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#1400446 - 06/08/10 12:13 AM New FNMA Mortgage QC Requirements
Banker27 Offline
100 Club
Joined: Nov 2007
Posts: 114
I see that as part of the Fannie Mae Loan Quality Initiative, a review or audit of the QC process is required. At our bank, the audit department conducts the QC program and reviews a sample of mortgage originated loans. So, who should we have perform the audit/review of the QC function? Would we outsource a review of our QC function? I'm curious what other Banks are doing to meet this requirement.

Thanks so much!

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Audit
#1401289 - 06/09/10 04:21 PM Re: New FNMA Mortgage QC Requirements Banker27
aliasg Offline
100 Club
Joined: Jul 2007
Posts: 148
MD
The bank I used to work for did theirs the same way. Internal Audit performed the QC process. The independent bank auditors (CPA firm) did the review of the QC function. Hope that helps.

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#1401392 - 06/09/10 05:58 PM Re: New FNMA Mortgage QC Requirements aliasg
Banker27 Offline
100 Club
Joined: Nov 2007
Posts: 114
Thanks! That could work for us.

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#1429951 - 08/17/10 02:06 PM Re: New FNMA Mortgage QC Requirements Banker27
Audit Goddess Offline
Junior Member
Joined: Apr 2006
Posts: 32
US
Related question, what vendors do you use for the credit reports? We currently use Kroll but are trying to determine who to use to meet the new requirement of a CR on all reviewed loans. Also, how do you pull the CR so it doesn't affect their credit? I know there's a way to do that.

Thanks!

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#1431900 - 08/19/10 10:27 PM Re: New FNMA Mortgage QC Requirements Audit Goddess
Banker27 Offline
100 Club
Joined: Nov 2007
Posts: 114
We use Equifax eMortgage Services. Let me know what you hear on how to pull a credit report without it affecting their credit. I think it shows as an inquiry, but it doesn't affect their score. Does that sound right?

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#1445082 - 09/17/10 09:12 PM Re: New FNMA Mortgage QC Requirements Banker27
river girl Offline
Diamond Poster
Joined: Nov 2004
Posts: 1,005
I have a question on a specific step in QC.
Do we need to compare the initial 1003 information to the initial GFE? Such as loan amount, interest rate, term?
I seem to remember reading that these items needed to be compared but I can't figure out the "why" behind comparing these docs. What would a difference tell me?

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#1447731 - 09/23/10 08:35 PM Re: New FNMA Mortgage QC Requirements river girl
Banker27 Offline
100 Club
Joined: Nov 2007
Posts: 114
I'm not currently checking the initial 1003 versus the initial GFE. Do you remember where you saw that as being required? That might be something I should start looking at.

Sorry that I can't really help!

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