Once again we witness how important it is to do a quality check before going live. Just ask Mariah Carey who was all dressed up (or not) on New Year’s Eve with nowhere to go. She was totally embarrassed and mortified by a poor performance resulting from problems she encountered with the soundtrack and systems for the songs she was to perform.
Everything came out all wrong and now everyone is pointing fingers at who’s to blame. Regardless, Mariah is the one left holding the bag (or the mic). Many say it is her fault because she didn’t bother to go through the normal sound and quality checks before her performance.
The proper checks are paramount to ensure quality in a performance, a product, or a mortgage loan. Otherwise, everything is left to dumb luck. Maybe all will go well. But when is doesn’t boy does it raise some eyebrows, and in some cases, cost quite a bit of money to correct. An ounce of detection is worth a ton of correction.
Don’t gamble and hope that all your loans are being manufactured correctly. You can see, through fines from DOJ, CFPB, HUD, and Fannie or Freddie repurchases, where that got some other lenders. With business a little harder to come by, you need to make sure that every loan is done according to Hoyle. Don’t take chances or gamble what you can’t afford to lose; your income.
Pre and post-close reviews are not just required…they are smart business. Know where you may have problems in time to make the needed corrections before it costs you real money or worse your business.
I’m sure they were many who snickered at Mariah’s problem performance on New Year’s Eve. You can bet that she will make sure that doesn’t happen again. It’s tough to learn the hard way.
Quality is no laughing matter. It is something you need to take seriously. If you don’t, you may be singing a different tune.
Editor’s Note: “According to Hoyle” means “In accord with the highest authority; in accord with a strict set of rules.” Mike Vitali does occasionally like to quote expressions from his youth in the 1780’s.