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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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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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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MetaSource Mortgage at the MBA's Risk Management, QA & Fraud Prevention Forum

Friday, August 05, 2016

MetaSource Mortgage at the MBA's Risk Management, QA & Fraud Prevention Forum

MetaSource Mortgage will exhibit at the Risk Management, QA & Fraud Prevention Forum 2016 that is hosted by the Mortgage Bankers Association (MBA) from September 28-30 in Los Angeles.

Stop by booth #18 to see how MetaSource Mortgage can ensure the accuracy, completeness and compliance of your loans, so that you can concentrate on the core of your business. Specifically, you can learn more about our primary services listed below.

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emortgage QC Audit Implications

Tuesday, June 07, 2016

emortgage Offering QC Audit Implications | MetaSource

Thanks to Quicken Loan's relentless advertising, including a Super Bowl ad, everyone seems to have heard of the "emortgage" and demand is rising as a result.

Ironically, the emortgage has been around for 15 years but has been slow to be adopted in this paper-intensive industry. However, just as how Microsoft's promotion of "The Cloud" in TV ads dramatically increased usage of the term and demand for this type of software, after many years of being referred to as software as a service (SaaS), the repeated promotion of the emortgage appears to have increased demand.

Is your organization ready to offer emortgages as well as to handle both pre-fund and post-close quality control (QC) requirements?

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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 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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