MetaSource Mortgage Blog

Top 15 Mortgage QC Findings for 2016

Thursday, January 12, 2017

Mortgage QC: Top 15 Findings for 2016

With 2016 in the books, here is a look back on the top 15 mortgage quality control issues based on thousands of post-close QC audits that we performed over the past year.

All but three are compliance and TRID related. While we did see a slowdown in TRID findings as the year progressed it does illustrate the impact these regulations have had on the industry.

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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.

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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!

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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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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 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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Who's Auditing Your In-House Mortgage File QC Auditors?

Monday, December 07, 2015

Who's Auditing Your In-House Mortgage File QC Auditors?

Many mortgage originators and servicers conduct their own mortgage file QC audits. Who's auditing these auditors?

With continuously changing post-close, pre-fund, servicing, and MERS changes from Fannie Mae, Freddie Mac, FHA, HUD, and the CFPB, it's increasingly important to ensure your audit team is up to speed on all mortgage QC requirements and self-auditing your mortgage files properly.

Avoiding the Deutsche Bank Scenario

Deutsche Bank and their subsidiary MortgageIT settled federal fraud charges for $202 million as a result of repeated false certifications made to HUD in connection with the residential mortgage origination and sponsorship practices of MortgageIT. At the time of the lawsuit, the FHA had paid insurance claims on more than 3,100 mortgages, totaling $386 million, for mortgages endorsed by MortgageIT.

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Mortgage Servicers: Are You Ready for TRID?

Tuesday, December 01, 2015

CFPB Logo

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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