New Whole Loan Purchase Review Service to Reduce Risk for Mortgage Bankers and Investors
MetaSource Mortgage (formerly Titan Lenders Corporation) now offers its Whole Loan Purchase (WLPR) service to institutional and correspondent investors. MetaSource Mortgage is leveraging its extensive experience in whole loan delivery on behalf of correspondent lenders to complete an organic expansion of its service offering.
MetaSource Mortgage WLPR was developed in the current compliance-centric mortgage lending environment to provide the investor with technology and expertise to vet the quality of the loan prior to purchase. MetaSource Mortgage focuses on giving the investor clarity on risk exposure and minimizing potential repurchase demand due to poor execution of loan production in closing and post-closing. MetaSource Mortgage executes investor defined purchase review auditing that delivers confidence marketing quality loans for optimum pricing and ratings.
"MetaSource Mortgage is a vocal advocate of best practice risk mitigation in the form of a detailed review of mortgage loans "pre-closing" to protect the lender and "pre-purchase" to protect the investor," said Mary Kladde, Titan Lenders Corp. founder and senior VP of MetaSource Mortgage. "Now, we are formally marketing a service that some of our clients have been using for more than a year," she added.
MetaSource Mortgage's WLPR empowers investors to vet standard and negotiated contract terms and variances per investor – per product – per loan, providing full visibility to loan quality, pricing, and suitability with scoring of loan pipelines. The service facilitates investors' "hands on" management of compliance, fraud risk, data integrity, income and valuation, servicing data and potential integration with secondary markets and/or rating agencies.
Delivered via its patented Cerberyx platform, MetaSource Mortgage's WLPR enables a democratization of technological resources that allows all participants to share in its standardization, full imaging/archiving of loans, secure data transfer of loan data or documentation, management of MERS registration and transfers. MetaSource Mortgage WLPR scrutinizes often-overlooked areas of risk such as escrow account analysis prior to servicing setup and boarding.
Its real time and on-demand tracking and reporting give lenders the information needed to enforce best practices and quality assurance.
For investors, MetaSource Mortgage's standard purchase review audit includes complete document review, checking for availability, completion, and accuracy of executed documents, to include undersigning or notary endorsement issues. Additionally, it conducts data review and comparison with the source documentation or system of record verifying investor-identified fields. In the dynamic Cerberyx environment, MetaSource Mortgage's investor audit includes the review of issues identified to affect salability or loan performance either as encountered or by adding them to business rules. MetaSource Mortgage compliance testing, using the Final HUD-1, includes TILA, HOEPA, HPML, MDIA, ROR, FNMA/FHLMC points and fees and state consumer credit. MetaSource Mortgage's investor audit services can be integrated with a fraud engine, like Interthinx, and include escrow account analysis.