Leading mortgage compliance and audit services provider, Mortgage Compliance Advisors, incorporates the Fannie Mae Loan Defect Categories into their compliance audit products and services.
Mortgage Compliance Advisors (MCA), a MetaSource company, announced today that it has incorporated the Fannie Mae Loan Defect Categories into their mortgage audits.
On December 17, 2014, Fannie Mae posted its most recent defect categories list that shows loan defects by category, identified in post-purchase reviews of its acquisitions. Categories include Assets, Borrower and Mortgage Eligibility, Credit, Liabilities, Income/Employment, Insurance and Appraisals, among others. According to Fannie Mae, these defects (which may be eligibility violations) are referenced in reporting to lenders on the quality of their deliveries. Mortgage Compliance Advisors has made these defect categories available in a dynamic online dashboard that will allow trending based on many different filters including significant, moderate, combined severity levels, loan type, and audit type. The dashboard also allows monthly, quarterly or annual analysis.
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