Quality Control Audit Software

The Vendor is required to provide a web-based audit platform to support post-closing quality control and loan servicing audits.
- Solution must enable agency Quality Control staff to perform comprehensive audit reviews within a secure, centralized system.
- The system’s capabilities, including workflow management, document management, reporting functionality, compliance tracking, data security, and user access controls.
- Software solution must, at a minimum, provide the following capabilities:
• Support secure file transfer functionality to import loan data for sample selection purposes.
• Provide customizable audit selection methodologies, including random, targeted, and discretionary selections, utilizing both fixed and statistical sampling methodologies.
• Include built-in checklists and/or workflow functionality aligned with specific audit types to maintain streamlined and standardized quality control processes.
• Support both post-closing mortgage quality control reviews and loan servicing reviews.
• Provide templates and tools to document audit findings, trend analyses, audit summaries, and custom reporting as needed.
• Generate reporting reflecting both gross and net defect ratios.
• Include supervisory controls that allow management to monitor, review, and, where appropriate, correct audit determinations.
• Maintain detailed tracking of user activity and audit activity within the system. Perform automated system updates to audit questionnaires, checklists, and workflows to ensure alignment with evolving regulatory requirements.
• Conduct compliance checks capable of identifying fee discrepancies, tolerance violations, and TRID related issues.
• Provide the capability to order third-party reverification services for credit, employment, and income, as needed.
• The solution must be secure, scalable, and configurable to meet NJHMFA’s operational and regulatory requirements while ensuring the integrity and independence of the Agency’s internal quality control function.
- System, Administrative and Personnel Security - the security responsibilities of and supervision required for information owned and / or operated by the vendor. Security responsibilities include responsibilities for administration of the infrastructure, implementing or maintaining security and the protection of the confidentiality, integrity, and availability of information systems or processes.
- Account Management – the products and methods identify and control the account types to meet defined regulation and security requirements.
- Anti-virus / malware controls – the products and methods for anti-virus and malware controls that meet industry standards. It shall include policy statements that require periodic anti-viral software checks of the system to preclude infections and set forth its commitment to periodically upgrade its capability to maintain maximum effectiveness against new strains of software viruses.
- The use of any and all generative artificial intelligence (AI) and/or large language models (LLM) shall be disclosed. Content created with generative (AI) shall be clearly identified and any publicly available content generated by an AI and/or LLM shall be disclosed.