Fannie Mae issued a Selling Notice on June 22, 2022, to introduce Quality Control Calibrations, an expanded and formalized initiative to engage with a larger segment of our lenders in the calibration of their QC results. In QC, calibration is the process of comparing a lender’s own internal QC results to a known measurement, or standard, to confirm the accuracy of the lender’s results.
The Selling Notice stated that "In the past, we have completed calibration exercises as needed with lenders to validate the accuracy of their internal QC results in relation to Fannie Mae expectations, and to highlight opportunities to strengthen their QC program.
Beginning in Q4 2022, we will conduct QC calibrations on a regular basis across lenders as a component of a lender’s overall QC program assessment. The lender selection process will be a risk-based approach that considers a lender’s existing controls and Fannie Mae delivery volume."
"This edition of Quality Insider is the second installment in our series designed to strengthen core QC governance elements. This article focuses on the importance of leveraging QC reports to reduce risk and improve loan quality."
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