Specifications include, but are not limited to: the primary objectives of the quality control system are as follows: Assure compliance with HUD-FHA/VA, Fannie Mae, and USDA requirements Assure that the mortgagee’s policies and standards are known and adhered to by its personnel Assure that the mortgagee’s procedures are revised in a timely manner to accurately reflect changes in HUD/FHA/VA/Fannie Mae/USDA requirements; keep its personnel informed of the changes; and assure that employees are held accountable for performance failure or errors. Assure that prompt and effective corrective measures are taken and documented when deficiencies in loan origination, underwriting or servicing are identified and to inform its personnel when deficiencies are found Assure that procedures exist for expanding the scope of quality control reviews where fraudulent activity or patterns of deficiencies are identified
