MetaSource Mortgage Blog

It's MERS Audit Season: Are You Ready?

Monday, November 07, 2016

Mortgage Electronic Registration System (MERS) Logo

It's that time of year again: time to complete your annual MERS audit, which has to be complete by December 31.

We know that its a low priority for loan servicers throughout the year but, if you want to avoid completing your MERS audit over the holidays, we recommend that you get started now.

And if you have less than 1,000 MINs and don't want to do it yourself, consider our MERS third-party review service.

  text

Fannie Mae announces Day 1 Certainty Program

Wednesday, November 02, 2016

Guest Blog: Brady Meadows

On October 24th Fannie Mae announced their Day 1 Certainty program. Fannie Mae has integrated DU Validation into their DU system with vendors to validate income, employment, and assets.  Lenders who chose to use the DU Validation service will get day one rep and warrant relief when it comes these validations. 
  text

MetaSource Partners with ComplianceEase to Provide Automated Compliance Testing

Tuesday, October 18, 2016

MetaSource Partners with ComplianceEase to Provide Automated Compliance Testing

MetaSource, the leading provider of mortgage quality control (QC)compliance advisory and workflow automation solutions, announced it has partnered with ComplianceEase® to provide automated compliance testing for loans submitted to MetaSource for review.

Mortgage Risk Mitigation

MetaSource provides lenders with independent third-party compliance reviews of their loan pipeline to provide feedback on potential issues that may cause issues related to salability in post-closing or be uncovered during a regulatory audit. In particular, when conducting compliance checks during the pre-funding QC process, this review offers lenders significant risk mitigation benefits by addressing loan quality issues prior to funding.

  text

QReview Pre-Fund QC Mortgage Audit Software Now Available

Tuesday, October 04, 2016

QReview Pre-Fund QC Mortgage Audit Software Now Available

If you choose to perform a portion or all of your pre-fund mortgage quality control (QC) audits in house, QReview is a powerful new tool to use for completing them rapidly, especially if you are using spreadsheets or home grown software to track pre-fund data today.

  text

MetaSource Mortgage at the National MBA Conference 2016

Saturday, October 01, 2016

MetaSource Mortgage at the National MBA Conference 2016

MetaSource Mortgage will once again exhibit at the annual Mortgage Bankers Association (MBA) national conference and expo at the Hynes Convention Center from October 23-26.

Stop by to see how MetaSource Mortgage can ensure the accuracy, completeness and compliance of your loans, so that you can concentrate on the core of your business. Specifically, you can learn more about our primary services listed below.

  text

MetaSource Mortgage Website Launch

Friday, September 23, 2016

MetaSource Mortgage Website Launched 

We are proud to announce the launch of the new MetaSource Mortgage website.

  text

MetaSource Mortgage at the MBA's Risk Management, QA & Fraud Prevention Forum

Friday, August 05, 2016

MetaSource Mortgage at the MBA's Risk Management, QA & Fraud Prevention Forum

MetaSource Mortgage will exhibit at the Risk Management, QA & Fraud Prevention Forum 2016 that is hosted by the Mortgage Bankers Association (MBA) from September 28-30 in Los Angeles.

Stop by booth #18 to see how MetaSource Mortgage can ensure the accuracy, completeness and compliance of your loans, so that you can concentrate on the core of your business. Specifically, you can learn more about our primary services listed below.

  text

New Whitepaper: Mortgage Servicing Workflow Best Practices

Friday, July 22, 2016

New Whitepaper: Post-Close Mortgage QC Best Practices

In a recent National Mortgage News survey, the three pain points most often identified by servicing executives as highly challenging include the following:

  1. Moving mortgage data from loan origination to servicing systems (21%)
  2. Archiving and auditing for compliance and customer contact (20%)
  3. On-boarding new loans or acquired portfolios (17%)

Whitepaper Highlights

Our whitepaper, Mortgage Servicing, Boarding, Workflow & Document Management Best Practices, discusses a series of best practices that resolve the three issues above. They include:

  • Mortgage boarding automation, including automated document classification, OCR, the business case for automation, and the processes required
  • Smart mortgage document management, covering instant searchability, workflow automation, automated retention scheduling, auditor self-service, the cloud, and using the system to automation back-office process like AP and HR
  • Mortgage quality control (QC), including pre-purchase reviews and servicing QC audits
  text

Top 10 Mortgage QC TRID Findings for 2016

Tuesday, June 28, 2016

Mortgage Audit Top 20 Defects and Findings in 2015

Now that TRID has been in effect since October 3, 2015 (with the grace period for enforcement having ended in March 2016), we now have over six months of data on findings based on the pre-fund and post-close quality control (QC) audits that we perform.

Overall Findings

Because of the new formatting required by TRID, the industry is having a hard time with capturing and displaying information, such as getting documentation in the file, following up with the title, having the loan origination system (LOS) accurately track dates and timing requirements, making sure information is complete on documents, etc. A lot of our clients don't even know they have problems – they don't review documents because they rely on their LOS and thinking it will catch everything – until they are pointed out by their investors and/or QC vendor after closing. There have also been a lot of hiccups with LOS updates since TRID. LOS vendors are trying to fix things that broke originally and in the process broken new things that previously worked – creating a whole new set of issues for mortgage lenders. Tip: don't rely entirely on your LOS to capture information as it does not automatically result in your being 100% compliant.

  text

New Whitepaper: Mortgage Compliance Education Best Practices

Thursday, June 23, 2016

New Whitepaper: Post-Close Mortgage QC Best Practices

Both the Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corporation (FDIC) require that you train your employees on mortgage compliance issues and that you document this training. This training should cover fraud prevention, fair lending, suspicious activities reports (SARs), anti-money laundering, and more.

Mortgage compliance is more complicated and challenging than ever. In the past, training your licensed and unlicensed employees – and keeping them up to date – has been time consuming and frustrating but it doesn't have to be.

This whitepaper covers a best practice approach for mortgage originators needing to be in full compliance the education and documentation requirements from all federal, state and agency requirements – as easily and cost-effectively as possible. And reading our whitepaper is better than having to read the CFPB's 924-page Supervision and Examination Manual!

  text

Request more information here
Contact Sales (888) 556-0796 or Technical Support (877) 741-6867