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Wholesale Quality Control and Broker Monitoring Policy Manual

Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development (HUD) require compliance with their published requirements for third party originated loans. These requirements include quality control steps for approving and monitoring third party originators such as brokers and correspondents. This policy outlines the requirements for third party originator quality control and establishes a fundamental process for the selection, approval, and monitoring third-party originators (TPOs).

You'll find these details and more in the AllRegs Wholesale Quality Control and Broker Monitoring Policy Manual.

Overview

The Wholesale Quality Control and Broker Monitoring Policy Manual includes all of the most recent agency requirements, best practices, and covers the following topics:

  • Fannie Mae Requirements
  • Freddie Mac Requirements
  • FHA Requirements
  • Third Party Originator Approval
  • TPO Monitoring and Performance


Benefits

The Wholesale Quality Control and Broker Monitoring Policy Manual features the following benefits:

  • Supports strong operational preparedness
  • Establishes staff training requirements
  • Defines roles and responsibilities
  • Helps meet regulatory and internal compliance requirements
  • Allows policy revisions to fit your business model
  • Delivered via email within one business day

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.

Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.

Contact your account manager for information regarding these optional services!


Policy Manual
Wholesale Quality Control and Broker Monitoring
Section Title Priority Action
1.1 Goals and Objectives Mandatory Review Include the point of view or culture of your organization in this section, if applicable.
1.2 Required Review Mandatory Review Be sure this accurately reflects your company’s annual policy review process.
2.1 Internal Controls Mandatory Review Include or reference related procedures in this section.
3 Staff and Training Mandatory Review Include the means by which your organization provides and tracks required training.
4.2 Approval Process Recommended Best Practice Include your internal procedures for approving third party originators of Fannie Mae loans.
5.4 Monitoring Performance of Brokers and Correspondents Recommended Best Practice Include your internal procedures for monitoring the performance of mortgage brokers and correspondents for Freddie Mac loans.
6.5 Sale and Transfer of Loans Optional Enhancement This section requires that loans sold and transferred be reported via the FHA Connection to HUD. You may choose to add your internal procedures.
7.1 [Sample Client] Wholesale Recommended Best Practice This section describes your wholesale channel of business. You should modify this to fit your business requirements.
7.4 Application Review Procedure Recommended Best Practice Augment this section to include your business procedures for TPO review.
8.1 TPO Monitoring Optional Enhancement This includes quality assurance procedures for evaluating TPO performance. Amended as needed for your organization’s wholesale requirements.