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Bankers Advisory has developed a guide that consolidates the hundreds of rules pertaining to mortgage quality control that were revised in 2014.

Bankers Advisory Guide for Quality Assurance Best Practices

  • 12/2/2014

In 2014, hundreds of rules were revised and strengthened by secondary market agencies pertaining to mortgage quality control. Bankers Advisory developed a 150-page guide that consolidates the rules from all agencies in an easy-to-find format, with the Agency Handbook reference and revision date provided for each topic.

Chapter outline

Chapter 1 – The Quality Control Program

Practical advice and workflow steps for administering your mortgage quality control program, and tips on how to calculate a defect rate, remediation, management response, and defect tracking.

Chapter 2 – Mortgage Fraud Detection

Clear, meaningful instructions for identifying and mitigating suspicious transactions, identity theft, and the required steps for handling address discrepancies and Suspicious Activity Report filing.

Chapter 3 – Fannie Mae Requirements

The majority of quality control (QC) rules were revised on July 29, 2014, outlining mandatory steps for QC sampling, timeframes, defect tracking, reporting and more.

Chapter 4 – Freddie Mac Requirements

The Enterprise spells out the requirements for an effective quality control program. Many rules were amended during 2012 and 2013.

Chapter 5 – FHA Requirements

On June 30, 2014, the U.S. Department of Housing and Urban Development published a complete redraft of the Federal Housing Administration Single Family Housing Handbook.

Chapter 6 – VA Requirements

The most recent Department of Veteran Affairs Handbook requirements of Elements of a Quality Control Oversight and Compliance.

Chapter 7 – FHLB/MPF Requirements

Major revisions were published October 15, 2014, outlining strengthened pre- and post-funding quality control.

View the table of contents.

Bankers Advisory develops customized policy and procedure manuals that are applicable to your institution’s business model and lending programs. We will complete a review of your existing policies and provide updated information with the most recently published requisites of HUD, Fannie Mae, Freddie Mac, FHLB, Rural Housing, and the CFPB.