What Needs to Be Audited?
|Agency:||Fannie Mae||Freddie Mac||FHA|
|How Much to Audit:||Audit at least 10% of all residential mortgage loans, plus pre-funding & discretionary reviews||Audit at least 10% of mortgage loans||Audit 10% of FHA loans originated, early payment defaults (EPDs), 10% of rejected applications|
|How Often to Audit:||Audit at least monthly||Every mortgage must have chance of being selected for review within 90 days of Note Date||Audit at least monthly|
|Required Turn Times:||Select loans for review within 30 days of closing, review within 60 days of selection||Report audit results to management within 90 days of selection||Select loans for review within 30 days of closing, review due in 60 from end of month closed|
|Field Review Requirements:||Perform field reviews on 10% of loans audited||Perform field reviews on 10% of loans audited||Perform field reviews on 10% of loans audited|
|Important Things to Remember:||Lenders must notify Fannie Mae if their QC cycle extends out more than one 30-day cycle||Lenders must document all credit inquiries up to 120 days||Approved mortgagees must perform reviews of their sponsored third party originators (TPOs)|
|Where to Find the Requirements:||Fannie Mae Single Family Selling Guide Subpart D1||Freddie Mac Single-Family Seller/Servicer Guide Chapter 48||HUD 4000.1 Section V|