New and Improved QAS Functionality

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Wilfred Horton
6 years ago
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New and Improved QAS Functionality Effective December 13, 2014, Fannie Mae implemented updates to the Quality Assurance System (QAS) to enhance system navigation and reporting,

Figure 1: Main Menu The Go drop-down list has been improved to provide quick access to all the hyperlinks displayed on the Main Menu (including the three links under My Settings).

1 New and Improved QAS Functionality Effective December 13, 2014, Fannie Mae implemented updates to the Quality Assurance System (QAS) to enhance system navigation and reporting, as well as improve communication with lenders through new notifications. Figure 1: Main Menu The Go drop-down list has been improved to provide quick access to all the hyperlinks displayed on the Main Menu (including the three links under My Settings). The Main Menu option returns the user to the main page. Only users that have the QAS Admin role will see the commands Manage Acknowledgement Permissions, Manage Notification Contacts and Manage Primary Contacts. Figure 2: Go drop- down list 2014 Fannie Mae. Trademarks of Fannie Mae.

The Quick Search function allows users to retrieve loan details directly by entering any one of the following: Fannie Mae Loan Number Seller Loan Number Servicer Loan Number Clicking the Search

There are new hyperlinks on the Main Menu and on the Go drop-down list: Loan File Requests Past Due Selecting this hyperlink displays the loan file requests that are past their due date and therefore

2 The Quick Search function allows users to retrieve loan details directly by entering any one of the following: Fannie Mae Loan Number Seller Loan Number Servicer Loan Number Clicking the Search button displays the Loan Review Details page for that loan number. There are new hyperlinks on the Main Menu and on the Go drop-down list: Loan File Requests Past Due Selecting this hyperlink displays the loan file requests that are past their due date and therefore considered non-compliant. Bulk Concur Selecting this hyperlink displays a report of all Fannie Mae s repurchase requests based on the selected search criteria. The user can select any number (one, multiple, or all) of repurchase requests in the list by checking the associated box and then clicking Bulk Concur with Fannie Mae s repurchase requests. If a user chooses to include a comment, that comment will be applicable to each selected loan. The bulk concur list of loans can also be exported to an Excel spreadsheet, but only before completion of the Bulk Concur action. Figure 3: Bulk Concur 2014 Fannie Mae. Trademarks of Fannie Mae

3 Navigation Improvements There is a new Back button on each screen in QAS that will navigate the user back to the previous screen. Clicking on the Back button on the Loan Review Details page will take the user back to the search results previously displayed, eliminating the need to re-enter search criteria. There is also a new Clear Search button that will remove previously entered search criteria allowing the user to enter new criteria and execute a new search without leaving the page. Figure 4: Search Criteria - Clear Search and Back buttons Report Enhancements Links to all the new or revised report requests are available on the Main Menu as well as the Go drop-down list. These reports have several features: a. Standard Report Heading All reports contain a standard heading featuring: Name and date of the report A description of the Report Purpose Figure 5: Standard Report Heading b. Sort Order By default, reports display in Fannie Mae Loan Number order. By clicking on any column heading of a report, a user can perform a single sort. Multiple sorts (sort by x and y) can be accomplished by exporting the report to Excel. c. Column Headings Report columns now have only one heading per data column. Figure 6: Report Sort Order and Column Headings 2014 Fannie Mae. Trademarks of Fannie Mae

Once a lender retrieves the statement, the system will not allow another Loss Statement to be retrieved until 30 days after the

4 Report Enhancements (continued) d. REO Status This column has moved to the middle of the report list where appropriate. Figure 7: REO Status From the REO Loan Details page a user can retrieve the Loss Reimbursement Statement. Once a lender retrieves the statement, the system will not allow another Loss Statement to be retrieved until 30 days after the previous statement was pulled. Selecting the Back button will take the user back to the previous page. Figure 8: REO Loan Details 2014 Fannie Mae. Trademarks of Fannie Mae

Loan Review Details Enhancements The Loan Review Details screen has several enhancements Figure 9: Loan Review Information Selection Reason Description.

Voluntary Repurchase Lender Self-Reported QC Issue Note: Voluntary Repurchase and Lender Self-Reported QC Issues are typically brought to Fannie Mae s attention by the lender.

5 Loan Review Details Enhancements The Loan Review Details screen has several enhancements Figure 9: Loan Review Information Selection Reason Description. When Fannie Mae selects a loan for either one of the two selection reasons below, the Selection Reason Description field will be populated with the appropriate description. Voluntary Repurchase Lender Self-Reported QC Issue Note: Voluntary Repurchase and Lender Self-Reported QC Issues are typically brought to Fannie Mae s attention by the lender. They are provided here so that the user is aware that Fannie Mae has selected this loan based on the information provided by the lender. The following fields in the Loan Review Information section show the current status of the loan file and the previous status, plus the date that the status changed. Status Change From Status Change To Status Change Date Figure 10: Loan Review Information Status Change 2014 Fannie Mae. Trademarks of Fannie Mae

A new LRS statement can be pulled once every 30 days. Figure 11: Loan Information REO Information A new column has been added in the Electronic Documents section called Document Type.

6 Loan Review Details Enhancements (continued) The REO Information field displays the current loan file status as a hyperlink. This hyperlink takes the user to the REO Loan Details screen that displays loan summary information and links to supporting documents such as the LRS, BPO, and Appraisal. A new LRS statement can be pulled once every 30 days. Figure 11: Loan Information REO Information A new column has been added in the Electronic Documents section called Document Type. When populated, this field will display the name of the document that has been uploaded for this review. Figure 12: Loan Review Information Electronic Documents The LRS Documents section displays the Loss Reimbursement Statement (LRS) file in PDF format. This section will only display a document when a lender has requested the LRS. This section will display the date and time stamp of the request. The lender cannot request another LRS document for 30 days from that date. Figure 13: Loan Review Information LRS Documents 2014 Fannie Mae. Trademarks of Fannie Mae

7 Loan Review Details Enhancements (continued) The Notifications section retains all notification s (such as file and document requests, repurchase requests, etc.) that were sent for the selected loan. The information is in PDF format with standard information (e.g., Name of the Notification, Subject, To, From, etc.). Figure 14: Loan Review Information Notifications 2014 Fannie Mae. Trademarks of Fannie Mae

How to Manage Repurchase/MakeWhole Requests

How to Manage Repurchase/MakeWhole Requests The Repurchase/MakeWhole section of the Main Menu screen features the following links to preset queries on the different types of repurchase issues: All Repurchase/MakeWhole