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Quality Control and Fraud Prevention Resources

Learn how to develop and maintain a comprehensive quality control program, effectively manage your wholesale operations, and mitigate fraud losses.

Quality Control Best Practices

• 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.
  • Chapter 5, Freddie Mac Postfunding Quality Control Review
    Information on mortgage file submission requirements and notification of quality control findings.
  • Exhibits

Fraud Prevention Best Practices

• 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.
• Visit our Mortgage Fraud Prevention Website

Wholesale Originations Best Practices

• 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