Did you know that three out of five loans will have a critical error that jeopardizes the chance of referral, according to data from STRATMOR Group? You may be thinking, three out of five doesn’t sound that high, but that’s 60% of your loans. When you put it in perspective of the nearly one million mortgages originated in Q3 of 2022, per ATTOM data, that’s hundreds of thousands of errors.
While it may be easier up front, incomplete or inaccurate applications can lead to big setbacks down the road. Let’s talk about audit tips, best practices, and why they are so important.
Gathering Correct Data
You’ve probably heard it before, but let me say it again: take a complete application. Make sure you’re getting all the info you need — and that it’s as accurate as possible.