Subject: Conventional LQI Initiative - Fannie LQI
Importance: High
Gateway
Conventional QA Process
Fannie Mae is implementing Loan Quality Initiatives
(LQI) to promote improved data integrity. Fannie’s intent is to validate
the data they receive is complete, accurate, and fully reflective of the
terms of the mortgage.
One Fannie Mae initiative requires lenders to
implement a pre-funding quality assurance (QA) process on higher risk Conventional
transactions.
To meet this initiative, effective immediately
the following Conventional loans require a QA review by the Gateway QC
department prior to final loan approval:
·
Retail <680
FICO
·
Wholesale
<700 FICO
·
Retail or
Wholesale -
o
LTV >90 and
FICO <740
o
Investment
property <740 FICO
o
Cash out
refinance with LTV >70%
If you identify one of these transactions, follow this
QA Process –
· Underwriter make a PTC condition – ‘Satisfactory QA
review required’.
· Underwriter immediately email QC (Ruth Tortorici and
copy Jason McPherson), requesting QA review. Your email subject line
should read ‘QA review – borrower last name and loan number’.
· QC will review and notify Underwriter within 24 hours
of any necessary corrections.
· Underwriter will make all necessary corrections, clear
the QA condition in GMOS, and upload copy of QA email into ImageFlow.
Let me (or your Underwriting Manager) know if you have
any questions and thank you in advance for your support of this initiative.
Thank you.
Bill Clopton
SVP National Operations Manager
Gateway Mortgage Group, LLC
14850 Quorum Drive
Dallas, TX 75254
Office - 972-908-3390, x109
Cell - 940-297-5484
Fax - 918-858-7575
