CUNA Lending Council White Paper Discusses Fannie Mae Quality Assurance
November 20, 2012
FOR IMMEDIATE RELEASE
Contact: Jennifer Jackson
CUNA Councils, 608-231-4102
Madison, WI - During the last several years, there has been considerable emphasis on mortgage lending and the internal policies and eligibility/underwriting processes lenders use. Lenders requesting approval to sell loans to Fannie Mae must have a quality assurance (QA) system in place, and must agree the system will remain in place as long as the lender does business with Fannie Mae.
A new white paper from the CUNA Lending Council, "Fannie Mae Quality Assurance: Understand and Comply with Requirements for a Stronger Loan Portfolio," discusses how having a quality assurance system in place is about more than credit risk and making loans; it's about developing better working relationships with examiners.
Fannie Mae acknowledges there's no single, preferred plan that will satisfy every credit union's needs, which is both a blessing and a curse. Fannie Mae encourages credit unions to think creatively and use a broad risk management perspective when developing or changing their approaches to QA. To help credit unions think creatively about their QA systems, this 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
- How to build good working relationships with examiners
The paper also includes three case studies of credit unions with varying degrees of experience with the Fannie Mae QA process.
CUNA Council members are eligible to receive complimentary copies of this, and over 300 other white papers; non-Council members may purchase white papers for $50 per copy.
The paper is available online in the white paper section of www.cunacouncils.org.
Press may contact Jenny Jackson at firstname.lastname@example.org for a copy of the white paper.
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About CUNA Lending Council
The CUNA Lending Council is a member-led partnership of lending professionals dedicated to providing education, leadership, networking support, professional development tools, and expertise to its members in order to shape the enhancement of the role and diversity of operations in the credit union industry. The CUNA Lending Council is one of the six organizations that make up the CUNA Councils, a network of more than 5,500 credit union professionals. For more information, visit www.cunalendingcouncil.org or www.cunacouncils.org.