Recently, the Federal Housing Administration (FHA) and Fannie Mae have announced several significant changes impacting their quality control requirements. For example, FHA released the Final Rule for Strengthening Risk Management through Responsible FHA-Approved Lenders, which changes several policies and places more accountability on approved lenders. Fannie Mae also launched its Loan Quality Initiative (LQI) and updated the Selling Guide in March with new Lender Quality Control Standards.

In addition, investors have continued to tighten their risk management requirements and are asking third party originators to provide documentation of sound quality control practices. During this time of significant change and increased accountability, it is important for lenders and brokers to have an up-to-date quality control plan and to perform their required quality control audits.

To help lenders and brokers comply with changing regulations and investor guidelines, Mortgage Compliance Advisors (MCA) is offering complimentary quality control plan reviews during the month of June 2010. This includes recommendations for any necessary changes to the quality control plan to stay compliant with new regulations. Each quality control plan will be reviewed by an experienced mortgage compliance professional. Depending on the volume of requests, MCA can complete the quality control plan review in just two business days. The recommended changes included with the review can help your company comply with changing regulations, manage risk, and improve loan quality.

To get started with your complimentary quality control plan review or with your quality control audits, call 877-226-3217 or visit http://www.mortgagecomplianceadvisors.com/index.php/services/quality-control-plan-implementation?pr.