1. Project Proposal
Mortgage process Offshore Outsourcing – The next energizer towards Effective &
Efficient secured quality control assist.
I’m writing this to inquire regarding offshore outsourcing of Mortgage related
projects. While we were searching for companies who were willing to
outsource we came across you.
Let us introduce ourselves and what our company stands for. We are a team
of US mortgage related projects auditors with more than 5 years of
experience. At the moment we are initiating a BPO service company who
can provide you an entire package of mortgage related services under a one
roof with a highly trained and an experienced staff.
Actually we all have been working in Sri Lankan BPO companies for all
these years and we all came to a decision that we need our own company.
While employed in these companies we have collaborated with Flagstar,
Amerifirst, Bank of Little Rock, Mega Star, Royal United and many other
major banks.
The Mortgage Bubble Caused in 2007 got impacted everybody, however with tightened rules and
regulations currently mortgage lenders are looking for easier ways of completing their work load. With
downsized staff and an overload of work to be completed, outsourcing is one of the ways that mortgage
lenders can efficiently accomplish their goals and meeting budgets. Our team includes auditors who are
experienced in projects such as Loss Mitigation, indexing, Pre Funding, Doc Prep and Post Closing QC.
Portioning part of the tasks to another capable experienced team frees up time and reduces instances of
stress and work overload.
Since you may be hesitant due to security issues of highly sensitive information of consumers, we can
explain a simple process that can not only be a solution as well a trustworthy source of communication. We
can assure the extreme secure regarding the Information you may provide us as we are willing to work in a
remote desktop connection. You can always have an inquiry of our work process and also you won’t be in a
risk by giving us your foremost details of loans to audit.
The Revolution Quality control Services Advantage!
Choosing Revolution Quality control Services as your outsourcing partner can help you gain a wide range of
benefits:
* International quality standards
* Cost-effective operating costs
* Improved efficiency with better productivity
* Extra time to focus on core competencies
* Quick turnaround time
*Assured data security
* Minimize your operational costs and maximize your benefits by outsourcing your non-core services to
Revolution Quality control Services Contact us to find out more.

2. Now Let Us explain the process of our work in regards to your concern in Mortgage Quality
Control Audit Process.
Why should you do quality control audits?
Mortgage quality control file audits are not only required by many agencies and investors, but are
considered a good business practice; our high quality, flexible QC reports will help you know how
to improve the quality of your loans and reduce risk.
We can perform many types of quality control file audits for your organization, including:
•FHA •Early Payment Default (EPD)
•VA •Cancelled/Denied
•Fannie Mae •Streamline
•Freddie Mac •Fraud Detection
•HECM (Reverse) •Due Diligence
Agency: Fannie Mae Freddie Mac FHA
How much to audit: 1. Audit at least 10% of all
residential mortgage loans, plus
pre-funding & discretionary
reviews
1. Audit at least 10%of
mortgage loans
1. Audit 10% of FHA loans
originated,
2. 100% of EPDs
3. 10% of rejected applications
How often to audit: 1. Audit at least monthly 1. Every mortgage must have chance
of being selected for review
within 90 days of Note
Date
1. Audit monthly if closing
more than 15 loans/mo.
2. Audit quarterly if closing
15 or fewer loans/mo.
Required turn times: 1. Select loans for review within
30 days of closing, review
within 60 days of
selection
1. Report audit results to
management within 90 days of
selection
1. Review loans within 90
days of closing
Retention
Requirements:
1. Retain reviews for 1. Retain reviews for 1. Retain reviews for
at least three years at least three years two years
Field Review
Requirements:
1. Perform field
reviews on 10% of loans
audited
1. Perform field
reviews on 10% of loans audited
1. Perform field
reviews on 10% of loans
audited
Important Things to
Remember:
1. Lenders must notify Fannie
Mae if their QC cycle is in
arrears more than one 30-day
cycle
1. Lenders must document all
credit inquiries up to 120 days
1. Approved mortgagees must
perform reviews of their
sponsored TPOs
Where to Find the
Requirements:
Fannie Mae Single Family
Selling Guide Subpart D1
Freddie Mac Single-Family
Seller/Servicer Guide Chapter
48
HUD 4060.1 Chapter 7, ML
2011-02

3. Why would you choose Revolution Quality control Services?
Experienced staff
• RQCS combines years of mortgage experience into one convenient source to provide
you with comprehensive, accurate solutions. Our auditors have spent several years as
processors, and they know what to look for to keep you compliant.
High quality information
• Because of their experience, our auditors know what advice will help you most. We check
your files for compliance with required guidelines, ways to reduce your risk and improve your
process, common trends, and suspected fraud.
Flexible trend reports
• Our new web based QC reporting system will allow you to run customized reports on
common audit findings, trends, loan scores, underwriter performance, and any other specific
information you need.
Excellent customer service
• Right when you call, we pick up the phone. You will talk to high level management to get
answers to your compliance questions and to discuss findings on your reports. We also
answer electronic requests generally within one day.
Fast turnaround
• Information is more valuable to you when it is timely. You will receive a management
report within 30 days from delivery of files. This is also especially helpful because approved
lenders are required to notify Fannie Mae if their QC cycle is behind more than 30 days.
Maximum Security
• We can assure the extreme secure regarding the Information you may provide us as we
are willing to work in a remote desktop connection. You can always have an inquiry of our
work process and also you won’t be in a risk by giving us your foremost details of loans to
audit.

4. How does the QC audit process work?
After you sign up with us, getting started with the audit process is simple as it can be,
Benefits you receives working with our secured web folder.

5. Forensic Loan Reviews, including
• Strategic File Selection – Adherence to FNMA/FHMLC requirements
o Random
 The lender must select for its post-closing QC review a minimum of 10% of the
mortgage loans that it originates or acquires from a third party using a random
selection methodology (unless a statistical sampling methodology is used). If
10% is less than one loan, then at least one loan must be selected. The
mortgages selected must be representative of the lender’s overall book of
business.
o Discretionary
 Discretionary QC samples are a required element for post-closing QC plans.
These selections supplement (but do not replace) a lender's random (or
statistical) sample. The purpose of a discretionary sample is to look for or
highlight areas that may pose unique or elevated levels of risk for the lender or to
confirm that a particular control or process is working as intended.
Sample selection process: a process for identifying a representative sample of loans for
QC file reviews using both random and discretionary selection processes that includes
loans
o originated through each applicable production channel (for example, retail, correspondent,
and third-party originators)
o originated under all mortgage products (for example, fixed-rate, ARM, and special or niche
programs)
o originated using all underwriting methods (manual and each automated underwriting
system)
• Documentation Retrieval -
o Including origination files, servicing records, securitization documents and
comprehensive underwriting guidelines and loan program information
• Re-Underwriting Origination Files -
o Determining whether loans were originated in accordance with the originator’s
disclosed underwriting guidelines, as well as all contractual representations and
warranties included in the securitization contracts
o Reviewing the credit-related documentation and recalculates required ratios and
funds too close to evaluate the overall credit decision relative to program
guidelines. Final LTV ratios, verified asset amounts, income, and debt ratios are
recalculated.

6. o Evaluating varied loan types from all origination channels, including prime, Alt-A,
sub-prime, wholesale, retail and correspondent lending – encompassing both first
and second liens
• Analyzing Related Supporting Documents -
o Detailed reviews of loan servicing record
• Denied Loan Reviews
While FHA requires a quality control review of a 10 percent random sample of denied and
withdrawn loan files, it is also recommended such reviews be completed for conventional loans
as well in response to the CFPB focus on all of a lender’s loan programs. For this review,
RQCS will focus on whether an Adverse Action Notice was properly issued within the required
timeframe, that the reason for the decline or withdrawal stated on the notice was appropriate,
and if the reason for denial or withdrawal was documented in accordance with state and
federal regulations. The disclosure is also reviewed to ensure the notice properly
communicated the adverse action taken, particularly in light of fair lending requirements and
regulator expectations.
Re-verifications, appraisal field reviews, closing documents, and regulatory compliance
documents beyond origination disclosures and the Adverse Action Notice are not included in
this type of review.
• Early Payment Default (EPD) Reviews
RQCS provides quality control focused reviews of loan files that have suffered early payment
default, as required by HUD, FHA, VA, Fannie Mae, and Freddie Mac. EPD loans identified by
the client can be submitted to RQCS for audit and analysis. The review is focused on
assessing the potential reasons for default, whether the lender originated the loan compliance
with investor guidelines and documentation requirements, and for any sign of
misrepresentation that may exist.

7. What is included in the audit?
THE REVOLUTION Post-Closing Quality Control Reviews are designed to provide mortgage
lenders with an independent third party review of recently originated loans to determine if
lending standards are being met. The Post-Closing Quality Control Reviews are designed and
conducted according to the lender’s quality control plan, along with Fannie Mae, Freddie Mac,
Department of Veteran’s Affairs and the Department of Housing and Urban Development’s
quality control guidelines or other Federal, State, Local and/or agency compliance
requirements.
Processing and Underwriting Analysis
• Review of the Uniform Residential Loan Application (1003) and Uniform Underwriting Transmittal
Summary (1008), along with a review of all supporting documentation in the loan file related to
application, to identify red flags and potential discrepancies
• Assessment of credit report/history (Public records, Fraud Alerts, Collection accounts, Severe
components that affect the credit score)
• Determine adherence to the applicable underwriting guidelines and if the loan meets the
Consumer Financial Protection Bureau’s (CFPB’s) Qualified Mortgage (QM) requirements,
effective 1/10/2014
• Evaluation of borrower’s employment, income and debt, including recalculation of the debt to
income ratio
• Analysis of borrower’s asset profile (BSA/AML risk assessment )
• Review of the sales contract and title policy (if available), including for possible judgments or
other liens that may have existed upon origination, and verification of position and validity of
the subject lien
• Analysis of exceptions, risk factors and compensating factors
• Evaluation of loan file documents against Desktop Underwriter (DU)/ Loan Prospector (LP) data
inputs and agency-specific underwriting guidelines
• Other file documents reviewed include preliminary title work, land survey, plat drawing, private
mortgage insurance, flood certificate and hazard insurance
• Review of underwriting stipulations or approval conditions

8. Re-Verifications
Once you upload the files, they are entered into our proprietary workflow/audit software, which
helps us move every file efficiently through the audit process and maintain our 30 day turnaround.
Before the audit, we prepare each file and re-verify income, employment, and assets. We also
order a new credit report to compare with the credit report in the file.
• Credit Report(s)
• Non-traditional credit documentation if utilized for qualification
• Social Security Numbers(s)
• Verification(s) of Deposit(s)
• Verification(s) of Employment
• Verification of Rent
• 4506-T IRS Tax Transcripts
Appraisal Desk Review
Each of our mortgage quality control audits includes an appraisal desk review as part of our process. We will
review the appraisal and comment on any items that may not have been addressed by the underwriter or
appraiser.
• Appraiser License Validation
• Desk Review/Analysis including Automated Valuation Model(s)
• Field Reviews, 10% or as required by QC plan

9. Fraud Detection
• Misrepresentation of Primary residence Occupancy
• Undisclosed Public Records, Debt(s) or Properties
• Misrepresentation of Income/Employment
• Non-Arm’s Length Transaction or Conflict of Interest Analysis
• Undisclosed judgments, liens against the property
• Source documentation for all applicable Assets
• RED FLAG Alerts Review
Regulatory Compliance Review
• High Cost Testing
• Truth in Lending Act (TILA)
• Right of Rescission/Right to Cancel
• Real Estate Settlement Procedures Act (RESPA)
• (ECOA)Valuation Rule
Closing Analysis
• Note
• Mortgage/Deed of Trust/Assignment
• HUD-1 Settlement Statement and compliance with the Real Estate Settlement Procedures Act
(RESPA)
• Truth in Lending Act (TILA) disclosures (APR and Finance Charge Calculation review)

10. Final File Review
After file preparation, one of our auditors thoroughly reviews each file using our audit checklist, from initial
application through the final closing documents, making notes of any findings. Our audit checklists have
been developed to meet Fannie Mae, Freddie Mac, HUD/FHA, and VA guidelines. We continuously
review and update our audit questions so that the information you receive is accurate and up-to-date with
the latest regulation changes.
Findings Report
Once the auditor reviews the file, RQCS’s project managers review the findings and then pass them to
senior management for final review. In effect RQCS will provide detailed, thorough and easy-to-read reports
typically within thirty days. These Quality control reports summarize audit results which are measured
against applicable agency requirements and render an overall Risk Analysis rating for each loan file. The
management reports also provide a detailed analysis of each loan review. Results are also available in
graphic presentations that provide comparative analysis of quality assurance results for past months up to a
full year. The findings can be presented in different formats that provide information and trends about
specific loan products, areas of the loan process, underwriters, production branches, brokers, and
correspondents.
Written summary of findings
• Loan level detail of all findings provided in a narrative and/or statistical format, including a risk
rating
• Eligibility Breach
• Trend Analysis
• RED FLAG Alerts
• Best Practices Recommendations

11. Added Value
Once you sign up with us, you will receive added benefits to help you stay compliant:
• Complimentary QC Plan Review
• Up to one hour of consultation each month
• Reminders to send closed loan reports each month or quarter
• Emails about important breaking news, including:
o Our summaries of the issues in plain English
o Reminders of industry deadlines
• Subscription to the RCQS Monthly Compliance Update
How long does the audit take?
Our mortgage quality control audit service is fast and accurate. We consistently meet our goal of
sending management reports back to our clients within 30 days of receiving the files to audit.
How easy is it to get connected to US?
Transitioning from another QC company or from an internal
system is simple.
First of all you can send us Sample File package to check out on
our quality of work Free of charge. All we need is a short
questionnaire and agreement from you, and we can get you
started. After you send us your closed loan list, we’ll send you the
list of loans selected for audit and the instructions to submit your
files. It takes just a few minutes to set up your web folder, and
then you can just drag and drop selected files into our system.
What if we already do our QC internally?
Benefits of Outsourcing:
• Variable instead of fixed cost—as your volume fluctuates, you don’t need to lay off or hire
any employees.
• Savings in training—capitalize on our years of expertise and up-to-date resources instead of
dealing with constantly training your own audit staff.
• Outside input—have a new set of eyes to look at your files, with no conflicting interests or
biases.
• Time saving-We assure you the quality as well as quantity in the work we do.
• Secured information-You can put aside your fears of risking the information in to wrong
hands as we are willing to work in REMOTE DESKTOP server.
(We are willing to take other mortgage related projects other than post closing audits
such as Loss Mitigation, indexing, Pre Funding, Doc Prep)

12. Where can I learn more?
To request more information, a price list, or to get started, just send us a mail to
revolutionqcs@gmail.com.
Don’t Hesitate Get in Touch Now………………………….
We will get the burden off your shoulders.
For More Information:-
• https://www.facebook.com/pages/Revolution-Quality-Control-
Services/364411090392721
• Face book Name:- PT Dilruk
• +94721311589