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New Terms to Know

Loan Quality Connect introduces several new terms that you need to understand in order to effectively use the system. This job aid explains these terms and includes a general glossary of terms to provide a comprehensive reference for terminology.

Loan Quality Connect Terminology

New Term	Definition
Business Intelligence (BI) Card	These are found on the top of most home screens and provide a visual representation of different work tasks sorted by corresponding due date segmentation (SLAs).
Remediation Process	The task associated with resolving a Significant Defect on a loan.
Notice of Potential Defect (NOPD)	This is a notification that will alert the lender if Significant Defect(s) are identified during a file review. The lender will have a 30-day window to correct the Significant Defect(s) and Findings. If all Significant Defect(s) are corrected, the need to issue a Resolution Request is eliminated. If at the end of the 30 days All of the Significant Defects are not resolved, the NOPD will convert to an Initial Resolution Request for the lender to follow the standard timelines to appeal the remaining Significant (Defect(s), repurchase or accept the repurchase alternative (if Available). According to the Remedies Framework timelines in Section (A2-3.2.2-03) of the Selling Guide.
Resolution Request	Resolution Request is a term that represents Fannie Mae’s request for the lender to resolve a loan with a Significant Defect. The Resolution Request might be one of multitude items including a repurchase, repurchase alternative or other remedy.
Service Level Agreement (SLA)	An SLA is the total number of days you have in Loan Quality Connect to respond to - or complete - the request you receive from Fannie Mae. Loan Quality Connect consists of a series of activities for the Seller or Responsible Party to complete. Each of these tasks has a defined timeline associated with it. These timelines are translated into SLAs in the system. If a loan moves to the Resolution space, both Fannie Mae and the Seller or Responsible Party are bound by timelines for each task. Loan Quality Connect displays these timelines for both parties in the system.