We are looking to start doing secondary market loans and possibly becoming a Fannie Mae approved bank. As a compliance officer, where would I go for help to determine the compliance requirements for documenting these types of loans? Is there a resource to ask questions, etc? If anybody deals in the secondary market, I would appreciate any guidance you could give me!

Wow..that's a pretty big undertaking. I'd start with their written requirements. If you plan on FHA/VA/USDA...they all have their own requirements too.

Perhaps guidance from whomever you plan to sell to would be very helpful as well.

You'll need to talk to Fannie or other investors. The compliance requirements are for the most part the same with perhaps some variation on interpretation (and some investor requirements but they are unique to each investor). The main requirements that you'll have to deal with are underwriting related and QC related.

Understatement of the year...

If you have a particular investor in mind, go to their website and start digging. You'll find their guidelines, etc., which should help you get started. Of course, as pointed out above, some investors are truly 'unique' and their requirements are subject to change without notice.

We're contemplating this type of arrangement also. I'd be more interested in the regulatory implications when selling loans on the secondary market. What do we need to think about for Reg Z early TILs, closing docs, HMDA, etc.