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.
While incorporating the Fannie Mae Loan Defect Categories helps Mortgage Compliance Advisors clients comply with Fannie requests, it also provides easily accessible, detailed information about their QC results, so that they may take action to better their business.
“Incorporating the Fannie Mae Loan Defect Categories into our audits not only allows our clients to be compliant with Fannie Mae, but it now allows our clients to trend and easily determine the root cause of the defect,” said Brady Meadows, Senior Vice President at MCA.
Mortgage Compliance Advisors (MCA) combines the experience of many mortgage professionals into one organization, to provide you with an extensive compliance resource. MCA has grown to serve the compliance needs of hundreds of clients across the country. They are dedicated to helping mortgage brokers, lenders, banks, and credit unions of all sizes comply with regulations, manage risk, and improve the quality of their loans.
MetaSource is a technology driven provider of Business Process Outsourcing (BPO) / Business Process Management (BPM) services integrated with Enterprise Content Management (ECM) / workflow solutions, Compliance/Audit services and customer experience processes to meet our clients’ goals and objectives. We service a variety of industries for a national clientele through our global network of PCI Level 1 / Version 3 certified, SOC / AT 101 (formerly known as SAS70) and HIPAA compliant processing centers, employing over 1,000 employees worldwide.
Official Press Release
Mortgage Compliance Advisors Announces the Incorporation of Fannie Mae Loan Defect Categories