Every lender should consider a simulated audit for its operations, records management and quality control process for several reasons:
First: Internal records and quality control audits are essential to ensuring your organization is following its internal standards and practices – and can prove it (if required), to external auditors from HUD/FHA and/or any other regulatory agencies.
Second: Simulated Audits are essential for complying with your organization’s regulatory or oversight bodies, as well as to ensure your organization’s operations and quality control process – to ensure that your procedures are meeting regulatory criteria and that the subsequent record keeping is legally defensible.
Third: Simulated Audits can contribute to overall improved business processes – not just within the company operations itself, but within the business units responsible for their job functions. Most importantly, the service will audit your records management policies, practices, systems, and quality control process, which will create the necessary levels of preparedness for virtually any external audit scenario.
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