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  March 29, 2010
                                      FANNIE: New Quality Control Requirements

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Overview

Today, Fannie Mae issued a Selling Guide update for Lender Quality Control Standards. Revisions and enhancements include:

  • Requirement for lenders to have written procedures for the approval of third-party originators and management procedures for third-part originations.
  • Revisions to requirements related to the lender's QC process and the lender's QC Plan.
  • Revisions to requirements related to lenders that outsource their QC process.
  • New requirements for a prefunding QC review process.
  • Updates to the timing for lenders to select and conduct post-closing QC reviews and to loan sampling methodologies.
  • Revisions to the post-closing QC mortgage review process.
  • Addition of the Mortgage Loan File Document Submission Requirements exhibit.
  • New requirement for a QC process audit review.

Effective: July 1, 2010
Highlights

Lender Accountability for Third-Party Originations

Lender's QC Process and QC Plan Contents

Outsourcing of the QC Process

Lender Prefunding QC Review Process

Post-Closing QC Timing and Loan Sampling

Lender Post-Closing QC Review Process and Data Integrity

Mortgage Loan File Document Submission Requirements

Reporting QC Reviews and Audit Review of the QC Process


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Selling Guide Updates for Lender Quality Control Standards, Announcement SEL-2010-03


Issued: March 29, 2010


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