SELLER/SERVICER
RISK SELF-ASSESSMENTS
Take control of your risk.
Risk management is one of the most important aspects of the business of originating and servicing mortgage loans. Managing risk can be challenging in the press of everyday business, so we’re making it a little easier.
These risk self-assessments provide tips and checklists to help mortgage seller/servicers effectively and efficiently manage risk. Use them to identify gaps and develop customized action plans to maximize your risk management.
Seller/Servicer Risk Self-Assessments
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Fidelity Bond and Errors and Omissions Insurance
Appraisal Management and Appraiser Independence Requirements
Appraisal Management and Appraiser Independence Requirements
Third-Party Originations
Internal Audit
Mortgage Electronic Registration Systems
Fidelity Bond and Errors and Omissions Insurance
Business Continuity and
Disaster Recovery
Business Continuity and
Disaster Recovery
Change Management
Change Management
Condo Project Review
Condo Project Review
Enterprise Risk Management
Enterprise Risk Management
Vendor and Third-party Oversight
Loan Data and Documentation Delivery
Quality Control
SELF-ASSESSMENT
APPRAISAL MANAGEMENT
Appraisal Management and Appraiser Independence Requirements
Appraisals are among the most time-consuming parts of the loan origination process, and are also a source of risk. With that in mind, we want to take a fresh look at our appraisal management processes to improve efficiency and be sure we’re managing risk effectively. We know there are Appraiser Independence Requirements that we must comply with and want to get it right, but it’s been awhile since we looked at that. How can we check our compliance?
DOWNLOAD CHECKLIST
We have a successful and well-run business, but we feel vulnerable to external risk factors. For example, a recent hurricane caused a loss of power at our headquarters. Our employees couldn’t access the company network remotely, forcing our business to close until power was restored. We could have minimized significant business loss if we had a contingency plan in place to ensure critical business operations. What elements go into an effective business continuity plan to protect our business from unexpected events or disasters?
Business Continuity and Disaster Recovery
BUSINESS CONTINUITY
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
DOWNLOAD CHECKLIST
We want to update our current loan origination system and processes. Our objectives include making better use of digitization and offering our customers a smoother experience. We need to be smart about how we manage through it to make the transition smooth for our staff and to avoid disruption of critical business processes. What steps can we take to achieve our objectives while ensuring that we continue to meet Fannie Mae requirements during implementation?
Change Management
CHANGE MANAGEMENT
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
We’ve been looking at ways to expand our business and would like to begin originating condo loans. We know it will be a big step in terms of underwriting and risk management. What are the risks regarding the condo loan origination process? What are the considerations for staffing this function? What else do we need to know?
Condo Project Review
CONDO PROJECT REVIEW
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
We would like to expand our business to include a wholesale channel for loans originated by mortgage brokers. This expansion supports our future vision for the business, but we also know it will increase our risk exposure and require thoughtful management. One big question we’re unsure about is whether we have the knowledge to establish the appropriate risk management processes and controls. What factors go into a strong enterprise risk management program?
Enterprise Risk Management
ENTERPRISE RISK MANAGEMENT
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
It’s time to renew our professional liability insurance policy. Managing insurance is one of those routine tasks that could use a little more attention – we’ve also found that our documentation is not centralized, creating additional burden on staff to locate the policy and coverage requirements. We know it’s critical to document, monitor, and evaluate our Fidelity Bond and Errors and Omissions coverage, but where do we begin?
Fidelity Bond and Errors and Omissions Insurance
FIDELITY BOND
SELF-ASSESSMENT
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DOWNLOAD CHECKLIST
We don’t currently have an independent internal audit function. We want to establish one to have assurance that we are meeting our regulatory requirements and demonstrating good-faith business practices. How can we incorporate a risk-based approach to help drive internal audit decision-making?
Internal Audit
INTERNAL AUDIT
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
It’s important to us to manufacture high-quality loans and deliver them to Fannie Mae with the correct data. We know that errors such as delivering loans with missing or incorrect special feature codes could lead to repurchase requests or unexpected fees. What best practices can we incorporate to do the best possible job of verifying delivery requirements and validating the accuracy of our data?
Loan Data and Documentation Delivery
LOAN DATA
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
Our small mortgage company is growing and needs to adopt new practices. For example, to continue expanding our investor relationships, we need to begin using the Mortgage Electronic Registration Systems (MERS) to track loans, servicing rights, and security interests. How do we get started?
Mortgage Electronic Registration Systems
REGISTRATION SYSTEMS
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
We really care about quality control and feel like we do a pretty good job of it. But we know QC can always be better, and we want to revisit our QC plan. We want to put everything on the table – maybe even consider outsourcing some of our QC functions that we’ve always done in-house. There’s a lot to consider. Where should we start? Are there recommended ways to identify gaps in our current processes?
Quality Control
QUALITY CONTROL
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
We plan to expand our retail business by offering mortgage broker loan originations. Our challenge is ensuring that the third-party originators with whom we partner are producing quality loans that meet requirements for us to deliver them to secondary market investors like Fannie Mae. What written policies and procedures should we put in place to adequately approve and monitor third-party originators?
Third-Party Originations
THIRD-PARTY ORIGINATIONS
SELF-ASSESSMENT
DOWNLOAD CHECKLIST
To supplement our growing company’s small staff, we want to outsource our technology support services to a third-party vendor. We’re used to doing everything in-house – this will be our first experience with outsourcing, and we’re looking for guidance. What should we know about evaluating and managing external vendors?
Vendor and Third-Party Oversight
VENDOR OVERSIGHT
SELF-ASSESSMENT
Vendor and Third-Party Oversight
Third-Party Originations
Quality Control
Mortgage Electronic Registration Systems
Loan Data and Documentation Delivery
Internal Audit
Additional Resources
Selling Guide
Servicing Guide
Fannie Mae Loan Quality page
Fannie Mae, 1100 15th St NW, Washington, DC 20005
© 2020 Fannie Mae
Fannie Mae Loan Quality page
Servicing Guide
Selling Guide
FannieMae.com
Privacy Policy
|
FannieMae.com
Privacy Policy
DOWNLOAD CHECKLIST
We have a successful and well-run business, but we feel vulnerable to external risk factors. For example, a recent hurricane caused a loss of power at our headquarters. Our employees couldn’t access the company network remotely, forcing our business to close until power was restored. We could have minimized significant business loss if we had a contingency plan in place to ensure critical business operations. What elements go into an effective business continuity plan to protect our business from unexpected events or disasters?
DOWNLOAD CHECKLIST
We want to update our current loan origination system and processes. Our objectives include making better use of digitization and offering our customers a smoother experience. We need to be smart about how we manage through it to make the transition smooth for our staff and to avoid disruption of critical business processes. What steps can we take to achieve our objectives while ensuring that we continue to meet Fannie Mae requirements during implementation?
Change Management
DOWNLOAD CHECKLIST
We’ve been looking at ways to expand our business and would like to begin originating condo loans. We know it will be a big step in terms of underwriting and risk management. What are the risks regarding the condo loan origination process? What are the considerations for staffing this function? What else do we need to know?
Condo Project Review
DOWNLOAD CHECKLIST
We would like to expand our business to include a wholesale channel for loans originated by mortgage brokers. This expansion supports our future vision for the business, but we also know it will increase our risk exposure and require thoughtful management. One big question we’re unsure about is whether we have the knowledge to establish the appropriate risk management processes and controls. What factors go into a strong enterprise risk management program?
Enterprise Risk Management
DOWNLOAD CHECKLIST
It’s time to renew our professional liability insurance policy. Managing insurance is one of those routine tasks that could use a little more attention – we’ve also found that our documentation is not centralized, creating additional burden on staff to locate the policy and coverage requirements. We know it’s critical to document, monitor, and evaluate our Fidelity Bond and Errors and Omissions coverage, but where do we begin?
Fidelity Bond and Errors
and Omissions Insurance
DOWNLOAD CHECKLIST
We don’t currently have an independent internal audit function. We want to establish one to have assurance that we are meeting our regulatory requirements and demonstrating good-faith business practices. How can we incorporate a risk-based approach to help drive internal audit decision-making?
Internal Audit
DOWNLOAD CHECKLIST
It’s important to us to manufacture high-quality loans and deliver them to Fannie Mae with the correct data. We know that errors such as delivering loans with missing or incorrect special feature codes could lead to repurchase requests or unexpected fees. What best practices can we incorporate to do the best possible job of verifying delivery requirements and validating the accuracy of our data?
Loan Documentation and Delivery
DOWNLOAD CHECKLIST
Our small mortgage company is growing and needs to adopt new practices. For example, to continue expanding our investor relationships, we need to begin using the Mortgage Electronic Registration Systems (MERS) to track loans, servicing rights, and security interests. How do we get started?
Mortgage Electronic Registration Systems
DOWNLOAD CHECKLIST
We really care about quality control and feel like we do a pretty good job of it. But we know QC can always be better, and we want to revisit our QC plan. We want to put everything on the table – maybe even consider outsourcing some of our QC functions that we’ve always done in-house. There’s a lot to consider. Where should we start? Are there recommended ways to identify gaps in our current processes?
Quality Control
DOWNLOAD CHECKLIST
We plan to expand our retail business by offering mortgage broker loan originations. Our challenge is ensuring that the third-party originators with whom we partner are producing quality loans that meet requirements for us to deliver them to secondary market investors like Fannie Mae. What written policies and procedures should we put in place to adequately approve and monitor third-party originators?
Third-Party Originations
DOWNLOAD CHECKLIST
To supplement our growing company’s small staff, we want to outsource our technology support services to a third-party vendor. We’re used to doing everything in-house – this will be our first experience with outsourcing, and we’re looking for guidance. What should we know about evaluating and managing external vendors?
Vendor and Third-Party Oversight
Business Continuty and Disaster Recovery
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