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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.