Upcoming Fannie Mae Prefunding Deadline
Are you prepared for the upcoming Fannie Mae prefunding deadline on 9/1/23? On March 1, 2023, Fannie Mae announced changes to its selling guide that will take effect on September 1, 2023. These changes were made to improve overall loan quality and reduce the number of loans requiring remediation by lenders.
What’s Changing?
As part of these changes, lenders are now required to conduct a minimum number of prefunding reviews each month. The total number of loans reviewed must meet the lesser of the following criteria:
- 10% of the prior month’s total number of closings, or
- 750 loans
Lenders are encouraged to implement these changes immediately, but they must be in full compliance by September 1.
Note: The 10% loan population in the September 1 – September 30 cycle will be based on the total number of loans closed in August.
How Young & Associates Can Assist with Your Pre-Closing QC Reviews
At Young & Associates, we understand the importance of staying ahead of the curve. With today’s downturn in mortgage loan volume and high origination costs, our independent pre-closing QC reviews can be a viable option for your organization. Let us help you navigate these changes seamlessly and mitigate the risk of noncompliance.
By conducting pre-closing Quality Control reviews, we can:
- Provide important and timely information to origination staff prior to closing a loan.
- Test residential mortgage loans and origination sources to identify and address loan defects prior to closing.
- Verify that loans conform to your organization’s policies and meet insurer and guarantor requirements.
- Mitigate the risk of noncompliance.
- Alleviate the time and staffing issues you may be facing in today’s volatile market.
- Control your costs by eliminating the need to maintain someone in-house to perform this work.
Why Choose Y&A? Superior Results at a Lower Cost
Young & Associates, Inc. is an industry leader and provider of QC services for over 45 years and provides mortgage quality control services to meet government-sponsored enterprise and agency requirements, including Fannie Mae. With a proven track record of delivering superior results for over four decades, partnering with us ensures that you can expect:
- High-quality, reliable services
- Expertise in Fannie Mae guidelines and regulations
- Unparalleled experience in the mortgage industry
- Custom solutions tailored to your needs
Contact Us Today
Don’t let the Fannie Mae prefunding deadline catch you off guard. Reach out to Young & Associates today for professional assistance with your pre-closing QC reviews. Learn more about Y&A’s mortgage quality control services by clicking here. For more information about us and how we can assist you with your pre-closing QC reviews, contact us by phone at 330.422.3482 or email at [email protected]. We look forward to partnering with you to ensure compliance and success!
