MetaSource Mortgage Blog

MetaSource at the Regional Conference of Mortgage Bankers Association

Tuesday, March 08, 2016

The 33rd Annual Regional Conference of MBA

MetaSource will once again be at the Annual Regional Conference of Mortgage Bankers Association at Harrah's Waterfront Conference Center in Atlantic City, NJ from March 13-17. Stop by booth #704 to see how MetaSource can ensure the accuracy, completeness and compliance of loans, so you can concentrate on the core of your business.

  • Quicker Boarding and Loan Transfers with immediate document deficiency identification and reporting 
  • More Accurate Doc Typing, Indexing and Data Extraction using a combination of technology, process and people 
  • Enterprise Content Management software and workflow solutions for mortgage with LoanStor, powered by EMC and with 3,000 installations, both premise and cloud based 
  • Reduced Manual Tasks through integration with leading mortgage servicing platform 
  • Increased Compliance through our Mortgage Compliance Advisors solutions, which provides servicing, post-close, pre-fund audits and more

Can't Make the Show?

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New Whitepaper: Pre-Fund Mortgage QC Best Practices

Monday, March 07, 2016

New Whitepaper: Post-Close Mortgage QC Best Practices

By now, everyone in the mortgage industry knows about the 10% random, post-close quality control (QC) audit requirements of Fannie Mae, Freddie Mac and the FHA/HUD. See our whitepaper here to learn about post-close audit QC best practices.

However, many mortgage lenders are not familiar with pre-funding QC, which increases the chances of non-compliance penalties being levied upon your organization.

This whitepaper answers the following questions:

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Mortgage Audit Top 20 Defects and Findings in 2015

Wednesday, March 02, 2016

Mortagage Audit Top 20 Defects and Findings in 2015

Having performed tens of thousands of mortgage compliance audits through the years, we get asked about the most common problems in the pre-fund, post-close, servicing, and MERS audits we perform.

With 2015 firmly in the books, the jury is in: here are the Top 20 defects for moderate and significant findings that we identified as part of the tens of thousands of mortgage compliance audits we performed last year.

Drum roll, please...

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Mortgage QC Case Study: Academy Mortgage

Wednesday, March 02, 2016

MetaSource has served Academy Mortgage Corp. with mortgage file quality control (QC) and audit services for the past four years. In addition to helping Academy is in compliance with mortgage QC regulations from Fannie Mae, Freddie Mac and FHA, MetaSource does it all for half of what it would take Academy to do it in-house.

Background

Founded in 1988, Academy Mortgage is one of the nation's largest and most respected independent mortgage lenders. Unlike banks and mortgage lenders that consolidate operations and service offsite, Academy has the distinct advantage of being a direct lender. This means that Academy Mortgage performs all loan processing, underwriting, closings, and funding at 200 local branch offices located all over the country.

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New Whitepaper: Post-Close Mortgage QC Best Practices

Tuesday, February 16, 2016

New Whitepaper: Post-Close Mortgage QC Best Practices

Randomly auditing 10% of your mortgages on a post-close basis is required by Fannie Mae, Freddie Mac and the FHA/HUD. If this is news to you, you need to contact us immediately...

What is news to many lenders is how implementing document-related best practices reduce post-close quality control (QC) findings, minimize non-compliance fines, slash operating costs, and can even lead to a competitive advantage in mortgage origination.

This whitepaper answers the following questions:

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Mortgage QC & The National Mortgage Servicing Conference

Thursday, February 04, 2016

Attention Mortgage Servicers: visit us at the National Mortgage Servicing Conference & Expo 2016 in booth #315

Mortgage QC & The National Mortgage Servicing Conference

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Mortgage QC Timing Update

Monday, February 01, 2016

Mortgage QC Timing Update

There has recently been some ambiguity regarding the timing of mortgage quality control (QC) that needs to be part of any mortgage originator's mortgage QC plan with FHA and Fannie Mae.

FHA QC Timing Response

Previous to the implementation of the new FHA 4000.1 Handbook, FHA's QC timing requirement was to have your initial audit completed in 90 days from the end of the month in which the loan was closed. With the new 4000.1 Handbook, FHA has shortened that time frame to 60 days. Many people do not realize this change has occurred. This new FHA rule is 30 days sooner than what Fannie Mae and Freddie Mac currently require. Many lenders are still following the Fannie timelines, which would make their QC out of compliance with FHA's new timing rules.

We reached out to FHA directly for comment and confirmation and we received a written response. FHA stated that all lenders approved by FHA need to have their QC audits files selected, audit completed and rebuttals completed within 60 days from the end of the month in which the loan was originated.

We have also heard several rumors that Fannie Mae may be changing to this timing next year as well.

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Mortgage QC Case Study: First Colony Mortgage

Tuesday, January 05, 2016

Mortgage QC Case Study: First Colony Mortgage

For the past seven years, MetaSource has provided First Colony Mortgage with mortgage file quality control (QC) and audit services.

First Colony Mortgage is a full service mortgage company founded in 1984 by John Aldrich and Scott Shelley. Most mortgages are processed, underwritten and closed in house. Since inception, First Colony Mortgage has funded over 25,000 loans and over $3.5 Billion in dollar volume. First Colony Mortgage provides fast, efficient service and is ready to help you get started on the home buying process.

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4 Essentials of a Compliant Mortgage QC Plan

Monday, December 21, 2015

4 Essentials of a Compliant Mortgage QC Plan

Ensuring the mortgages you originate and/or service are in compliance with myriad requirements is critical for both operating efficiently and profitably, as well as avoiding major fines from the CFPB. Below are four essentials of creating and ensuring that your mortgage quality control (QC) plan is compliant and effective.

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The Business Case for Outsourcing Mortgage QC Audits

Monday, December 14, 2015

If you perform mortgage file quality control (QC) in-house, we have two questions for you:

In-House vs. Mortgage QC Outsourcing Cost Comparison

Based on our experience, one extensively trained auditor with underwriting experience can audit 4 loans a day. If you fund 4,000 mortgages per month and audit just 10% on a post-close basis, you will need 4 auditors plus two support staff to track down trailing documents and perform verifications, one mortgage QC manager, and someone to audit the auditors.

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