QC-Solutions

FullCircle® Overview

Full-Circle® Web-Pro is a Web-Based quality control automation software Platform used by mortgage Lenders that fund loans through mortgage investors. These Investors may include various government entities (FHA, VA), government-approved entities (Fannie Mae, Freddie Mac), and private investors. In order to use these sources of funding, the investors require that mortgage lenders conduct quality control reviews on a minimum of 10% of all closed, withdrawn and denied & suspended loans within 90 days of the origination of the loan. FullCircle® Web Pro software is ideally used by the Quality Control departments of mortgage lender Banks, Mortgage Banks, Credit Unions, Mortgage Insurers, Government entities and by firms to which the quality control function is outsourced.

Compliance and Risk Management

Since loan reviews are mandatory and require timely review, the FullCircle® Web Pro QC Platform allows lenders to streamline the quality control review, reducing the time to complete reviews by as much as 50%. When you become 50% more efficient, think of all the money saved. Not only are QC reviews mandatory, but they are prudent too. Eliminate the risk of issuing inferior loans that are risky to your lending organization. Can you really afford to buy back loans without severe consequences?

FullCircle® Web Pro facilitates multiple types of loan reviews. The software is fully customizable for every customer of each licensee. Use FullCircle Web-Pro for:

  • pre-funding reviews
  • post-closing reviews
  • compliance reviews for other consumer protection laws and rules established by banking regulators
  • internal assessment of the quality of mortgage production
  • Appraisal Desk Reviews

FullCircle® Web Pro also enables the timely detection of instances of fraud and Identity theft, statistical assessments for Early Payment Default predictions, and evaluation of portfolios loans for sale or purchase.

Efficiency

The FullCircle® Web Pro system automates the process of conducting quality control reviews for loans that have been issued, rejected, suspended, withdrawn or denied. It enables the importation of loan information via a formatted file created by extracting information obtained during the loan origination process and stored in the mortgage bank’s LOS (Loan Origination System). It also allows loan information to be entered manually. This information, or “aspects” of the loan, includes all qualifying information for each borrower, all property information including property evaluation method, and all information regarding each individual (internal and external) who participated in the loan origination process. In addition, the system recalculates all numeric and statistical information to ensure accuracy of all financial aspects of the loan.

Functionality

All loans brought into the system are stored in a master loan pool, from which the desired quantity of loans can be extracted using FullCircle® Web Pro Automated Loan Selection Wizard (ALS). This unique wizard enables unbiased selection of loans using random, stratified random, discretionary and/or criteria-based, automated loan selection. ALS takes just seconds to accurately select all of the desired loans. The loan data is then organized into workable loan pools for individual audits. The ALS also has a template maker that save your selection criteria for use in the following audits, saving valuable time and providing consistency in the selection process. This is a unique feature only found in FullCircle.  For quality control purposes, the FullCircle® system enables rapid and complete “re-processing” of each loan in the audit for the purpose of determining the quality and accuracy of the origination of the loan, from borrower application to loan approval or denial. The system automatically re-processes the loan, issuing re-verification documents confirming original verification information, which established the borrower’s qualifications for being granted a loan. FullCircle® also automates requests for credit reports and securely receives and stores credit reports directly into the system. FullCircle® Web Pro facilitates the “re-underwriting” (review) of individual loans by a Quality Control Department Reviewer, utilizing built-in, up-to-date checklists with customized (and user-customizable) rule sets appropriate to the type of Audit being conducted. Lastly, FullCircle® Web Pro provides industry-standard report templates, as well as a customization report writing tool, and enables Audit Findings to flow automatically into easy-to-comprehend Audit Findings Reports. Audit Findings Reports may be saved to PDF, HTML or RTF files and may be sent to all appropriate parties via secure Intranet and Internet transmission built into the FullCircle Web Pro platform.

Scalability

In order to provide maximum efficiency, one FullCircle® Web Pro system can provide an unlimited number of independent tiers, or customer levels, each having its own unique loan pools, Audits, Checklists, Address Books and Reports so that different types of loan reviews may be conducted concurrently. Each FullCircle® Web Pro tier enables an unlimited number of concurrent Audits and advance planning capabilities with real-time production tracking of each system function as well as individual users/workstations. Included at no extra charge is the customer level invoice maker that saves so much time it could pay for the entire license in financial savings. These features make FullCircle® Web Pro ideally suited for Mortgage Outsourcing Companies.

Security

FullCircle® Web Pro has the highest level of built-in security and multiple data-protection mechanisms including single-click system lock-down and permissions-driven user access.FullCircle® Web-Pro allows access via a password protected user enabling an unlimited number of simultaneous users to work from anywhere there is an internet connection with access 24/7.

FullCircle®

If you would like a live demo of FullCircle® Mortgage QC Software.

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