March 29, 2010                                       FANNIE: New Quality Control Requirements WEBSITE QUICK LINKS HOME Mortgage Compliance Service Presentations CORE Compliance About Us Our Clientele News & Views Posts Archive Library Contact Us Website Visit Us! Weblog Visit Us! PRESENTATIONS Mortgage Compliance Due Diligence Defaults and Claims Forensic Mortgage Audit� FHA Examinations Legal Reviews/Remedies CORE Compliance Matrix� Loss Mitigation Mortgage Fraud Audit� Quality Control HMDA / CRA Licensing Business Development Policy Guides/QC Plans IT and IS Disaster Recover Plan� _______________ 516-442-3456 Email Us 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 Visit our Library for Issuance Return to Top  Visit our Library for Issuance                          Selling Guide Updates for Lender Quality Control Standards, Announcement SEL-2010-03 Issued: March 29, 2010 Return to Top Lenders Compliance Group is a full-service, mortgage risk management firm, providing professional guidance to financial institutions in all areas of mortgage compliance. Specializations Mortgage Compliance Compliance Administration Defaults and Claims Forensic Mortgage Audit� Business Development Mortgage Fraud Audit� Quality Control FHA Examinations State and Federal Examinations Fannie/Freddie/Ginnie Applications Mortgage Due Diligence Legal Reviews & Remedies Loss Mitigation Compliance HMDA & CRA Reviews Disaster Recovery Plan� IT & IS Compliance Statutory Licensing This communication is sent to our valued clients and colleagues, who regularly receive our Advisory Bulletins, Mortgage Compliance Updates,  Compliance Alerts, Licensing Alerts, and News and Views. These publications are free to subscribers. � 2010 Lenders Compliance Group, Inc. All Rights Reserved. Return to Top