Clayton Holdings LLC, a provider of customized risk analysis, loss mitigation, operational solutions and staffing services, has incorporated Fannie Mae's newly announced Quality Control Standards into its underwriting and quality-control offerings.
Fannie Mae's new Quality Control Standards – issued in Lender Letter LL-2010-03, ‘An Introduction to Fannie Mae's Loan Quality Initiative’ – specifies the policies and process and technology enhancements that it will require from sellers in order to mitigate loan-repurchase risk.
Many of the new requirements will require lenders to create new written operational workflow procedures and add activities that will be required pre- and post-closing, Clayton says. For example, lenders will now be required to confirm 10 basic data elements for every new loan prior to loan closing as well as perform an audit of all high-risk loans, as defined by Fannie Mae, prior to and after loan funding.
Clayton says it has already made the adjustments within its systems and procedures necessay to meet the new quality control standards, adding that its consulting services unit helps lenders build their own solutions to meet Fannie Mae's new standards.
"Whether building or outsourcing, we provide our customers with the ability to meet today's quality control demands and the flexibility to meet tomorrow's regulatory and industry demands," says Tom Donatacci, executive vice president at Clayton.
SOURCE: Clayton Holdings LLC