MetaSource Mortgage Blog

Join MetaSource at the MBA Risk Management Forum 2017

Wednesday, August 23, 2017

Join MetaSource at the MBA Risk Management Forum 2017 

MetaSource will once again exhibit at the Risk Management, QA & Fraud Prevention Forum 2017, which is hosted by the Mortgage Bankers Association (MBA) from September 24-26 in Miami.

Stop by booth #7 to see how we eliminate a wide variety of quality control headaches for mortgage lenders and servicers, so that you can concentrate on your core business.

Make sure you join us for the MetaSource Networking Reception at 6:30pm on Monday, 9/25, at InterContinental Miami's Blue Water Cafe. RVSP HERE TODAY!

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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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What If Your Mortgage QC Turn Time Was 35 Days?

Tuesday, July 25, 2017

What If Your Mortgage QC Turn Time Was 35 Days?

"Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you." – Carl Sandburg

We hear about mortgage file quality control (QC) turn times of 60-90 days from other QC outsourcing providers. Why does it take so long? It's usually because they're having trouble keeping up with volume, but it could be any number of reasons.

Long turn times put you in an uncomfortable position of being out of compliance with the agencies. If your vendor post closed review is at 60+ days, you have ZERO flexibility in any internal process and procedures. We've even seen many lenders recently receiving added scrutiny from HUD, as well as investors, due to unacceptable vendor time frames. 

What if your mortgage QC turn time was 35 days? What would you do with the extra time and lack of stress?

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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 to Exhibit at the MBA Independent Bankers Conference 2017

Thursday, January 05, 2017

MetaSource to Exhibit at the MBA Independent Bankers Conference 2017

MetaSource Mortgage exhibit at MBA's Independent Mortgage Bankers Conference & Expo 2017.

Mortgage QC, MERS & Workflow Automation

Join us in booth #24 to learn about our mortgage loan quality, MERS quality assurance and workflow automation solutions that streamline and ensure quality control in step with the mortgage origination process as well as servicing these loans over their life.

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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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HousingWire Names MetaSource to the Tech100

Thursday, March 31, 2016

HousingWire Names MetaSource to the Tech100

The 2016 Tech100 Recognizes MetaSource's QLink Software

Housingwire Magazine covers issues in mortgage finance and real estate, including the technology critical for companies in the housing economy. For the third year in a row, Housingwire has recognized the most innovative technology companies in the industry as part of the HW Tech100.

MetaSource has made the Tech100 for 2016 in recognition of our QLink mortgage QC software in the "Lending, Servicing" category.

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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: 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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