Creating Audit Checklists

AuditChecklist1As a vendor of risk management tools for loan quality and compliance, Cogent’s focus is on developing effective software solutions that accommodate the needs of different types of lenders.  Our software automates and optimizes business processes, while our clients, together with their legal and compliance departments, decide what kinds of audits they need to perform based on their business lines.

However, Cogent is occasionally asked for references to useful information in creating audit checklists.  The Tools & Resources section of our website provides this sort of information, including links to FNMA, FHLMC and HUD quality control guidelines.  In this post, we briefly mention two new sources of information:

FNMA Loan Defect Categories

This list shows the loan defects, by categories, identified by Fannie Mae in post–purchase review of their acquisitions. These defects (which may be eligibility violations [i.e. subject to repurchase]) are referenced in reporting to lenders on the quality of their deliveries.  These defect categories can become the basis of a lender’s audit checklist structure. A link to this loan defect category document is included among other useful links on FNMA’s Loan Quality web page, which we recommend bookmarking.

Mortgage Compliance magazine

This relatively new publication offers substantive and in-depth coverage of issues for “legal, regulatory compliance, risk management and quality assurance professionals.”  In addition to monthly issues, the publication also publishes weekly ‘newslines’, one of which recently offered a high-level approach to determining what CFPB rules and regulations apply to your organization.  Cogent will shortly be a contributor to this publication.

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