Mortgage Compliance QC Audits | Post-Close Scope | MetaSource

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