update Loan estimate if there are changes
14
Approval: Loan update estimate
15
Re-disclose updated disclosures to clients
16
Finalize closing disclosure form
17
Send closing disclosures form to the borrower
18
Approval: Mortgage Broker
19
Record all TRID process activities
20
Evaluate feedback from client post-completion
Review and familiarize with TRID requirements and guidelines
Review and familiarize yourself with the TRID requirements and guidelines. Understand the importance of complying with these regulations and how they impact the mortgage process. Identify potential challenges that may arise and familiarize yourself with resources and tools available to address them.
Gather all necessary information from the client to complete their initial mortgage application. Collect basic personal details, employment history, income information, and any other relevant information. Ensure accuracy and completeness of the provided details.
1
Single
2
Married
3
Divorced
4
Widowed
Perform initial loan estimate calculation
Calculate the initial loan estimate based on the client's application details. Consider factors such as loan amount, interest rate, term, and any applicable fees. Provide a breakdown of estimated costs, including principal, interest, taxes, and insurance to give the client a clear understanding of their potential mortgage expenses.
Approval: Loan estimate calculation
Will be submitted for approval:
Perform initial loan estimate calculation
Will be submitted
Review property details for mortgage
Review the property details provided by the client. Ensure that all necessary information regarding the property, such as address, type, and condition, is accurate. Identify any potential issues or concerns that may affect the mortgage approval process.
1
Excellent
2
Good
3
Fair
4
Poor
1
Garage
2
Swimming Pool
3
Fireplace
4
Garden
5
Basement
Perform analysis of client’s financial situation and potential affordability
Analyze the client's financial situation to determine their potential affordability for the mortgage. Consider factors such as income, expenses, and existing debts. Calculate the debt-to-income ratio and evaluate the client's ability to meet mortgage payments.
Preparation of closing disclosure form
Prepare the closing disclosure form based on the finalized loan details. Include all relevant information regarding the loan terms, interest rate, closing costs, and any other required disclosures. Ensure accuracy and compliance with TRID regulations.
Approval: Closing disclosure form
Will be submitted for approval:
Preparation of closing disclosure form
Will be submitted
Setup a timeline for the TRID process
Set up a clear timeline for the TRID process to ensure efficient and timely completion. Define key milestones, such as application submission, loan estimate delivery, closing disclosure preparation, and final closing date. Communicate the timeline to the client and other relevant parties to manage expectations.
Provide mortgage estimate to client
Share the mortgage estimate with the client. Clearly explain the estimated costs, terms, and conditions, ensuring they understand the financial implications of the mortgage. Address any questions or concerns they may have.
Check for Regulatory compliance
Thoroughly review the mortgage application, loan estimate, and closing disclosure form for regulatory compliance. Ensure that all required information and disclosures are included and accurate. Verify compliance with TRID guidelines and any other applicable regulations.
Compile details of any change of circumstances
Document any changes in circumstances that may affect the mortgage application or terms. This includes changes in income, employment, or personal information. Keep track of these changes for reference and future updates.
Update Loan estimate if there are changes
If there are any changes in the mortgage terms or circumstances, update the loan estimate accordingly. Revise the estimated costs, terms, and conditions, considering the impact of the changes. Provide the client with an updated loan estimate to ensure transparency.
Approval: Loan update estimate
Will be submitted for approval:
Compile details of any change of circumstances
Will be submitted
Re-disclose updated disclosures to clients
If there are changes in the mortgage terms or circumstances, re-disclose the updated closing disclosures to the client. Ensure that all necessary information and revisions are properly communicated and documented.
Finalize closing disclosure form
Review the closing disclosure form for accuracy and completeness. Verify that all necessary information and disclosures are included. Address any discrepancies or errors before finalizing the form.
Send closing disclosures form to the borrower
Send the finalized closing disclosures form to the borrower for review and acknowledgement. Include clear instructions for the borrower on how to proceed and any necessary actions they need to take.
Closing Disclosures Form
Approval: Mortgage Broker
Will be submitted for approval:
Send closing disclosures form to the borrower
Will be submitted
Record all TRID process activities
Maintain a record of all TRID process activities, including dates, actions taken, and any important notes or details. This will serve as a comprehensive documentation of the entire mortgage process, ensuring transparency and adherence to regulations.
Evaluate feedback from client post-completion
Seek feedback from the client regarding their experience with the mortgage process. Evaluate their satisfaction level, identify areas for improvement, and consider any suggestions they may have. Use this feedback to enhance your services and provide a better experience for future clients.
