Tuesday, September 7th, 2010

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Mortgage Operations Health Check

Self Testing For Federal Compliance

The Mortgage Operations Health Check is a straight forward, factual assessment of regulatory and operational risk. Created for mortgage brokers and lenders, the “Health Check” is essentially a self audit tool that can be used by managers and quality control staff to assess and track compliance with federal regulation and key operations. This valuable measuring and monitoring tool allows management to:

  • Engage personnel in compliance improvement
  • Understand specific functions that need to be improved or changed
  • Track process and compliance improvement on a regular basis
  • Stay up to date on federal compliance requirements as the Health Check is automatically updated when laws are changed



The Mortgage Operations Health Check consists of a total of 60 questions grouped into the following categories:

  1. Loan Origination System and Application Review
  2. Locking Rates and Processing
  3. Management Reporting
  4. RESPA
  5. ECOA
  6. TILA
  7. Patriot Act
  8. FACTA
  9. Graham Leach Bliley
  10. HMDA
  11. Do Not Call
The goal of the assessment is to clearly identify which of these risks may apply to your company:

  • Federal/State Regulation
  • Federal/State Regulation with Fine/Penalty
  • Negative Effect on HMDA Reporting
  • Legal Risk
  • Financial Risk
  • Interest Rate Risk
  • Compliance Risk
  • Inability to Benchmark
  • Inability to Budget
  • Overstated Income
  • Operation Expense
  • Inaccurate Internal Reports
  • Processing Delay
  • Underwriting Delay
  • Closing Delay

Upon completion of the Health Check you will receive a complete summary showing your company’s grade from 0-100% for each risk category and each group of questions. Find out if you are in compliance with federal law 100%!

For more information and to schedule your health check demonstration contact Mortgage U at 800-278-0200 or by email at inquiry@mortgage-u.com