What % of FNMA loans are audited? - Posted by Jack

Posted by StayingAnon on October 30, 2003 at 20:05:49:

Sorry, I can’t answer that accurately.

If I was to guess, I’d say random means random from a quality control perspective. Loans that do not fit guidelines are supposed to be caught in underwriting.

What % of FNMA loans are audited? - Posted by Jack

Posted by Jack on October 29, 2003 at 22:16:10:

I signed off on a stack of loan docs today. As anyone that has ever gotten a ‘conventional’ (fannie mae, freddie mac, fha) loan knows, you have to sign a document that allows the mortgage company to get a copy of your tax return from the IRS in the event of an ‘audit’. I was wondering if loans are actually audited at random (if so what %) or if they are only audited in the event of a default.

Re: What % of FNMA loans are audited? - Posted by StayingAnon

Posted by StayingAnon on October 30, 2003 at 01:26:06:

One out of fifteen used to be the random audit number before loan packages were sold on the secondary market, it might have changed over the past few years.
Don’t ask how I know. :slight_smile:

Re: What % of FNMA loans are audited? - Posted by Hank FL

Posted by Hank FL on October 30, 2003 at 24:53:07:

You’re in the clear, they only audit those guys that put up those sleazy, dirtbaggish bandit signs.

Sorry, I couldn’t resist.

Re: What % of FNMA loans are audited? - Posted by Jack

Posted by Jack on October 30, 2003 at 09:29:15:

thanks for the feedback. That is higher than I would have thought. Is it truely random, or are certain loan characteristics (high LTV, cash out, self employeed, marginal credit) more likely to be audited.