Internal Audit Insight: Key Highlights and Takeaways

As we wrap up 2024, we bring you the highlights and key takeaways from this year’s Internal Audit Insight series. From regulatory updates to best practices, our latest episode recaps the topics that have been top of mind for our clients this year, and why they matter to your business. Key takeaways include:

• The Three Lines of Defense: Build an effective risk management system between the Mortgage Lending Business Unit, Quality Control Team and Compliance Department.
• Fannie Mae Requirements: Demonstrate your commitment to managing risk effectively and prepare for a Mortgage Origination Risk Assessment (MORA). Utilize resources available from Fannie Mae including the Selling and Servicing Guide.
• Servicing QC: Ensure proper oversight of in-house or subservicer operations. Stay up to date on reverification documentation and the implementation of the Collateral Risk Assessment (Form 1033) into post-closing QC.
• Vendor Management: Establish processes for approving, onboarding, monitoring, and terminating vendors.
• TRID Challenges: Address third-party fee discrepancies and the misclassification of fees paid inside vs. outside closing.
• Reconsiderations of Value: Comply with disclosure requirements for Fannie, Freddie, and HUD loans.

Whether you’re looking to strengthen internal controls, refine QC processes, or stay ahead of regulatory changes, there is an Internal Audit Insight episode packed with actionable insights to help you close out the year strong.