Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Lending Council discusses Fannies quality assurance
MADISON, Wis. (11/21/12)--A new white paper from the CUNA Lending Council discusses how having a quality assurance (QA) system in place is about more than credit risk and making loans; it's about developing better working relationships with examiners.

During the past several years, considerable emphasis has been placed on mortgage lending and the internal policies and eligibility/underwriting processes lenders use, according to "Fannie Mae Quality Assurance: Understand and Comply with Requirements for a Stronger Loan Portfolio."

Lenders requesting approval to sell loans to Fannie Mae must have a QA system in place and must agree the system will remain in place as long as the lender does business with the government-sponsored enterprise.

Fannie Mae acknowledges there's no single, preferred plan that will satisfy every credit union's needs. Fannie encourages credit unions to think creatively and use a broad risk management perspective when developing or changing their approaches to QA, said the council paper.

To help credit unions think creatively about their QA systems, the paper identifies:

  • Minimum requirements for a credit union's QA system;
  • How to develop quality control policies and procedures;
  • How to examine policies for QA gaps;
  • How to make changes when existing policies fall short; and
  • How to build good working relationships with examiners.
The paper also includes three case studies of credit unions experienced with the Fannie Mae QA process.

The paper is available online. Use the link.
Other Resources

RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
20 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
21 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
23 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
1 Day ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
1 Day ago