QUALITY CONTROL
Quality control is the cornerstone of success for every participant in the
lending arena. Magnet understands the challenges that companies face in
maintaining successful quality control programs. Magnet offers its clients an
outsourcing service which provides objective and independent analysis of the
quality of a company’s loans and its conformance to its internal policies and
procedures, as well as industry guidelines and specific agency requirements.
Aided by its robust proprietary software, Magnet provides concise customized
reports and, if required, on-site quality control at a lender’s location.
Magnet’s quality control programs offer lenders the ability to: (i) manage
increased loan volume in a cost-effective manner, (ii) reduce human resource
expenditures, (iii) detect potential risk situations for non-compliance and
fraud prevention, (iv) produce consistent, accurate and regular customized
reporting and data management, (v) identify repeated patterns that compromise
overall loan quality performance and (vi)implement timely, corrective actions
based on Magnet’s findings.
DUE DILIGENCE
Over the last 18 years, Magnet has performed due diligence reviews on a
national and local level for loan portfolios exceeding, in the aggregate,
approximately 1 billion dollars in loan value. Magnet’s due diligence and risk
analytics assist portfolio purchasers and sellers in determining appropriate
pricing, deal structure and customization. Magnet evaluates its client’s
experience, risk tolerance and overall needs in order to provide the best advice
and guidance possible.
Magnet can evaluate mortgage loan portfolios and provide the following
reviews: Legal Documentation Review, Fraud Reviews, Scratch and Dent Reviews,
Agency Reviews, Predatory Lending Reviews, Regulatory Compliance Reviews, Credit
Underwriting Reviews, Non-Performing and REO Asset Reviews, Quality Control
Reviews and Appraisal Reviews. Magnet can also review other types of loan
portfolios, including consumer loan portfolios, auto, boat and RV loan
portfolios, credit card portfolios and student loan portfolios.
Upon the completion of its review, Magnet provides it clients with customized
reports and data. Reviews can be completed at any designated location.