Are you gearing up for a Fannie Mae Seller-Servicer MORA review? If so, you’re not alone! A MORA review can be daunting, but with the right preparation, you can ace it with flying colors. Here are our top tips for mortgage bankers preparing for a Fannie Mae MORA review:
Know the Guidelines – The Fannie Mae Selling Guide is your bible when it comes to MORA reviews. Make sure you know it inside out, and stay up to date with any changes or updates. It’s important to stay current with any new or revised requirements to ensure compliance.
Review Your Internal Controls – Internal controls play a critical role in ensuring compliance with Fannie Mae requirements. Review your policies and procedures to make sure they are up to date, effective, and followed consistently. A robust internal control environment is essential to mitigate risks and reduce errors.
Conduct a Mock Audit – A mock audit can help you identify gaps in your compliance and internal control environment. Use a qualified third party, like C. Watts Mortgage Consulting Services, to conduct a comprehensive mock audit to identify areas that need improvement.
Build Strong Relationships with Your Vendors – Vendors play a critical role in the mortgage banking process, and Fannie Mae requires mortgage bankers to have strong vendor management policies in place. Build strong relationships with your vendors to ensure they are meeting your requirements and are in compliance with Fannie Mae guidelines.
Need a little more help? Get in touch and we would be glad to discuss your needs. We provide comprehensive risk management services that focus on identifying, assessing, and mitigating risks commonly uncovered during MORA reviews.