Last week at the IMB conference, Duane Gilkinson, Fannie Mae’s senior director of credit risk management, spoke on the Agency’s plans to make certain changes to its quality control requirements. A formal announcement is expected later this year.
For pre-funding quality control checks, Fannie will mandate that lenders examine at least a small sample of loans. Additionally, the GSE will accelerate the delivery of review results to lenders by cutting the cycle time for quality control reviews from 120 days to 90 days.
The reasoning behind that statement, according to Gilkison, is that quick, accurate results provide you a better understanding of any potential quality problems with your book and reduce the amount of time you have to make mistakes in that area by 30 days.
ADFITECH will be watching for the Fannie Mae announcement with the relevant changes. By following our updates and subscribing to our blog, you can stay informed and "In The Know."
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