The Federal National Mortgage Association is making updates that will result in enhancements for its home lending customers.
An update is being implemented to Fannie Mae’s quality assurance system. The update includes new reports
and additional file types.
Among the new reports is a closed-loan reviews report showing loan-file reviews that have been closed by the Washington-based firm.
Fannie discussed the update Thursday in
a QAS Release Notification.
The secondary lender said fields are being added to show if it
has accepted or rejected an uploaded document. A reason for rejection will be provided.
“After users upload a missing or defective document requested by Fannie Mae, QAS currently shows only that the document has been received,” the bulletin stated. “QAS will be updated to show that the document was verified and accepted by Fannie Mae, or that it was rejected. If rejected, a reason will be provided, such as it being illegible or the incorrect document.”
Areas impacted by the new fields include
the missing/defective document request report and the document request history.
A new lender-request status
will be displayed on the loan-review details screen and the find-reviews search screen.
Additional document types are being added to the upload document drop-down list menu.
The QA system update takes place the weekend of April 16.
