Lender Letter Provides Additional Information Related to Quality Control Processes

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Lender Letter Provides Additional Information Related to Quality Control Processes

Today, Fannie Mae published Lender Letter LL-2012-07 which expands on detail related to quality control and enforcement processes and practices that support the new representation and warranties framework.  This Lender Letter, which is issued at the direction of FHFA and in coordination with Freddie Mac, provides supplemental information on the following topics, identifying what is new and the effective date of each new provision:

  • Overview of Quality Control Principles
  • Quality Control Sample Process
  • Quality Control Review Practices
  • Enforcement Practices
  • Ongoing Communications
  • Preview of Change to Automatic Repurchase Trigger described in announcement SEL-2012-08
  • Clarification of Life of Loan Representations and Warranties Related to Misstatements, Misrepresentations, Omissions, and Data Inaccuracies described in announcement SEL-2012-08

Please review Lender Letter LL-2012-07 for details.

Investors may contact Fannie Mae's Fixed-Income Securities Marketing Help Line at 1-800-237-8627 with any questions.

Originally published: 10/19/12