Every quarter, CrossCheck highlights key developments affecting lenders as they originate, underwrite, and fund residential mortgage loans. In this issue, we discuss:
- Quality Defect Trends – Fannie Mae highlighted common post-purchase review defects, including occupancy misrepresentation, income and employment issues, liabilities, and assets to close.
- FHA Quality Control Revisions – HUD updated appraisal quality control requirements, eliminating the 10% appraisal field review threshold and giving lenders more flexibility to apply risk-based review methods.
- Freddie Mac Selling Guide Updates – Freddie Mac announced Selling Guide changes affecting large deposit sourcing, foreign asset documentation, gift funds, gifts of equity, and certain Refi Possible transactions.
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