Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
21 hours ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago