Guest Blog: Brady Meadows
MetaSource Mortgage Blog
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
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
We are proud to announce the launch of the new MetaSource Mortgage website.text
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
In a recent National Mortgage News survey, the three pain points most often identified by servicing executives as highly challenging include the following:
- Moving mortgage data from loan origination to servicing systems (21%)
- Archiving and auditing for compliance and customer contact (20%)
- On-boarding new loans or acquired portfolios (17%)
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
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.
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
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
Thanks to Quicken Loan's relentless advertising, including a Super Bowl ad, everyone seems to have heard of the "emortgage" and demand is rising as a result.
Ironically, the emortgage has been around for 15 years but has been slow to be adopted in this paper-intensive industry. However, just as how Microsoft's promotion of "The Cloud" in TV ads dramatically increased usage of the term and demand for this type of software, after many years of being referred to as software as a service (SaaS), the repeated promotion of the emortgage appears to have increased demand.
Is your organization ready to offer emortgages as well as to handle both pre-fund and post-close quality control (QC) requirements?text