Back to School: 10 Ways Fannie Mae’s QC and Underwriting Boot Camps can Help Preserve Your Profits
Fannie Mae is pleased once again in 2017 to provide for the fifth consecutive year the mortgage industry's most comprehensive in-person training on quality control and underwriting best practices.
Our QC and Underwriting Boot Camps bring fresh and expanded content each year while continuing to instruct on the fundamentals of sound underwriting and QC. This year, by popular demand, we've added a project standards track for our lenders who want to increase their depth of knowledge on requirements for condo project reviews.
Attendance has grown so much that our Boot Camps have become the single largest event that Fannie Mae sponsors.
The popularity of this two-day training is due to its solid track record of giving participants real, ready-to-use underwriting and QC knowledge. They walk away with stronger skills, prepared to implement or build on the processes and controls that contribute right to their businesses' bottom lines.
Good loan quality is a profit-preservation tool – quality pays for itself. Here is a top ten list, compiled from participant feedback, of the benefits of attending our Boot Camps:
- Provided a framework for ensuring senior management's commitment to loan quality
- At least one repurchase was prevented
- At least one process control was added or eliminated
- At least one more loan was appropriately prevented from closing
- Leveraged tips on building efficient samples to use human and vendor resources more efficiently
- Learned how calibration with vendors and Fannie Mae can increase certainty in originations and in the overall QC process
- Learned to measure success against a QC defect rate target and model the dollar amount of repurchase risk
- Became better equipped to prevent fraud and misrepresentation
- Became more proficient in Collateral Underwriter®
- Built a stronger network of industry risk professionals
For mortgage lenders that value operating efficiency and cost control, sending staff to QC and Underwriting Boot Camp 2017 is a can't-miss proposition. Participation is exclusive to Fannie Mae sellers.
Even if you're not a Fannie Mae seller or can't make it to Boot Camp, check out the many resources we offer on our Loan Quality web page.
Vice President – Loan Quality
May 2, 2017