Frequently Asked Questions

Yes. TENA can audit to any custom parameters that your firm may have.

TENA segments the Servicing QC audit process according to the primary servicing function that is being checked. The servicing process is segmented into approximately twenty-six functional segments that we refer to as “Areas of Inquiry” (AOIs). Each AOI has its own audit sampling protocol. There is some variation in the total number of AOIs dependent on the type of loan product being serviced. Examples of AOIs include Bankruptcy, Reverse Mortgages, ARM Adjustments, Foreclosure, and Escrow/Tax/Insurance.

The standard turnaround time for Pre-Funding Audits is 48 hours or less (exclusive of Saturdays, Sundays and Federal holidays). For audit requests received after 3:00 PM Central Time, the 48-hour time period begins at 8:00 A.M. Central Time the following business day. 

Assuming the selected loan files are received as scheduled, TENA provides reports within 35 calendar days of the start of the audit process. TENA will initiate third party reverification actions, order field appraisal reviews and review credit reports, audit the file, perform a desk review of the appraisal, and analyze third party reverification responses and field review appraisals as they are received. The results of all efforts will be incorporated into the audit record and a comprehensive series of reports that cover all loan files in the audit workgroup is then generated. The reports reflect all audit steps initiated and all of the results obtained.

Imaged files are submitted through a secure portal to TENA.

Yes. On an annual basis, TENA engages an accounting firm to perform a Service Organization Control Audit that reviews TENA’s internal processes and security measures. Upon completion, a report is issued that outlines the findings of the audit; a copy of that report, commonly referred to as a SSAE 16 SOC2 Report, is available upon request.

All audits are performed by TENA employees within the United States. TENA does not outsource audits or utilize any offshore workers.

There is no required minimum number of files nor is there any “up-charge” if the number of files submitted for audit is small. TENA’s client base consists of lenders who range in size from very small to some of the largest in the nation.

TENA performs the audit selection process for approximately 98% of its clients; however, a client can also select which files will be audited. When TENA handles the audit selection process, it utilizes the selection functionality built into its SECONDLOOK Audit Software. In those instances, the client’s unique selection requirements and criteria are identified during the client set-up process and the applicable parameters are pre-loaded into the software. Upon receipt of the client’s list of loans that are candidates for audit (typically, a closed loan report), the selection process is initiated. The SECONDLOOK file selection process accommodates a wide range of selection criteria, from very simplistic to very complex. SECONDLOOK automatically stratifies the list of eligible loans according to each client’s specific requirements. It then uses random, discretionary, stratified and targeted sampling protocols in conjunction with fixed count, percentage, conditional, and statistical methodologies to fulfill the specific selection criteria established for the client. Upon completion of the selection process, the list of loan files selected for audit will be communicated to the client.

In addition to audit services specifically structured to meet a client’s unique needs, auxiliary optional services most commonly used by clients include, but are not limited to: full APR validation/recalculation, targeted reviews, and state specific compliance reviews.

TENA charges for audits on a per-file basis and charges only for the work performed.  The price per audited file varies based on the type of audit being performed. Contact our sales team at sales@tenaco.com for an estimate.

Yes, TENA is very experienced in helping lenders and servicers prepare QC Plans. Our efforts not only make the process fast and relatively easy, it’s a very cost effective way to complete the task.

TENA maintains an in‐house Legal Department and Compliance Team that continually monitors agency, federal and state requirements, including but not limited to: Fannie Mae, Freddie Mac, FHA, VA, RHS, FHLB, CFPB and MHA. This group, along with our Customer Support Team, ensure that the rules-based information in SECONDLOOK Software that drive the dynamic testing scripts is up-to-date.

TENA’s testing scripts are continuously updated by TENA’s Legal Department and Compliance Team on a monthly basis.

Yes, origination outsource clients can request that TENA includes the state-specific questions when auditing your files. Servicing outsource clients receive state-specific questions automatically in their audit. Additionally, federal compliance requirements are included.

Yes. TENA offers MERS® Annual Reports, MERS Data Reconciliations, MERS Life of Loan Reviews and MERS QC Reviews.

An array of pre-built and customized reports are available to meet each firm’s unique business requirements, providing insight into the strengths and weaknesses of the various elements of the mortgage loan process. Graphically enhanced, statistical and trend analysis, peer comparison, individual audit summaries, and gross and net defect reports are just some of the many variations of servicing and production QC reports that are available to meet Client’s needs.

TENA has been the leader in mortgage Quality Control for lenders and servicers since 1982. TENA’s large expert staff and dedicated customer service personnel provide superior service through the Solutions Desk department. In addition, TENA maintains a Legal/Compliance group that can, through Solutions Desk, help provide information that will allow all clients to make reasonable, educated decisions. The many reporting options and custom/targeted reviews available to TENA’s client base have your firm covered for all your QC needs.