| 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 |
