Every quarter, CrossCheck highlights key developments affecting lenders as they originate, underwrite, and fund residential mortgage loans. In this issue, we discuss:
- Artificial Intelligence (AI): Fannie Mae released requirements for governance, risk management, and documentation of AI and machine learning used in loan origination and servicing.
- Income Assessment Updates: Fannie Mae significantly standardized and revised income assessment requirements in its Selling Guide.
- Selling Guide Updates: Freddie Mac announced enhancements to Construction to Permanent and Renovation Mortgages and clarifications across underwriting, collateral evaluation, and QC.
- Quality Control Updates: Fannie Mae revised QC expectations, including risk-based sampling, reverification requirements, and alignment with electronic loan file practices.
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