MetaSource Mortgage Blog

The New Universal Residential Mortgage Application

Monday, August 07, 2017

Are You Ready for the New URLA?

New Universal Residential Mortgage Application

Starting January 2018, the newly redesigned uniform residential loan application (URLA) – also known as Fannie Mae Form 1003 – will have a cleaner look with more white space and a defined separation of borrower and lender information. It has also been updated so that it is compliant with the new Home Mortgage Disclosure Act (HMDA). However, the new Form 1003 has been specifically designed for electronic forms.

This is great if you've already switched over, but it can also cause information capture headaches for mortgage originators. That's where we come in.

Making the Transition Easy

MetaSource Mortgage can ease the information capture pain in two ways:

  1. We'll convert all your paper mortgage applications into electronic form
  2. We'll use document scanning and capture technology to automatically extract the vital information

This will not only make data capture quicker, but it will also assure more accuracy than manual data entry.

Flagging Deficiencies

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TRID Rule Triggered Most 2016 Mortgage QC Headaches

Tuesday, March 07, 2017

MetaSource Study Finds 12 of Top 15 QC Issues Were TRID-Related

TRID Rule Triggered Most 2016 Mortgage QC Headaches

Salt Lake City—Mortgage lenders found the federal "Know Before You Owe" mortgage disclosure rule—formally known as TRID—to be the source of most of their quality control (QC) headaches in 2016, the first full year of the rule's implementation.

TRID accounted for 12 of the top 15 findings of quality control (QC) issues in 2016, according to a review by MetaSource of thousands of post-close QC audits conducted by the Utah-based third party mortgage compliance service provider.

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CFPB: 9 New Rules for Mortgage Servicers

Friday, December 02, 2016

CFPB: 5 New Rules for Mortgage Servicers

The Consumer Financial Protection Bureau (CFPB) recently issued a final rule for mortgage servicers. The intention is to protect struggling borrowers, surviving family members and borrowers in bankruptcy from the threat of a swift foreclosure. The new rule also protects homeowners when their mortgage is transferred to another servicer.

The following is an overview of the 9 new CFPB servicer requirements.

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Important TRID Update: Rules Revisit Coming

Sunday, May 01, 2016

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On Thursday, April 28, the Consumer Financial Protection Bureau (CFPB) issued a letter to mortgage industry trade groups regarding TRID compliance and the "Know Before You Owe" rule as a result of feedback received before and during the recent 2016 Mortgage Bankers Association (MBA) conference.

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Mortgage Servicers: Are You Ready for TRID?

Tuesday, December 01, 2015

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Now that Thanksgiving is over, few things strike fear into the hearts of the mortgage industry more than the Consumer Financial Protection Bureau (CFPB) and the new TILA-RESPA Integrated Disclosure (TRID) rules that went into effect on October 3, 2015.

While the grace period for enforcement may extend into the new year—many expect March 2016, which is six months following the October 2015 deadline—mortgage servicers have been trying to address TRID since it was first announced a year ago.

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What You Need to Know about TILA-RESPA Integrated Disclosure (TRID) Rules

Monday, May 11, 2015

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New TILA-RESPA integrated disclosure rules (TRID) are tricky to condense because the rule runs almost 2,000 pages. However, that is why you turn to MCA. In this blog post, we will explain what TRID replaces in a loan file and what you should do about it.

Loan Types Affected

TRID is pursuant to the Dodd–Frank Wall Street Reform and Consumer Protection Act passed in 2010, which is now administered by the Consumer Financial Protection Bureau (CFPB). TRID applies to most "closed-end" loans made on or after August 1, 2015 that are secured by real property. These are loan types that are exempt from TRID:

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CFPB Fines: 2015

Wednesday, May 06, 2015

CFPB Fines

While the Consumer Finance Protection Bureau (CFPB) has grabbed headlines with huge fines levied against GE Capital ($225 million), JP Morgan Chase ($36 million) and Wells Fargo ($26 million), the following are actions taken and large fines levied by the CFPB on smaller mortgage lenders and servicers in 2015 alone:

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CFPB fines lender $730k for violating LO Compensation Rule

Tuesday, November 18, 2014

Franklin Loan Corp, a southern California lender, was fined $730,000 by the CFPB for violating the LO Compensation Rule. Click here to read the full article.

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What You Need to Know: Loan Originator Compensation

Tuesday, November 18, 2014

The CFPB's latest version of Loan Originator Compensation rule took effect on January 1, 2014 and although the rule seemed fairly straightforward—citing "no compensation based on loan terms," lenders are still facing a dilemma today on how they can and cannot appropriately pay their loan officers or brokers on mortgage loan transactions. This article tries to shed some light on the subject.

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CFPB Finalizes Minor Changes to Mortgage Rules to Ensure Access to Credit

Wednesday, October 22, 2014

CFPB Finalizes Minor Changes to Mortgage Rules to Ensure Access to Credit. For more information click here.

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