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Service Level Agreements (SLAs)
Loan Quality Connect is a task-based system and each task has a time frame associated with it. These time frames ensure that post purchase file review processes help manage loan quality by providing timely, efficient, and actionable results.
The time intervals associated with tasks are known as service level agreements (SLAs) and vary for different types of requests. In other words, 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. Both the lender and Fannie Mae are subject to task SLAs within the system.
SLAs that apply in Loan Quality Connect are shown in the following table.
|
Name of Action |
SLA (Days) |
In SLA (Days) |
Near SLA (Days) |
Outside SLA (Days) |
| Initial Loan File Request | 30 or fewer | 0 – 14 | 15 – 30 | 31 or more |
| Missing Document Request | 10 or fewer | 0 – 4 | 5 – 10 | 11 or more |
| Notice of Potential Defect | 30 | 0 – 14 | 15 – 30 | 31 |
| Initial Resolution Request | 60 or fewer | 0 – 30 | 31 – 60 | 61 or more |
| Reaffirm | 15 or fewer | 0 – 7 | 8 – 15 | 16 or more |
| Second Reaffirm (if applicable) | 15 or fewer | 0 – 7 | 8 – 15 | 16 or more |
| Impasse Response | 15 or fewer | 0 – 7 | 8 – 15 | 16 or more |
| Management Escalation Response | 15 or fewer | 0 – 7 | 8 – 15 | 16 or more |
| Independent Dispute Resolution (IDR) Response | 30 or fewer | 0 – 14 | 15 – 30 | 31 or more |
| Self Report/Voluntary Repurchase Request Additional Information Request | 10 or fewer | 0 – 4 | 5 – 10 | 11 or more |
| DVC Initial Lender Action Required | 30 or fewer | 0 – 14 | 15 – 30 | 31 or more |
| DVC Secondary Lender Action Required | 30 or fewer | 0 – 14 | 15 – 30 | 31 or more |
Loan Quality Connect also lets you know how much time you have left to comply with the SLA for a specific request using the definitions below:
- In SLA: all loans where the number of days left to complete the request is greater than half (50%) of the SLA time frame.
- Example SLA is 30 days: loans In SLA have 16 or more days left to complete the request.
- Near SLA: all loans where the number of days left to complete the request is 50% or less of the SLA time frame.
- Example SLA is 30 days: loans Near SLA have 15 or fewer days left to complete the request.
- Outside SLA: includes all loans where the original due date has passed and the SLA for that request has been exceeded.
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- Example SLA is 30 days: loans Outside SLA have reached 31 or more days from the date of the request.
The In-, Near-, or Outside SLA statuses are displayed at the top of most pages in Loan Quality Connect within circles known as business intelligence (BI) cards. See Business Intelligence (BI) Cards for more information on using BI cards to streamline your workflow.