Areas addressed in a quality-control worksheet updated by the Federal National Mortgage Association include the appraisal process.
The Washington-based secondary lender this week released an updated worksheet for executives and managers who have quality-control responsibilities.
The worksheet is intended to help lenders analyze the state of their quality-control programs, according to Fannie Mae.
Questions address the roles of senior management and members of the boards of directors.
Another section identifies steps taken by senior management to proactively manage to a target defect rate.
The pre-funding and post-closing quality-control processes are scrutinized in subsequent sections.
An evaluation of quality control in the appraisal process is included in the worksheet.
Compliance with the Appraiser Independence Requirements, desk and field review requirements, and appraisal monitoring requirements is determined.
Compliance with Fannie’s guidelines for utilizing appraisal management companies also is part of the worksheet.
Service providers that perform quality control functions are a focus of one section.
Fannie additionally uses the worksheet to consider quality control for reporting and third-party originations.
