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Quality Control Resources and Fraud Prevention
Learn how to develop and maintain a comprehensive quality control
program, effectively manage your wholesale operations, and mitigate
fraud losses with Freddie Mac's popular Discover Gold Through
Quality publication.
Discover Gold Through Quality is available in Adobe's portable document
format (PDF). You can view and print the entire publication at once or each of three individual
sections.
Discover Gold Through Quality
| Quality Control Best Practices |
Fraud Prevention Best Practices |
Wholesale Originations
Best Practices |
- View all QC
best practices [PDF
260K]
- 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
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- View all fraud
prevention best practices [PDF
218K]
- 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.
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- View all wholesale
originations best practices [PDF
325K]
- 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
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| Glossary |
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