Welcome to the Q3 2025 Mortgage Chat – CrossCheck’s mortgage-focused quarterly publication which addresses topics that arise as lenders originate, underwrite, and fund their residential mortgage products. These insights are intended to help clarify investor requirements regarding underwriting and quality assurance as well as provide best practices.
In this issue, we address the following topics:
-
Fannie Mae Repurchase Trends: Most Q1 2025 repurchase demands targeted 2022–2023 loans, often due to income misrepresentation, collateral issues, or credit documentation errors. Some repurchases were resolved with indemnification or loss-sharing.
-
Quality Control Updates: Fannie Mae’s new QC requirements now mandate expanded occupancy reviews, detailed reporting of all reverifications, and clarified self-reporting timelines.
-
Gift Funds: Documentation rules for gift funds differ by agency; strict recordkeeping is essential for compliance, especially as more borrowers rely on gifts for down payments.
-
Non-QM Underwriting: Non-QM loans provide flexibility for unique borrowers but require vigilance—watch for income mismatches, undisclosed properties, and conflicting documentation.
If you are a lender grappling with a mortgage question, we invite you to send your query to Ask CrossCheck. Our team of mortgage experts are ready to provide the guidance and support you need.
Thank you for reading the Q3 2025 Mortgage Chat. Subscribe to receive future issues via email each quarter.
