Tag: Fannie Mae

Why Outsourcing Mortgage QC Audits Is More Important Than Ever
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The New Universal Residential Mortgage Application

Are You Ready for the New URLA? Starting January 2018, the newly redesigned uniform residential loan application (URLA) – also known as Fannie Mae Form 1003 – will have a cleaner look with more white space and a defined separation of borrower and lender information. It has also been updated so that it is compliant…

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Mortgage QC Timing Update

There has recently been some ambiguity regarding the timing of mortgage quality control (QC) that needs to be part of any mortgage originator’s mortgage QC plan with FHA and Fannie Mae. FHA QC Timing Response Previous to the implementation of the new FHA 4000.1 Handbook, FHA’s QC timing requirement was to have your initial audit…

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Who’s Auditing Your In-House Mortgage File QC Auditors?

Many mortgage originators and servicers conduct their own mortgage file QC audits. Who’s auditing these auditors? With continuously changing post-close, pre-fund, servicing, and MERS changes from Fannie Mae, Freddie Mac, FHA, HUD, and the CFPB, it’s increasingly important to ensure your audit team is up to speed on all mortgage QC requirements and self-auditing your…