CORE Review: Doing Better Business Together
A Consultative Review to Evaluate a Counterparty's Mortgage Operations
Freddie Mac's Counterparty Operational Risk Evaluation (CORE) team conducts reviews of pre-selected counterparties to ensure that specific controls and processes are in place. The CORE review is just one component of Freddie Mac’s overall risk framework that ensures that your controls and processes align with our overall risk and control framework as outlined in the Single-Family Seller/Servicer Guide (Guide).
What is a CORE Review?
A CORE review is not an audit, but an informal, consultative assessment to ensure specific processes are effective and compliant with the requirements of the Single-Family Seller/Servicer Guide (Guide).
The review consists of three phases: Pre-Review, On-site Review and Post-Review. The on-site review can last 3 to 5 days. At the end of each review day, we'll share our observations, review our progress and discuss the status of any outstanding items.
Your CORE Liaison
Your CORE liaison will identify certain areas to include in the scope of the review and work with you to review processes and controls you have in place. Think of your liaison as your partner in the review process. Your liaison will work with you every step of the way to manage review logistics and answer your questions.
Benefits of a CORE Review
Through the collaborative nature of the CORE review process, you'll obtain an independent review of your level of compliance with specific Freddie Mac guidelines. Your CORE review:
- Identifies and reduces risk.
- Provides valuable insight into particular areas within your mortgage operations relative to Freddie Mac requirements.
- Shares best practices to address identified weaknesses.
- Helps strengthen specific controls and processes.
- Provides opportunities to share your feedback with us.
Throughout the review, we make the process as smooth and seamless as possible, with little disruption to your daily business operations.
When the review is complete, you'll receive a report of the findings we've identified, which will help you enhance and strengthen your controls and processes.