FHA Single Family Housing Policy Handbook 4000.1, Part V — b. Definitions (10/15/2019)

hud-4000-1-v-b-definitions

FHA Single Family Housing Policy Handbook 4000.1, Part V — b. Definitions (10/15/2019).

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  authority: FHA Single Family Housing Policy Handbook 4000.1, Part V — b. Definitions (10/15/2019)
  description: FHA Single Family Housing Policy Handbook 4000.1, Part V — b. Definitions (10/15/2019).
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      paragraph_quote: b. Definitions (10/15/2019) i. Quality Control Program A Quality Control (QC) Program is the process and written procedures through which the Mortgagee seeks to ensure that FHA operations and Loan Administration are in compliance with all applicable requirements. ii. Quality Control Plan A Quality Control (QC) Plan is a written plan that sets forth a Mortgagee’s procedures for ensuring quality control. A QC Plan is the written element of a Mortgagee’s QC Program. iii. Loan Administration Loan Administration refers to all aspects of the FHA mortgage lifecycle, including origination, underwriting, closing, endorsement, and servicing of FHA-insured Mortgages that are governed by FHA policies and procedures. Loan Administration includes the approval of a Condominium Project.

Verbatim regulatory text (1)

Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, Part V — b. Definitions (10/15/2019) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

FHA Single Family Housing Policy Handbook 4000.1, Part V — b. Definitions (10/15/2019)

b. Definitions (10/15/2019) i. Quality Control Program A Quality Control (QC) Program is the process and written procedures through which the Mortgagee seeks to ensure that FHA operations and Loan Administration are in compliance with all applicable requirements. ii. Quality Control Plan A Quality Control (QC) Plan is a written plan that sets forth a Mortgagee’s procedures for ensuring quality control. A QC Plan is the written element of a Mortgagee’s QC Program. iii. Loan Administration Loan Administration refers to all aspects of the FHA mortgage lifecycle, including origination, underwriting, closing, endorsement, and servicing of FHA-insured Mortgages that are governed by FHA policies and procedures. Loan Administration includes the approval of a Condominium Project.

Source: FHA Single Family Housing Policy Handbook 4000.1, Part V — b. Definitions (10/15/2019) · source URL · snapshot 8c03836f77f317e1