RegAlert

Freddie Mac requires that a Lender establish a pre-funding (pre-closing) quality control loan review process that contains a sample selection and provides enough time for reviews to be completed before closing. There must be procedures established to report deficiencies to senior management and to Read More

According to the Fannie Mae Selling Guide, the Lender should establish a process for selecting loans for pre-funding quality control loan reviews and that those who are performing the review must be completely separate from the loan origination process. When establishing pre-funding quality control Read More

We are now almost two months into the new HMDA regulation and there have been several questions as to reporting the action taken. Specifically, when to report an application as being withdrawn or file being closed for incompleteness. While this data point existed under the old HMDA regulation, it Read More

In addition to random samples, Fannie Mae and Freddie Mac require discretionary and/or target reviews for post closing quality control.  Fannie Mae requires a monthly discretionary sample in addition to a lender’s random sample. This discretionary review should focus on loans with a higher Read More