Quality Control Resources and Fraud Prevention

• View all QC best practices
  
• Chapter 1, Quality Control Best Practices Introduction
  An overview of what you’ll find in Quality Control Best Practices.
• Chapter 2, Establishing and Managing an In-House Quality Control Program
  Information on designing, documenting and sampling an effective quality control program.
• Chapter 3, Implementing an In-House Quality Control Program
  Information on performing quality control reviews and reverifications.
• Chapter 4, Reporting on Your Quality Control Program
  Information on developing reports for your senior management.
• Exhibits
• Read the Quality Control and Fraud Prevention Fact Sheet

• View all fraud prevention best practices
  
• Chapter 1, Preventing and Detecting Fraud
  What to look for, reporting fraud to Freddie Mac and steps for preventing and resolving fraud.
• Chapter 2, Mortgage Screening Checklist
  A list of inconsistencies or "red flags" you may find in a mortgage file.

Fraud Tips & Trends:

• While performing a reverification of employment, check the spelling of the name of the individual that signed the verification. Red flag: signature is spelled differently from the typed or printed name.
• How can you spot a falsified bank statement? Check the ending balance of the previous statement to make sure it matches the beginning balance of the next statement. Also, compare paystub net pay amounts with bank statement deposit amounts.
• Don't forget one of the best available tools for investigating potential fraud and/or misrepresentation — the TELEPHONE. Just remember that when you are making reverification calls that it is critical to verify the phone number you are calling through Directory Assistance or the Phone Book.
• Read our Fraud Prevention articles

• View all wholesale originations best practices
  
• Chapter 1, Wholesale Originations
  An introduction, general requirements and best practices.
• Chapter 2, Understanding Freddie Mac’s Wholesale Requirements
  The philosophy behind Freddie Mac’s wholesale requirements.
• Chapter 3, Wholesale Terminology
  Definitions that are consistent with industry-wide terminology.
• Chapter 4, General Best Practices for Establishing Wholesale Controls
  Tips for establishing controls around written agreements, recordkeeping, affiliates, subsidiaries and mortgage service providers.
• Chapter 5, Evaluating and Approving Brokers and Correspondents
  Tips for reviewing and selecting quality brokers, correspondents and third-party services.
• Chapter 6, Monitoring the Quality of Wholesale Home Mortgages
  Performance standards, eligibility updating, reporting and procedures for follow-up actions.
• Chapter 7, Managing Mortgage Service Providers
  Mortgage service provider characteristics and best practices on using and assessing them.
• Exhibits