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#291065 - 12/20/04 09:24 PM Fannie Mae
pookiesgirl Offline
Junior Member
Joined: Jun 2004
Posts: 29
New York State
Can anyone tell me if there is an annual audit requirement for Fannie Mae? At the Bank where I previosly worked, we used the USAP audit to fulfill what we were told was an "annual requirement". The Bank I am currently employed at just began dealing with Fannie Mae, and I am having trouble finding evidense of this requirement. Staff at Fannie Mae has been of no help.

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Audit
#291066 - 12/20/04 10:13 PM Re: Fannie Mae
Anonymous
Unregistered

The USAP audit is done when you sell to secondary market. There are specific requirements of the USAP. I don't know where you can get the information, but KPMG has always provided us with that info. Oh and it is technically their audit (during the financial statement audit) but we do it here for them and they still charge us $6000 for it!

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#291067 - 12/22/04 03:41 PM Re: Fannie Mae
Anonymous
Unregistered

I have the USAP guidelines. What I am wondering is if there is such a requirement to do an annual audit.

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#291068 - 12/22/04 09:31 PM Re: Fannie Mae
Anonymous
Unregistered

What are guys talking about? What is USAP? I sell loans to Fannie Mae and I do a 10% QC review monthly but I've never heard of an USAP audit? Help?

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#291069 - 12/23/04 02:31 PM Re: Fannie Mae
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,573
Galveston, TX
The Uniform Single Attestation Program is performed by your CPA to attest that you're meeting minimum servicing requirements. It should not be confused with the QC requirements for sellers.
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#291070 - 12/23/04 03:13 PM Re: Fannie Mae
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Quote:

What are guys talking about? What is USAP? I sell loans to Fannie Mae and I do a 10% QC review monthly but I've never heard of an USAP audit? Help?




This is something your servicing area has to deal with (if you service your loans).

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#291071 - 12/23/04 09:00 PM Re: Fannie Mae
J2C Offline
Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
Quote:

The Uniform Single Attestation Program is performed by your CPA to attest that you're meeting minimum servicing requirements. It should not be confused with the QC requirements for sellers.




EXACTLY!!!
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My opinion is mine only- not my employer's!


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#291072 - 12/24/04 04:48 PM Re: Fannie Mae
trout22 Offline
Gold Star
Joined: Nov 2004
Posts: 313
We sell Fannie Mae loans, and I as the compliance officer do a QC check on 10% of the loans quarterly. We operate on a one quarter delay (auditing 3rd Q 2004 now) to allow for documentation to come in before we audit files. It's worked out well for us so far.

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#291073 - 01/03/05 08:10 PM Re: Fannie Mae
Anonymous
Unregistered

Where could I bet a USAP guideline?

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#291074 - 01/03/05 10:50 PM Re: Fannie Mae
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Back when I did these, we got the work program (if that's what you're referring to) from our external auditor.

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#291075 - 01/03/05 10:55 PM Re: Fannie Mae
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
I should get commission.

USAP

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