The Internal Audit Insight

Discover the power of strategic oversight with our Internal Audit Insight video series! Tune in each month for a new video exploring the essential role internal audits play in safeguarding your mortgage lending company. From risk assessment to control identification and testing, each episode explores how internal audits can fortify your operations, enhance compliance, and streamline processes. Discover actionable insights to mitigate risks, strengthen controls, and drive sustainable growth. 

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Internal Audit Insight

Ep 1

Mortgage Lending’s Three Lines of Defense

In the mortgage industry, ensuring proactive risk management and steadfast compliance is essential to your business’s foundation. In this video Mignonne Davis and Cassidy Timm discuss three lines of defense with this goal in mind. The framework comprises the Mortgage Lending Business Unit, responsible for proactive risk management, Quality Control and Compliance Departments providing oversight, and the cornerstone of assurance, Internal Audit.

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Ep 2

Fannie Mae MORA & Approval Process Requirements

Fannie Mae approved lenders and applicants are required to demonstrate their commitment to managing risk effectively. To ensure lenders are meeting these requirements, Fannie Mae performs Mortgage Origination Risk Assessments (MORA). Dive into the details of what Fannie Mae looks for during their approval process and when performing a MORA, and common findings. 

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Ep 3

Tools for Sellers and Servicers

Fannie Mae provides many resources to approved sellers and servicers to assist them in meeting their requirements. Tools include self-assessment checklists, such as those for third-party originations, quality control, and business continuity. Watch the full video to discover more resources and learn how they can help streamline your processes and enhance your compliance efforts.

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Ep 4

Quality Control

Explore quality control (QC) requirements for HUD, Fannie Mae, and Freddie Mac. Gain insights into Fannie Mae's extensive requirements for quality control, including both pre-funding and post-closing processes. Dive into HUD's requirements for sampling methodologies and monthly discretionary testing. Learn about the mandatory annual checks against the exclusionary list required by HUD, Fannie Mae, and Freddie Mac.

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Ep 5

Vendor Management

Learn everything you need to know for successful vendor management—from onboarding new vendors to implementing effective exit strategies. Discover the processes you need to streamline and enhance your vendor relationships, including evaluating risk ratings, ensuring SLA compliance, and planning to remove vendor access to internal systems. Remember, utilizing vendors means sharing risk rather than transferring it.

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Ep 6

TRID Tolerance Requirements

TRID compliance is essential for avoiding costly fines and ensuring smooth operations, but its complexities can be daunting. Gain a clear understanding of the different tolerance buckets, learn about common pitfalls such as fee misstatements and invalid changes of circumstance, and discover how the right tools can streamline your processes to keep you compliant. Don’t let minor oversights turn into major penalties.

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Ensure your company has effective risk management, stays compliant and maintains strong internal controls. Let us know you'd like to hear from us and we'll be in touch!