Cars, trumpets, measurement devices, and now the loan quality control process are a few of the common calibrations we need to perform to ensure high standards in execution. Starting in 4Q 2022 and rolling out more robustly next year, Fannie Mae® announced that the agency will begin calibrations with its customer base to understand the precision and accuracy of a…
In April, Fannie Mae® launched a new series of articles dedicated to helping their sellers strengthen their core quality control (QC) governance plans. The first installment covered the importance of a well-defined and thorough Fannie Mae QC Plan. In it, they laid out eight common gaps frequently missing in QC plans they audit. Below I share all eight and how…
It seems like just yesterday the pandemic was fanning the flames on the importance of post-closing reverifications of income and employment. While some of that economic volatility has settled down, two years later reverification is still just as significant but for different reasons. In a purchase market, one that’s forecasted to grow 9% this year*, heightened fraud risk comes with…
In less than two months, on March 19th, desktop appraisals will officially transition from a 2020 covid flexibility to a long-term reality for some GSE products. As a result, the Post-Closing QC appraisal field review for many conventional loans is no longer required. Replacing the field review requirement on 10% of conventional loans in Post-Closing QC samples, is a Collateral…
I have been in the mortgage industry for nearly three decades. Those who don’t know me might be surprised to know I developed some of the industry’s first quality control (QC) technology. Those that do know me, know it’s in my blood. And so, with confidence I can say that no good quality control plan is complete without a written…
