We want to thank everyone who attended our webinar “Understanding How the LQI Affects You.” As promised, below you will find answers to the questions asked during the webinar. You can also download the slides from the webinar.
Question 1 - Is it the TPO that runs the LDP for all parties at the origination level?
- Answer – This would be a decision your investor would make. However, we recommend you run these checks prior to underwriting to ensure there are no problems prior to underwriting. These are also free to run, so cost should not be an issue.
Question 2 – Are company names required to be checked against the LDP/GSA lists? This information indicates “individuals” only.
- Answer – Fannie Mae states all “parties to a mortgage transaction include companies or individuals that are involved in the origination, underwriting, or servicing of a mortgage.”
Question 3 – Are underwriters to be listed on the GSA/LDP lists?
- Answer – Yes. See answer above.
Question 4 – Do we have to check the exclusionary lists post-close QC or is prior to close enough?
- Answer – You will only need to check the exclusionary list prior to closing. A review during post closing is not required.
Question 5 – Is the Prefunding QC required for lenders who do not service loans?
- Answer – Yes. Prefunding QC is now required for all Fannie Mae approved lenders.
Mortgage Compliance Advisors offers a free webinar every month. Visit www.MortgageComplianceAdvisors.com to register for next month’s webinar or to learn more about how MCA can serve all your compliance needs.
(Mortgage Compliance Advisors, LLC (MCA) makes reasonable efforts to ensure the accuracy of the answers. MCA makes no express or implied warranty of any kind respecting the information presented and assumes no responsibility for errors or omissions. This online chat is not legal advice and should not be used as a substitute for proper professional or legal advice.)