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By Fannie Mae
If you’re a mortgage loan risk officer, a quality control (QC) manager, or manger in a similar position, you probably think a lot about QC these days. Fannie Mae requires its approved lenders to have an effective QC program, but in a more general sense, a QC program is critical in helping credit unions manage repurchase and compliance risk.
Lenders delivering mortgage loans to Fannie Mae are responsible for understanding and complying with its QC requirements as detailed in the Selling Guide (for details, refer to the Selling Guide and the recent updates described in Announcement SEL-2013-05). A good starting point is to get in the habit of following seven guiding principles for lender QC (these are highlights, not an exhaustive list of Fannie Mae’s expectations; refer to the Selling Guide for all requirements):
If you get in the habit of following these guiding principles, you will be well on your way to a successful QC program that meets investor requirements and helps you manage risk.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
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January 27, 2014
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