Now is a perfect time to re-evaluate your QC Plan to make sure it is up to date and compliant with Agencies and Investors. In 2019 we observed more scrutiny during regularly conducted audits from VA, FHA, and Fannie Mae than ever before.
Fannie Mae issued an updated Quality Control (QC) Self-Assessment on January 8th. This is a redesigned QC Self-Assessment that provides required elements as well as recommended but not required elements. The recommended elements should be viewed as “Best Practices”.
The update contains several important revisions that can assist in the management of risk and ensure compliance with the Fannie Mae Selling Guide, as well as assure that a lender is following established best practices and recommended monitoring of risk associated with the origination of good loans.
Let the Stonehill Group help you review/update or create your Agency approved QC Plan. We understand the agency requirements and can provide valuable insights in the process.
Whether you need a new QC plan starting from scratch or just need us to review and update your current plan, StoneHill can help.
For more information contact your Account Manager or Client Services Manager, Donna Rowe, at drowe@stonehillgroup.com.
