News Fannie Mae compliance: Help You keep up with the...

Fannie Mae compliance: Help You keep up with the Changes

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The Federal National Mortgage Association was found in 1938. It is commonly known as Fannie Mae. It was found during the Great Depression. Though it is a government sponsored enterprise, it has been publicly traded company from 1968. The main purpose of this association is to expand the secondary mortgage market. This is done by securitizing mortgage in the form of mortgage bank securities. This in turn allows lenders to reinvest their assets into even more lending. Thus it increases the number of lenders in the mortgage market. Mortgage compliance advisors create a summary of Fannie Mae compliance in order to help the lenders understand the agency’s requirement.

The lenders should have an active control plan. This is because if they have quality control, it will help them to ensure that the loan is of high quality. It should also be in compliance with the laws and regulations. This will in turn prevent unnecessary fraud and errors. The biggest challenge of most of the mortgage professionals is to keep up with the changes. In order to help them stay up to date, training series of webinars are held by the mortgage compliance advisors. There has been confusion about loan originator compensation and good faith estimate because mortgage industry has undergone several regulation changes.

These regulations keep on changing and so it becomes hard to keep up. In order to help the mortgage professionals to stay up to date, they are free to take the guidance of training seminars. These seminars are based on the specific compliance needs. The training courses are specifically designed at the client’s request. The webinars will help their compliance department. All the employees in the company too, will become knowledgeable regarding compliance issues. There are several institutions that have the resources as well as the experience to serve their compliance needs.

This also includes consulting services, control audits, fulfillment process and several other mortgage compliance services. Many clients nationwide has benefitted from their services because of their fast turnaround time, high quality reports and superior customer service. Look for auditors that have been seasoned underwriters in the mortgage industry. Only then you can be sure to receive accurate and helpful advice. To keep your company compliant, these mortgage compliance advisors lead the industry in innovative new products and services. Fannie Mae therefore buys loans only from approved mortgage sellers either for cash or mortgage backed security.

Fannie Mae compliance: Help You keep up with the Changes
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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