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Real-time, customizable reporting is of course is every quality control (QC) managers dream. A click here, a drag and a drop there, and at your fingertips is a unique picture of your loan quality performance ready to share with the business. Even with so many options in on-demand reporting, we still have our favorites that every QC manager should take advantage of in their monthly or quarterly reporting. I share some of mine below.
YTD Top Defect Report by Areas of Responsibility
This report is the “easy button” of reports. At the click of a button, it produces an extraordinary amount of drill-down information on a lender’s year-to-date (YTD) credit, compliance and appraisal defect rates. These types of reports go on to show what steps in the origination process are causing errors. This is significant because with that knowledge in hand, QC Managers can create an Action Plans, such as providing training to functions across the business, to reduce these occurrences.
The drill-down nature of these reports is also important here. QC managers can see a refined picture of net eligibility/critical or moderate defect rates by areas of responsibility, including by:
- Broker
- Branch
- Loan Officer
- Processor
- Appraiser
- Closer
A bonus defect report to be thankful for? A Benchmark Report. This type of report tells QC managers how they are performing against their industry peers. It identifies which defects are pervasive and whether the company is falling within a high or low range of those same occurrences within their own shop.
Action Plan Report
Now that you are equipped with knowledge of the common defects, the Action Plan Report is another one of our ‘go to’ reports for QC managers. From this report, QC Managers can track the effectiveness of process changes or training programs for the most commonly occurring defects. Then at any time they can use the report to view their progress against their objective. Knowing whether the actions taken were effective is just as important as knowing if they didn’t work.
One of the most common reasons for an Action Plan program not working is that the root cause of the defect was not accurately identified. The beauty of the Action Plan Report is that it shows the defect rate before and then after the action was taken, and as such, effectiveness is easily identifiable.
Furthermore, QC Managers at any time can share with management what the top origination defects are and show the effectiveness of the course corrections in place to prevent the defect rates from getting higher.
Audit Bundle Report
Responding to agency regulators can be a lastminute nightmare, but not with audit bundling available in your QC system. This “at a moment’s notice” report takes the list of loans an agency wants to review and bundles all the documents required into one PDF for each loan requested. This process takes a few minutes compared to a manual alternative that can take a few days depending on the number of loans. Manually tying together all the loan-level reports, including compliance reports, their worksheets with calculations, appraisal/field reviews and the reverification summary is hard to do efficiently and in a nice neat bundle for an agency without the help of some sort of reporting automation.
As an audit services provider, we work with our clients every day to optimize their results with data-driven QC technology and the customizable, picture-oriented reporting it provides. We hope you’ll take more advantage of these ‘must have’ QC reports now and throughout the upcoming new year.
Have another report that is your “must have?” Let us know in the comments below or let us know on social.
Want to know more about LoanLogics reporting capabilities? Download our infographic.
