Quality Control Overview Brochure

IMPROVE YOUR QUALITY CONTROL. Solutions that protect your income & teach quality.

HISTORY

WHO WE ARE

WHAT WE OFFER

We are a division within The Servion Group that was built with credit unions and community banks in mind. Servion as a FNMA, FHLMC, GNMA approved seller/servicer means that we are required to perform frequent quality control reviews of our origination and servicing activities. We decided to develop and implement this service in-house and then offer it as a tool to help our partners around 2016.

f We know credit unions and understand the importance of prompt, personalized service. We offer a sample review service for prospective partners. We will conduct a full file review of a loan free of charge and walk you through any findings that were found as well as provide sample reports to help illustrate the QC file review. f We will be your consultant on all things QC

f Online portal for live-time exception delivery and rebuttal. We also offer an extended remediation window prior to reporting (at least 2 business weeks) f Conduct reviews natively within your LOS and servicing systems. f Annual contract with no monthly minimum only pay for actual work completed. f Ability to discuss findings directly with an analyst, no middle man! f Trainings available: Such as, TRID, always a hot topic!

Since then, we have continued to grow and expand our offerings and now have over 25 relationships, including 3 of the top 50 largest credit unions in the nation. We are proud of the quality of service that we provide and hope to do the same for your organization.

» QC workgroup structure » QC plan format and content » Root cause analysis and corrective action planning/ implementation/testing » Underwriting related questions » Regulatory compliance related questions

WHAT IS QUALITY CONTROL? Even if you don’t sell on the secondary market, regularly reviewing your mortgage operations is a proactive approach and strong best practice.

If you sell loans on the secondary market or retain mortgage servicing rights, more likely than not your investor requires you to QC your mortgage origination and servicing activities.

GSEs and regulators have ample resources at their disposal in order to thoroughly review lenders’ mortgage origination and servicing practices at a moment’s notice.

WHAT WE DO POST-CLOSING RANDOM POST-CLOSING DISCRETIONARY POST-CLOSING EARLY PAYMENT DEFAULT PRE-FUNDING / PRE-CLOSING NON-ORIGINATED TARGETED / COMPONENT FULL REVERFICATIONS SERVICING MONTHLY f Bankruptcy f Delinquencies

f Foreclosure f Loss Mitigation

QUARTERLY f ARMs f Assumptions/Successorin-Interest f Cash Management f Claims & Conveyances f Correspondence/ Complaints/Customer Service

f Escrow Administration f Loan Boarding / New Loan Set-Up f MIP / PMI f Payoffs/Reconveyances f Servicing Transfers

PROCESS OVERVIEW SERVION

CLIENT 1 0 -1 0 d a y s

LOAN DATA DELIVERY Closed loan report delivered to Servion.

Selection report sent to client.

1 0 -4 5 d ay s

Audit loans are compiled and sent to Servion.

REVIEW Exception review and remediation.

6 0 - 9 0 d a ys

7

4 AUDITS ARE STARTED

1 5 -75 d ays

5

Final reports are received.

QC SELECTIONS MADE

3

LOAN FILE DELIVERY

RECEIVED

2

Files are audited, exceptions are communicated to client through portal, and verifications are sent out.

6 DELIVERY Final reports are delivered.

TURN TIMES POST-CLOSING f Reviews are conducted 15-45 days after month of consummation » Final reports are delivered between 60-90 days after month of workgroup

PRE-FUNDING f Reviews are conducted within 2 business days after receipt » Final reports are delivered between 45-60 days after month of workgroup

NON-ORIGINATED f Reviews are conducted 15-30 days after month of application » Final reports are delivered between 45-60 days after month of workgroup

SERVICING f Reviews are conducted 30-60 days after month of event in applicable area of inquiry (e.g., delinquency, foreclosure, bankruptcy, etc.) » Final reports are delivered between 60-90 days after month of workgroup

READY TO TALK QC? WE CAN HELP.

651-631-3111

myservion.com Servion May 2023