Special emphasis on fraud review and early payment defaults
Review loan application packages for completeness and accuracy
Confirm application information (1003) against other documents within the file: to validate employment, verifications, income, assets, etc. Identify underwriting/data discrepancies and other diligence issues
Verify and validate income, assets and liability documentation to support underwriting decision. Calculate and verify income structure (employment verification, tax returns, divorce decree, alimony, etc.), verify funds to close (verification of deposits, gift funds, IRA, 401K, sale of assets, etc.)
Review loans for compliance related items, i.e. TILA, ROR, and miscellaneous disclosures
Review and verify credit report (FICO pay history, debt validation)
Review other real estate owned (i.e., disposition of property, rental income)
Review appraisals to support value, determine flipping, comps are reasonable, etc.