Fannie Mae and Freddie Mac have begun playing for keeps when it comes to compliance, and this appears to be an upcoming challenge for many lenders.
One of the advantages of representing many lenders nationwide is the ability to notice trends and anticipate potential problems for clients before the problems reach their front steps. In recent weeks I have been contacted by multiple lenders receiving serious and adverse determinations from the GSEs pertaining to audit findings. Coincidence? Probably not.
Regardless of historical or current loan performance and a history of positive audits, lenders whose compliance management systems are viewed as lacking in regard to current GSE and/or Consumer Financial Protection Bureau requirements are facing swift and severe repercussions
For lenders with upcoming GSE audits, careful reevaluation of policies, procedures and systems to determine their adequacy are recommended. A fresh look from an independent consultant could also yield enormous dividends if problems are detected in advance of the real audit. At a minimum, it is clear that the