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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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. 
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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 Compliance Advisors Announces the Incorporation of Fannie Mae Loan Defect Categories

Tuesday, February 03, 2015

Mortgage Compliance Advisors (MCA) announced today that it has incorporated the Fannie Mae Loan Defect Categories into their mortgage quality control audits. To see the full article, click here.

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MCA Monthly Compliance Update July 2014

Friday, July 25, 2014

Welcome to the MetaSource Mortgage Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.

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MCA Monthly Compliance Update June 2014

Thursday, July 17, 2014

Welcome to the MetaSource Mortgage Compliance Advisor monthly compliance update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.  text


MCA Monthly Compliance Update May 2014

Tuesday, May 13, 2014

Welcome to the MetaSource Mortgage Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.

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MCA Monthly Compliance Update – April 2014

Friday, April 18, 2014

Welcome to the MetaSource Mortgage Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.  text


Mortgage Compliance QC Update: January 2014

Monday, January 20, 2014

Welcome to our monthly mortgage compliance quality control update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.  text


Mortgage Compliance QC Update: November 2013

Wednesday, November 13, 2013

Welcome to the our monthly mortgage compliance QC update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.  text


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