![]() ![]() Clarification that the full QC process including rebuttals must be completed within 120 days from the month of the loan closing.Clarification of the minimum requirements for the evaluation of the loan.This review must be conducted by the lender and not contracted out.Ĭhapter D1-3, Lender Post-Closing Quality Control Mortgage Review Establishment of a new requirement that the lender review at least 10% of the loans reviewed by vendors, including those with and without findings.Establishment of a new requirement that the lender ensure that the QC vendor conducts its reviews in accordance with the lender’s QC plan and Fannie Mae’s requirements.Requirement that the lender establish minimum requirements for the skill set and expertise of the staff performing the QC file reviews. ![]() Establishment of a new requirement (previously a recommendation) that the lender report on the results of both prefunding and post-closing reviews to senior management on no less than a monthly basis, and that a plan for specific correction action must be developed.Clarification of the existing requirement that if the lender determines that the mortgage loan was not eligible as delivered, the lender must advise Fannie Mae of these findings.Clarification that when a lender’s file review identifies discrepancies between the data (including the property value) that was used in the underwriting decision and the data verified through the QC process, the lender must reassess the underwriting decision based on the newly verified information to determine whether the loan remains eligible as delivered.Clarification of the requirements for the components of prefunding and post-closing loan file reviews, loan selections, reporting on results, and taking action to remediate issues.Requirement that the lender establishes specific standards for loan quality in the form of target defect rates, and to categorize defects by severity levels (with the highest severity level indicating that the loan is not eligible as delivered to Fannie Mae).Requirement that the lender develops and implements a QC program that provides a structure for identifying deficiencies and for implementing plans to quickly remediate those deficiencies and underlying issues.Requirement that the lender establishes specific standards for loan quality in the form of target defect rates, and to categorize defects by severity levels (with the highest severity level indicating that the loan is not eligible as delivered to Fannie Mae). ![]()
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