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VA considers mortgage quality
control as an important responsibility of lenders. It
imposes quality control requirements on lenders who wish
to take advantage of the VA-guaranteed, single-family
mortgage program.
As
a condition of VA approval, lenders must implement
a written quality control plan that ensures
compliance with VA requirements and
meets VA's specific QC criteria. Every nonsupervised
lender must submit a copy of its QC plan with its
application for automatic authority,
but the responsibility doesn't stop there. They must
continuously revise the plan as needed due to changes
in VA's requirements to keep it up-to-date.
A
lender’s quality
control plan be must be designed to assure compliance
with VA's mortgage origination requirements.
A lender mst also meet VA quality control system
requirements to take part in the VA lender appraisal
processing program (LAPP).
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