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The purpose of this bulletin is to notify Participating Lenders that the Agency’s Quality Control Department will be utilizing a new system to conduct audits on loans purchased by the Agency. The new audit reports will be rolled out later this year and lenders will be notified in the coming months of the requirement to attend the Annual Mandatory QC Training via a lender bulletin.
In preparation for these changes, we are requiring all Participating Lenders to ensure that we have the primary contact person for the QC review. If you recently responded to the Single-Family Business Development Team’s email request for this information, no response to this bulletin is required. For lenders that still need to provide a primary QC contact person, please email the Single-Family Business Development at SFLenders@njhmfa.gov with the subject line “QC Contact” and include in the email the name, email address, and phone number for the QC review. Due to system limitations, the audit report can only be sent to one email address per lender, therefore, lenders are required to internally manage communication and responses to the audit findings.
Please note lenders are responsible for ensuring adherence to the guideline of providing the Agency with the primary contact person for QC review. No exceptions will be granted on future audit reports for failure to comply with this requirement.
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