Version 2.13 of LoanLogics‘ LoanHD Loan Quality Management now lets lenders create, monitor and report on the results of action plans, as required by Fannie Mae and Freddie Mac.
The new Action Plan Reporting tool enables a lender to create specific action plans based on the frequency and sources of defects, the company says in a release. Defects can then be easily monitored and plans tracked to see the results of corrective actions.
According to Fannie Mae’s seller’s guide, lenders are responsible for creating quality control reports that evaluate and monitor their origination processes and identify issues that need to be addressed to reduce defect rates and improve loan quality.
After identifying these issues, lenders are required to establish an action plan that includes corrective actions and a time frame for implementation. Freddie Mac has similar requirements.