"In the new era of mortgage lending, originators want to enlist the services of an independent party to review and verify the quality of their underwriting standards and loan processes," said Rick Seehausen, president/CEO of the Denver-based vendor.
"And with more lenders originating FHA loans, the need to administer an FHA-approved quality control program is necessary. Our services include working with the client to structure an effective quality control program for their business needs and then provide the resources necessary to implement the program."
The Department of Housing and Urban Development requires that 10% of FHA loans be audited. LenderLive's expanded quality control division enables lenders to fulfill these requirements.
To help manage this effort, Leigh Ann Marchant has joined LenderLive as vice president of quality control services. Marchant was vice president at National Lender Services Inc. where part of her duties included managing quality control auditing.
"We see this as a natural extension of the services LenderLive offers," Marchant said. "By offering quality control of the loans, we can give lenders additional confidence in the products that are currently sustaining their business."