As our industry struggles through its significant difficulties, most of us are focused primarily on cleaning up the aftermath--and rightfully so. As we do so, we find ourselves asking how we came to be in the current situation and what we need to do to try to ensure it never happens again. While tightening credit standards, improving loan disclosures and eliminating opportunities for fraud and predatory lending may be on the top of most companies' lists, it is hoped that reinvigorating their attention to the quality of their production and the application of quality controls--making quality control (QC) a vital and responsible part of the lending process--finds its place as well.
