Fannie Mae updated its Selling Guide to reduce lender quality control requirements.
Details: Fanne Mae said that in response to lender feedback, it updated Subpart D1 to streamline lender QC reverification requirements by:
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Removing asset reverification when the information is not confirmable.
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Eliminating duplicative reverifications for automated data obtained through approved vendors.
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Limiting tax transcript requirements to loans qualified with tax returns.
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Removing reverification for discretionary reviews.
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Reinstating flexibility in prefunding QC by eliminating the fixed 10% minimum sampling requirement.
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Removing certain operational reporting (including self-reporting and reverification reporting).
Timeline: Fannie Mae said lenders are encouraged to implement these changes immediately but must do so for all QC reviews conducted on or after July 1.