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This issue of Quality Insider highlights frequently missed components in lenders’ QC plans and offers actionable insight to improve your plan. With this issue we kick off a new series of Quality Insider articles that focus on strengthening governance by identifying the top gaps found in Quality Control programs across our customer base. Fannie Mae’s QC Specialist team created this series through the lens of continuous improvement and with a focus on the most ...Continue Reading Share
The mandate for implementing the redesigned Uniform Residential Loan Application (URLA) is March 1, 2021. To accommodate loans started in the legacy format prior to March 1, but not submitted by that date, the GSE’s automated underwriting systems (AUSs) will not return an Out of Scope for Fannie Mae or critical edit for Freddie Mac on new loans submitted in the legacy format until May 1, 2021.Continue Reading Share
Quality Control as a Profit Center
By Charles W. Sewright, CMA
President & CEO
Quest Advisors, Inc.
Many in mortgage lending view Quality Control as a cost center that is simply a cost of doing business. But, when properly implemented and managed, Quality Control can be a profit center. A deep dive into Quality Control can lead to profit improvement opportunities throughout the mortgage manufacturing process if time and effort are spent looking for them.
The goal of every mortgage lender is ...Continue Reading Share