Quality control software firm ACES Quality Management announced the enhancement of its reporting library within its flagship audit platform ACES Quality Management & Control® Software to help align with recent mortgage quality control (QC) reporting recommendations issued by Fannie Mae.
“ACES has utilized Fannie Mae’s loan defect taxonomy for years to help lenders better understand the quality of their production,” said ACES CEO Trevor Gauthier. ”With the addition of these new reports, our clients can now align both their defect categorization and defect reporting with Fannie Mae’s expectations, demonstrating an additional commitment to meeting Fannie Mae’s QC directives.”
The recommendations, outlined in November 2021, advised lenders to utilize senior management, middle management, and front-line staff reporting to ensure the effective management of their QC programs. Fannie Mae also recommended that lenders tailor these reports to reflect summarized and trending results, compliance- versus credit-related defects, and action plan reporting.
In addition to adding these reporting capabilities to the ACES platform, the ACES reporting team is working on additional reporting functionality to support the Fannie Mae QC Calibrations, the company said.