# MetaSource Mortgage
> Discover mortgage industry insights and information on topics like mortgage quality control best practices, market trends, and MERS compliance tips.
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## Pages
- [Housing Finance Agency (HFA) Solutions](https://mortgage.metasource.com/who-we-serve/housing-finance-agencies/): Browse MetaSource’s housing finance agency solutions, which include mortgage QC services, loan purchase review services, and mortgage automation.
- [Lien Release Service](https://mortgage.metasource.com/solutions/lien-release-service/): Discover how MetaSource's mortgage lien release service can help you avoid rejections and reduce liability.
- [Fraud Audit Services](https://mortgage.metasource.com/solutions/fraud-audit-services/): Learn how our mortgage fraud audit services like fraud risk assessments and fraud examination interpretations can protect your business.
- [Mortgage Compliance Services](https://mortgage.metasource.com/services/mortgage-compliance/): Learn all about MetaSource's mortgage compliance solutions, which include post-close QC, pre-fund QC, and servicing QC audit services as well as MERS QA services.
- [Reports](https://mortgage.metasource.com/learning-center/reports/): Read our post-close QC, servicing QC, and MERS QA findings reports to learn what last year's top challenges were and how to overcome them.
- [Guides & Checklists](https://mortgage.metasource.com/learning-center/guides-checklists/): Explore our guides for helpful information on topics like finding the right mortgage QC partner and ensuring MERS compliance.
- [Blog](https://mortgage.metasource.com/mortgage-quality-control-blog/): Discover mortgage industry insights and information on topics like mortgage quality control best practices, market trends, and MERS compliance tips.
- [Home](https://mortgage.metasource.com/): Discover how we can help you achieve your goals through solutions like mortgage quality control, due diligence, origination automation, lien release, and more.
- [Case Studies](https://mortgage.metasource.com/learning-center/case-studies/): Discover how your peers have improved their processes with our mortgage digital transformation and quality control solutions.
- [Whitepapers](https://mortgage.metasource.com/learning-center/whitepapers/): Expand your knowledge by reading whitepapers on topics ranging from mortgage servicing QC requirements to trailing document best practices.
- [Learning Center](https://mortgage.metasource.com/learning-center/): Explore our guides, case studies, whitepapers, and other educational materials to learn about mortgage quality control requirements, streamlining origination with automation, and more.
- [Digital Mailroom](https://mortgage.metasource.com/solutions/digital-mailroom-outsourcing/): Learn how a digital mailroom can enhance efficiency for both remote and in-office teams and expedite the entire mortgage process.
- [Careers](https://mortgage.metasource.com/about-us/careers/): Looking to take your career to the next level with a leading mortgage digital transformation solutions provider? Join our positive, inclusive, fast-growing team.
- [Mortgage Due Diligence Services](https://mortgage.metasource.com/services/mortgage-due-diligence/): Learn how our mortgage due diligence services can help you make informed decisions and mitigate risk.
- [How to Implement a MERS® Reconciliation Program](https://mortgage.metasource.com/how-to-implement-a-mers-reconciliation-program/): New to the MERS reconciliation process? Check out our guide to implementing a reconciliation program, so you can ensure MERS compliance.
- [Streamlining the Mortgage QC Process: QLink-Encompass Integration](https://mortgage.metasource.com/technology/qlink/integrations/): MetaSource's Mortgage QC Audit Software, QLink, integrates with ICE Mortgage Technology's Encompass. Learn how this integration expedites the entire mortgage quality control process.
- [Videos](https://mortgage.metasource.com/learning-center/videos/): Watch our videos to learn more about our mortgage audit services, origination automation solutions, and MERS compliance offerings.
- [MetaWorx Mortgage Audit Workflow Automation](https://mortgage.metasource.com/technology/metaworx/): Learn how MetaWorx can help you streamline the whole loan purchase review process by automating file submission and making documents and data instantly accessible.
- [Mortgage Origination Automation](https://mortgage.metasource.com/solutions/mortgage-origination-automation/): MetaSource's mortgage origination process automation solutions improve speed to close, reduce cost to originate, and give you a competitive edge.
- [Mortgage Compliance QLink QC Software: Reports](https://mortgage.metasource.com/technology/qlink/reports/): MetaSource's mortgage QC audit software, QLink, features a report page that allows users to view and download a variety of compliance reports.
- [Mortgage Compliance QLink QC Software: Audits](https://mortgage.metasource.com/technology/qlink/audits/): MetaSource's mortgage quality control software, QLink, features an audits page that allows users to view status reports and easily filter data.
- [Mortgage Compliance QLink QC Software: Trends](https://mortgage.metasource.com/technology/qlink/trends/): MetaSource's Mortgage QC Audit Software, QLink, features a trends page that presents trending mortgage audit information. You can filter by channel, audit period, and finding level.
- [Mortgage Compliance QLink QC Software: Revisions](https://mortgage.metasource.com/technology/qlink/revisions/): MetaSource's mortgage QC audit software, QLink, features a revisions page that lists all revisions submitted in real time.
- [Mortgage Compliance QLink QC Software: Shared Findings](https://mortgage.metasource.com/technology/qlink/shared-findings/): MetaSource's Mortgage QC Audit Software, QLink, features a shared findings page that allows users to manage all findings they have shared with others.
- [Mortgage Compliance QLink QC Software: Findings](https://mortgage.metasource.com/technology/qlink/findings/): MetaSource's mortgage QC audit software, QLink, features a findings page that allows users to easily view and manage their findings.
- [Mortgage Compliance QLink QC Software: Loans](https://mortgage.metasource.com/technology/qlink/loans/): MetaSource's mortgage QC audit software, QLink, features a loans page that offers loan-level information based on audit type and time period.
- [Mortgage Compliance QLink QC Software: Defect Dashboard](https://mortgage.metasource.com/technology/qlink/defect-dashboard/): MetaSource's Mortgage QC Audit Software, QLink, features a defect dashboard that exists solely for Fannie Mae compliance. It allows users to quickly identify the root causes of issues.
- [Mortgage Compliance QLink QC Software: Dashboard](https://mortgage.metasource.com/technology/qlink/dashboard/): MetaSource's mortgage QC audit software, QLink, features a dashboard that displays all audit-related services that MetaSource Mortgage performs.
- [Symmetri™ Mortgage Origination Automation](https://mortgage.metasource.com/technology/symmetri/): Meet Symmetri: our mortgage origination automation solution that streamlines the flow of information from point-of-sale platforms to loan origination systems.
- [Eclipse™ Software](https://mortgage.metasource.com/technology/eclipse/): Discover how Eclipse can help you enhance your lien release and assignment process with real-time insights, a central location for handling exceptions, and more.
- [MetaStor](https://mortgage.metasource.com/technology/metastor/): Discover how our mortgage document management software, MetaStor, helps lenders and servicers offload the entire loan process.
- [mintrak®2™ MERS QA Compliance & Auditing Software](https://mortgage.metasource.com/technology/mintrak/): Meet mintrak2: MetaSource's MERS data reconciliation and remediation platform built to help you reduce error rates, reconcile inconsistent data fast, and make corrections easily.
- [Mortgage Quality Control Software: QReview™](https://mortgage.metasource.com/technology/qreview/): Take a look at MetaSource's self-service QC audit software, QReview, and learn how it provides you with the speed and flexibility you need to succeed.
- [Mortgage Compliance: QLink™ QC Audit Software](https://mortgage.metasource.com/technology/qlink/): Meet QLink, MetaSource's web-based mortgage quality control software that enables you to track key QC metrics, report statuses, final reports, and more.
- [Mortgage Technology](https://mortgage.metasource.com/technology/): MetaSource offers a wide array of technology solutions, including mortgage origination automation, QC audit software, and loan boarding software.
- [Mortgage Solutions](https://mortgage.metasource.com/solutions/): Explore our mortgage quality control audits, automation, loan boarding, and document management services to improve efficiency and compliance.
- [Contact Center Solutions](https://mortgage.metasource.com/services/user-experience-support/): Learn how MetaSource Mortgage can help you improve customer experience with expert contact center services.
- [Mortgage Process Automation Services](https://mortgage.metasource.com/services/mortgage-workflow-automation/): Mortgage process automation and workflow solutions eliminate process bottlenecks, increase data visibility, and decrease risk. Work with our experts today!
- [Mortgage Indexing & Data Extraction Services](https://mortgage.metasource.com/services/mortgage-indexing-and-data-extraction/): Learn how we extract data and index mortgage loan documents, so you can easily find the information you need when you need it.
- [Mortgage Document Processing & Data Solutions](https://mortgage.metasource.com/services/mortgage-data-and-document-management/): Mortgage indexing is easy with our document management solutions. Extract and organize documents to stay compliant and access them from anywhere.
- [Trailing Document Scanning & Processing](https://mortgage.metasource.com/solutions/trailing-document-scanning-processing/): Learn how MetaSource Mortgage's trailing document service streamlines processing, eliminates leakage, and pays for itself.
- [Whole Loan Purchase Review Service for Housing Finance Agencies (HFA)](https://mortgage.metasource.com/solutions/whole-loan-purchase-review/housing-finance-agencies/): Discover how our whole loan purchase review service helps housing finance agencies (HFAs) boost overall loan quality, minimize administrative functions, and improve internal processes.
- [Mortgage Quality Control: Discretionary Pre-Fund Targeted QC Audits](https://mortgage.metasource.com/solutions/discretionary-pre-fund-qc-audits/): MetaSource's discretionary pre-fund QC audits are designed to help you meet requirements, reduce errors, and save money.
- [Mortgage Quality Control: Post-Close QC Audit FAQ](https://mortgage.metasource.com/solutions/post-close-qc-audits/faq/): Uncover the answers to frequently asked questions regarding post-closing mortgage audits.
- [Mortgage Quality Control: Post-Close QC Audit Process](https://mortgage.metasource.com/solutions/post-close-qc-audits/process/): Learn all about MetaSource's simple yet highly effective post-close QC audit process.
- [Mortgage Quality Control: How Post-Close QC Audits Work](https://mortgage.metasource.com/solutions/post-close-qc-audits/how-it-works/): MetaSource's mortgage post-closing audits include re-verifications, file reviews, and findings reports. See what else is included.
- [Mortgage Quality Control: Why Use Us for Post-Close QC Audits](https://mortgage.metasource.com/solutions/post-close-qc-audits/why-choose-metasource/): Discover what makes MetaSource your ideal post-closing quality control partner for ensuring mortgage compliance.
- [Mortgage Quality Control: Post-Close QC Audit Scope](https://mortgage.metasource.com/solutions/post-close-qc-audits/scope/): Learn how MetaSource Mortgage can help you meet Fannie Mae, Freddie Mac, and FHA post-closing quality control requirements.
- [Loan Boarding](https://mortgage.metasource.com/solutions/loan-boarding/): Discover how you can eliminate manual stare and compare, automatically identify missing documents, and quickly board unlimited loan volume with MetaSource's loan boarding solution.
- [Servicing QC Audits](https://mortgage.metasource.com/solutions/servicing-qc-audits/): Meet mortgage servicing quality control requirements, drive higher quality customer service, and increase efficiency with CFPB-compliant audits at MetaSource.
- [MERS Quality Assurance & Compliance](https://mortgage.metasource.com/solutions/mers-qa-and-compliance/): Our MERS quality assurance and compliance solutions make reconciling data and meeting MERS requirements easier than ever. Learn how we can help you.
- [Pre-Fund QC Audits](https://mortgage.metasource.com/solutions/pre-fund-qc-audits/): MetaSource's pre-funding audit services help reduce errors, detect potential fraud, and meet agency requirements. Get started with our experts today!
- [Post-Close QC Audits](https://mortgage.metasource.com/solutions/post-close-qc-audits/): Ensure compliance with agency requirements with MetaSource's post-close audit services. We guarantee a 35-day turnaround!
- [Title Policy & Document Retrieval Service](https://mortgage.metasource.com/solutions/title-policy-and-document-retrieval/): Take a look at MetaSource's title policy and document retrieval services and learn how they can save your team time and stress.
- [Collateral File Review & Tracking Service](https://mortgage.metasource.com/solutions/collateral-file-review-and-tracking/): Discover how MetaSource Mortgage can meet your unique collateral file review needs. You can choose between simple file scanning and full-service reviews.
- [Assignment of Mortgage (AOM) Service](https://mortgage.metasource.com/solutions/assignment-of-mortgage-service/): Learn how our mortgage assignment services can help you eliminate risk, improve asset management, and meet requirements easily.
- [Whole Loan Purchase Review Service](https://mortgage.metasource.com/solutions/whole-loan-purchase-review/): Our whole loan purchase review service combines workflow automation and industry expertise to help you expedite the process and slash costs all at once.
- [Warehouse Line QC Audits](https://mortgage.metasource.com/solutions/warehouse-line-qc-audits/): If you need to meet warehouse line quality control audit requirements, MetaSource Mortgage is the partner for you. Learn how we assist our warehouse lender clients.
- [Investors](https://mortgage.metasource.com/who-we-serve/investors/): Learn about MetaSource's mortgage investor solutions, which include whole loan purchase review, lien release, and assignment services.
- [Mortgage Servicers](https://mortgage.metasource.com/who-we-serve/servicers/): Learn about MetaSource's mortgage servicing solutions, which include loan boarding, servicing QC, and lien release services.
- [Mortgage Lenders](https://mortgage.metasource.com/who-we-serve/lenders/): Learn about MetaSource's mortgage lender solutions, which include pre-funding QC services, post-close audit services, and origination automation.
- [Clients (Who We Serve)](https://mortgage.metasource.com/who-we-serve/): Learn about the mortgage business process outsourcing and digital transformation solutions we provide lenders, servicers, investors, and housing finance agencies.
- [Terms & Conditions](https://mortgage.metasource.com/terms-and-conditions/): Review MetaSource Mortgage's terms and conditions.
- [Mortgage Services](https://mortgage.metasource.com/services/): Leverage mortgage automation services & QC audits to ensure compliance and improve processes. Get started with MetaSource.
- [Contact](https://mortgage.metasource.com/about-us/contact-us/): Chat with a mortgage quality control and digital transformation expert today to learn more about QC audit, lien release, trailing document, and automation solutions.
- [About](https://mortgage.metasource.com/about-us/): Discover how we streamline and transform processes via mortgage QC services, origination automation, and other mortgage solutions.
- [Privacy Policy](https://mortgage.metasource.com/privacy-policy/): Read our privacy policy to understand how any information collected from this website is used by MetaSource Mortgage.
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## Posts
- [MetaSource’s Just-Released Annual Mortgage QC Findings Report Reveals Historic Shift in Defect Patterns](https://mortgage.metasource.com/mortgage-quality-control-blog/2024-qc-findings-report/): MetaSource's just-released Annual Mortgage QC Findings Report documents a historical shift in defect patterns and the resilience demonstrated by lenders in 2024.
- [The Shift to Automated Valuation Models: A New Era for Mortgage Lenders](https://mortgage.metasource.com/mortgage-quality-control-blog/automated-valuation-models/): Find answers to all your questions around automated valuation models (AVMs), including what they are, the benefits they offer, and what the interagency final rule entails.
- [MetaSource’s 2023 Servicing QC Findings Report Highlights the Ripple Effect of Financial Health Issues](https://mortgage.metasource.com/mortgage-quality-control-blog/2023-servicing-qc-findings/): Download our annual servicing QC findings report to learn how financial pressures led to increased defects and how you can prepare for 2024.
- [Reducing Origination Costs with AI & Mortgage Automation](https://mortgage.metasource.com/mortgage-quality-control-blog/reduce-origination-costs/): Learn how lenders can leverage mortgage automation solutions to reduce origination expenses.
- [MetaSource’s Annual MERS QA Findings Report Reveals M&A-Driven Challenges](https://mortgage.metasource.com/mortgage-quality-control-blog/2023-mers-qa-findings-report/): Download our annual MERS QA findings report to learn about the challenges Members faced in 2023, key areas of improvement, and best practices for ensuring MERS compliance.
- [Exploring the Power of Mortgage Artificial Intelligence](https://mortgage.metasource.com/mortgage-quality-control-blog/ai-in-mortgage-industry/): How are mortgage companies using artificial intelligence? What benefits can your organization gain from mortgage AI? Find answers to these questions here.
- [Key Insights into Mortgage Agency Guidelines in 2024](https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-compliance-trends-2024/): Uncover what the mortgage compliance landscape will look like in 2024, so you can effectively prepare and meet agency requirements.
- [MetaSource QC Findings Report Highlights Skyrocketing Appraisal Defects & Loan Type Variations](https://mortgage.metasource.com/mortgage-quality-control-blog/2023-qc-findings-report/): Our annual mortgage QC findings report is now available for download. Get your copy today to learn about the top challenges lenders faced in 2023 and predictions for 2024.
- [3 Signs a Mortgage Document Management Process Upgrade Is in Order](https://mortgage.metasource.com/mortgage-quality-control-blog/upgrade-document-management-process/): Unsure whether or not your mortgage document management system is outdated? Here are the key signs it is.
- [6 Mortgage Market Trends to Watch in 2024](https://mortgage.metasource.com/mortgage-quality-control-blog/2024-mortgage-trends/): Prepare for 2024 with the top mortgage market trends. We cover everything from mortgage rates to origination volume to mortgage process outsourcing.
- [Unlocking the Power of Data: A Mortgage Industry Revolution](https://mortgage.metasource.com/mortgage-quality-control-blog/data-power-in-mortgage-industry/): Discover the top ways data impacts the mortgage industry, how your organization can improve mortgage data management, and the benefits of doing so.
- [New MERS® Compliance Penalties: Everything You Need to Know](https://mortgage.metasource.com/mortgage-quality-control-blog/2023-mers-compliance-penalties/): Learn about the new MERS compliance penalties that could break the bank for Members along with solutions for avoiding them.
- [How to Make the Most of the 2023 NCSHA Annual Conference](https://mortgage.metasource.com/mortgage-quality-control-blog/2023-ncsha-annual-conference/): Make the most of your time at the NCSHA’s Annual Conference by attending sessions and meeting with mortgage process outsourcing and technology solution providers.
- [Top 10 Servicing QC Findings for 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/2022-servicing-qc-findings/): Uncover all the mortgage servicing documentation challenges that led to compliance struggles and learn how to overcome them.
- [Meet MetaSource at the MBA’s All-New Compliance & Risk Management Conference](https://mortgage.metasource.com/mortgage-quality-control-blog/mba-compliance-and-risk-management-conference/): Meet with the MetaSource Team at the new Compliance and Risk Management Conference to learn more about our solutions for mortgage quality control and fraud prevention.
- [Top MERS QA Findings for 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/2022-mers-qa-findings-report/): MetaSource’s 2022 analysis of the top MERS compliance issues shows that rounds of layoffs led to many mistakes.
- [4 Steps to Take Advantage of Non-QM Lending Opportunities](https://mortgage.metasource.com/mortgage-quality-control-blog/non-qm-lending-opportunities/): Learn how to effectively take advantage of the rise in non-QM lending by understanding the landscape, knowing the risks, and partnering with an experienced mortgage QC audit provider.
- [How to Recession-Proof Your Mortgage Business](https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-recession-proof-your-mortgage-business/): Ensure your mortgage company can effectively navigate a recession by cutting costs with mortgage process outsourcing, adopting a forward-thinking approach, and more.
- [Top 5 HFA Outsourcing Myths, Busted](https://mortgage.metasource.com/mortgage-quality-control-blog/hfa-outsourcing-myths-busted/): Don’t let these common misconceptions about mortgage business process outsourcing for HFAs prevent your organization from getting the help you need.
- [Top 3 Things to Look For in a Third-Party Review Due Diligence Provider](https://mortgage.metasource.com/mortgage-quality-control-blog/third-party-review-due-diligence-provider-evaluation/): Uncover the top three things to look for when selecting a mortgage due diligence partner, so you can ensure compliance and improve risk management.
- [A Guide to Mastering the 2022 IRS 4506-C Form](https://mortgage.metasource.com/mortgage-quality-control-blog/2022-irs-4506c-form-updates/): Discover what mortgage lenders need to know about the latest version of the IRS 4506-C Form, including a brief history and key updates.
- [Top 15 Mortgage QC Findings for 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/qc-findings-2022/): Our analysis of 2022 mortgage QC audits shows a troubling jump in defects that result in repurchase demands. Learn how you can lower repurchase risk and excel in 2023.
- [3 Signs Your Mortgage Business Could Benefit from Automation](https://mortgage.metasource.com/mortgage-quality-control-blog/signs-to-automate-your-mortgage-processes/): Learn how the right mortgage automation solutions can help you improve turn times and customer satisfaction, reduce costs, and navigate workforce challenges.
- [5 Strategies for Building Business Resilience in the Mortgage Industry](https://mortgage.metasource.com/mortgage-quality-control-blog/strategies-for-building-business-resilience-in-the-mortgage-industry/): Learn how mortgage companies can thrive in difficult times by increasing business resilience through mortgage automation and outsourcing.
- [7 Mortgage Market Trends to Watch in 2023](https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-market-trends-to-watch-in-2023/): Uncover the mortgage market trends experts are predicting for the new year, so you can ensure you’re prepared for what 2023 will hold
- [A Checklist for Developing a Successful Mortgage QC Process](https://mortgage.metasource.com/mortgage-quality-control-blog/a-checklist-for-developing-a-successful-mortgage-qc-process/): Download our mortgage QC checklist to ensure your QC process includes the right people and technology and is free of costly and disruptive gaps.
- [MetaSource Adds Fraud Audit Services to Growing Suite of Mortgage Solutions](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-adds-fraud-audit-services-to-growing-suite-of-mortgage-solutions/): Learn how MetaSource’s new mortgage fraud audit services can help you avoid financial loss, compliance headaches, and business disruption
- [Let’s Chat About HFA Solutions at the NCSHA’s 2022 Annual Conference](https://mortgage.metasource.com/mortgage-quality-control-blog/hfa-solutions-ncshas-annual-conference/): Visit MetaSource at the NCSHA’s Annual Conference to learn how we can help your housing finance agency expedite turn times, reduce costs, ensure compliance, and effectively fulfill your mission
- [How to Reduce Mortgage QC Costs by 50%: A Case Study](https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-qc-case-study-academy-mortgage/): Learn how outsourcing QC audits can help you reduce mortgage quality control costs by 50% and better respond to market volatility.
- [Top 10 Servicing QC Findings for 2021](https://mortgage.metasource.com/mortgage-quality-control-blog/top-10-servicing-qc-findings-for-2021/): Learn why overcoming document shortcomings is more important than ever, and discover how to ensure compliance in 2022.
- [Join MetaSource at the MBA’s 2022 Risk Management, QA & Fraud Prevention Forum](https://mortgage.metasource.com/mortgage-quality-control-blog/mba-2022-risk-management-qa-fraud-prevention-forum/): Join MetaSource at the MBA’s 2022 Risk Management, QA & Fraud Prevention Forum and share tips and insights for safeguarding against fraud.
- [Pre-Fund, Post-Close & Servicing QC: What’s the Difference?](https://mortgage.metasource.com/mortgage-quality-control-blog/pre-fund-post-close-servicing-qc-differences/): Learn about the QC processes across different points in the loan life cycle to ensure compliance with agency, regulatory, and investor guidelines.
- [What Role Can BPO Play in the Mortgage Industry?](https://mortgage.metasource.com/mortgage-quality-control-blog/what-role-can-bpo-play-in-the-mortgage-industry/): Mortgage process outsourcing can increase productivity, save money, and boost morale. Learn how to leverage BPO services to scale your business.
- [How to Achieve a Successful MERS Season](https://mortgage.metasource.com/mortgage-quality-control-blog/achieve-mers-season-success/): Learn how to overcome your MERS compliance challenges and easily meet MERS QA standards.
- [A Guide to Preparing for Fannie Mae MORA Reviews](https://mortgage.metasource.com/mortgage-quality-control-blog/a-guide-to-preparing-for-fannie-mae-mora-reviews/): Learn how MetaSource can help you take a best practice approach to Fannie Mae Mortgage Risk Assessment (MORA) reviews.
- [How to Prepare for the Flood of Homeowner Assistance Fund Applications](https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-prepare-for-the-flood-of-homeowner-assistance-fund-applications/): Learn how your housing finance agency can prepare for the impending wave of homeowner assistance fund (HAF) applications.
- [2021 MERS QA Findings Report](https://mortgage.metasource.com/mortgage-quality-control-blog/2021-mers-qa-findings-report/): Read about the top MERS QA audit findings for 2021 and the best practices for ensuring MERS compliance in 2022 in our latest report.
- [Why Outsourcing Mortgage QC Audits Is More Important Than Ever](https://mortgage.metasource.com/mortgage-quality-control-blog/why-outsourcing-mortgage-qc-audits-is-more-important-than-ever/): Learn all about the challenges lenders are currently facing and why these challenges are driving them toward outsourcing mortgage QC audits.
- [Mortgage QC Best Practices to Ensure Compliance in Any Market](https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-qc-best-practices-to-ensure-compliance-in-any-market/): Learn about mortgage QC best practices & how MetaSource provides clients with the QC solutions they need to streamline processes & eliminate obstacles.
- [Prepare for the Future with MetaSource at the MBA’s Technology Solutions Conference 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-at-the-mbas-technology-solutions-conference-2022/): Join MetaSource at the MBA Technology Solutions Conference to learn about the latest mortgage technology solutions & how they can help you succeed.
- [Learn How to Streamline Mortgage QC with MetaSource at Experience 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/learn-how-to-streamline-mortgage-qc-with-metasource-at-experience-2022/): Learn more about streamlining the mortgage QC process with MetaSource's mortgage QC services and QLink-Encompass Integration at Experience 2022.
- [MetaSource Now on DBRS Morningstar’s List of Acceptable Third-Party Due Diligence Firms](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-now-on-dbrs-morningstars-list-of-acceptable-third-party-due-diligence-firms/): MetaSource has been accepted as a third-party review firm by DBRS Morningstar. Find out what this acceptance means.
- [How to Choose the Right Mortgage QC Partner](https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-choose-the-right-mortgage-qc-partner/): Learn more about how to choose the best vendor for your mortgage company in the free MetaSource guide to finding the right QC partner.
- [Obstacles & Opportunities: A 2021 Mortgage Industry Recap](https://mortgage.metasource.com/mortgage-quality-control-blog/obstacles-and-opportunities-a-2021-mortgage-industry-recap/): Read about the 2021 mortgage industry trends & learn how we can help you put technology, services, and industry professionals to work in 2022.
- [Selecting the Right Servicing QC Partner for Risky Times](https://mortgage.metasource.com/mortgage-quality-control-blog/selecting-the-right-servicing-qc-partner-for-risky-times/): Join us at the 2022 MBA servicing conference to explore our becoming your servicing QC partner to help ensure compliance in these risky times.
- [Top 15 Mortgage QC Findings for 2021](https://mortgage.metasource.com/mortgage-quality-control-blog/top-15-mortgage-qc-findings-for-2021/): Learn the top 15 QC findings for 2021 as discovered by MetaSource, along with a deep dive into the #1 finding and best practices for avoiding it.
- [How to Ensure Mortgage Compliance & QC Success in 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-ensure-mortgage-compliance-qc-success-in-2022/): Learn what new mortgage QC compliance challenges are expected in 2022, from appraisal waiver increases to cybersecurity to personnel shortages.
- [Heightened Pressures Ahead for Mortgage Servicers in 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/heightened-pressures-ahead-for-mortgage-servicers-in-2022/): For better and for worse, 2021 was a record-breaking year in the mortgage industry. Read our industry recap and outlook for the coming year.
- [How Mortgage Digital Transformation Can Help Combat Inflation](https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-digital-transformation-can-combat-inflation/): Learn how outsourced services and mortgage digital transformation can help your organization navigate inflation.
- [How Mortgage Digital Transformation Can Protect You from “The Great Resignation”](https://mortgage.metasource.com/mortgage-quality-control-blog/how-mortgage-digital-transformation-can-protect-you-from-the-great-resignation/): Put your staff retention and hiring troubles behind you. Navigate “The Great Resignation” with the right mortgage automation software.
- [“Flexible Enforcement” Comes to an End for Mortgage Servicers](https://mortgage.metasource.com/mortgage-quality-control-blog/flexible-enforcement-comes-to-an-end-for-mortgage-servicers/): Regulatory flexibility put in place to ease the burden on mortgage servicers trying to help borrowers during the pandemic has been lifted.
- [What Lenders Need to Know About the New IRS 4506-C Form Process](https://mortgage.metasource.com/mortgage-quality-control-blog/what-lenders-need-to-know-about-the-new-irs-4506-c-form/): The IRS has switched to an automated process for accepting 4506-C transcript request forms. Here's what you need to know about it.
- [6 Mortgage Market Trends to Watch in 2022](https://mortgage.metasource.com/mortgage-quality-control-blog/6-mortgage-market-trends-to-watch-in-2022/): Record-high volumes of 2021 are certain to cool & mortgage industry experts foresee “robust home buyer demand” & intense competition in 2022.
- [Mortgage Forbearance Exits 101: How Servicers can Better Assist Borrowers Exiting Forbearance](https://mortgage.metasource.com/mortgage-quality-control-blog/how-servicers-can-better-assist-borrowers-exiting-forbearance/): Forbearance programs are ending, correspondence volumes are rising, and the CFPB is watching. Learn how to overcome these challenges.
- [A MetaSource Win: Fitch Third-Party Review Firm Acceptance](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-win-fitch-third-party-review-firm-acceptance/): MetaSource announces that we have added to our Rating Agency Due Diligence Acceptance approvals with recognition from Fitch Ratings.
- [Mortgage Forbearance Exits 101: What the Forbearance End Date Means for Housing Agencies](https://mortgage.metasource.com/mortgage-quality-control-blog/what-the-forbearance-end-date-means-for-housing-agencies/): Learn what role housing agencies will play as Homeowner Assistance Fund programs start and forbearance programs end.
- [Mortgage Forbearance Exits 101: How to Navigate the Surge of Forbearance Exits](https://mortgage.metasource.com/mortgage-quality-control-blog/navigate-surge-of-forbearance-exits/): With millions of borrowers exiting forbearance, it's a stressful time for mortgage servicers. Learn what you can do to alleviate this stress.
- [What Mortgage Lenders Need to Know about the Updated Collateral Analysis Requirement ](https://mortgage.metasource.com/mortgage-quality-control-blog/what-mortgage-lenders-need-to-know-about-the-updated-collateral-analysis-requirement/): The updated collateral analysis requirement provides an opportunity for a more accurate and less expensive post-close audit process.
- [How to Effectively Allocate Homeowner Assistance Funds](https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-effectively-allocate-homeowner-assistance-funds/): The federal Homeowner Assistance Fund (HAF) was put into place during the pandemic to assist homeowners falling behind on mortgage payments.
- [5 Signs You Need to Upgrade Your Mortgage QC Process ](https://mortgage.metasource.com/mortgage-quality-control-blog/5-signs-you-need-to-upgrade-your-mortgage-qc-process/): Are agency requirements tripping you up? Use our checklist to determine if it’s time for you to upgrade your quality control processes today!
- [How to Achieve Remote Efficiency in the Mortgage Industry ](https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-achieve-remote-efficiency-in-the-mortgage-industry/): To get the most out of your remote workforce, ensure that your software solutions are efficient, fast, secure and built for easy collaboration.
- [Why Have Mortgage Origination Costs Increased?](https://mortgage.metasource.com/mortgage-quality-control-blog/why-have-mortgage-origination-costs-increased/): Mortgage origination costs have risen in recent years. Uncover what has contributed to this increase and so much more in this blog post.
- [Meet the New Eclipse™: the Right Solution to Streamline Your Mortgage Lien Release & Assignment Process ](https://mortgage.metasource.com/mortgage-quality-control-blog/new-eclipse-streamline-your-mortgage-lien-release-assignment-process/): MetaSource’s new and improved proprietary mortgage lien release and assignment software, Eclipse™, takes "efficiency" to a whole new level.
- [Top 7 Tips for the MERS Reconciliation Process](https://mortgage.metasource.com/mortgage-quality-control-blog/tips-for-the-mers-reconciliation-process/): Whether you’re a newcomer or a veteran of the MERS reconciliation process, it can seem overwhelming at times. Here's how to stay compliant.
- [Top 10 Servicing QC Findings in a Turbulent Year](https://mortgage.metasource.com/mortgage-quality-control-blog/top-10-servicing-qc-findings-2020/): 2020 was a ground-shifting year, especially in the world of servicing; here are the most common findings of QC servicing from the past year.
- [Preparing for the Transition from LIBOR to SOFR](https://mortgage.metasource.com/mortgage-quality-control-blog/preparing-for-transition-from-libor-to-sofr/): Servicers with large portfolios of adjustable-rate loans pegged to LIBOR could face challenges; here’s how to manage the transition.
- [Missing Mortgage Documents are Costing You More than You May Think](https://mortgage.metasource.com/mortgage-quality-control-blog/missing-mortgage-documents-costing-you-more-than-you-think/): Missing documentation has been an issue for mortgage lenders for years, and it remains a major obstacle even in today’s innovative industry.
- [New Integration with ICE Mortgage Technology™ Platform Speeds QC](https://mortgage.metasource.com/mortgage-quality-control-blog/new-integration-with-encompass-speeds-qc/): Learn how our new Encompass Investor Connect integration makes the process of getting loan packages into QLink for QC audits a lot easier.
- [MetaSource Integrates with ICE Mortgage Technology’s Encompass® for a Faster Mortgage QC Process](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-integrates-encompass-faster-mortgage-qc-process/): MetaSource, has integrated its best-in-class mortgage QC platform, QLink, with ICE Mortgage Technology’s Encompass Investor Connect portal.
- [4 Mortgage Market Trends to Watch in 2021](https://mortgage.metasource.com/mortgage-quality-control-blog/4-mortgage-market-trends-to-watch-2021/): Record-low interest rates and a global pandemic played major roles in the mortgage industry last year; here's what to expect in 2021.
- [Top 15 Mortgage QC Findings for 2020](https://mortgage.metasource.com/mortgage-quality-control-blog/top-15-mortgage-qc-findings-for-2020/): This report includes MetaSource’s top 15 QC findings for 2020 along with a deep dive into our #1 finding and best practices for avoiding it.
- [MERS® QA 2020 Findings Report: Signs of Improvement in a Difficult Year](https://mortgage.metasource.com/mortgage-quality-control-blog/mers-qa-2020-findings-report-signs-of-improvement/): Learn what MERS Members struggled with the most in 2020 and how you can improve your processes to avoid exceptions in 2021.
- [Join Us at Experience 21: Move Your Mortgage Business Forward with Innovation](https://mortgage.metasource.com/mortgage-quality-control-blog/join-us-experience-21-mortgage-business-innovation/): Join MetaSource at the ICE Mortgage Technology Conference, Experience 21, to learn about the latest tools for prevailing the mortgage industry.
- [How to Streamline Your Entire Mortgage QC Process](https://mortgage.metasource.com/mortgage-quality-control-blog/streamline-mortgage-qc-process/): Watch our latest video on quality control (QC) audit services and technology to learn how you can streamline your mortgage QC process.
- [A Correspondent Investor’s Guide to Secondary Market Success](https://mortgage.metasource.com/mortgage-quality-control-blog/correspondent-investors-guide-to-secondary-market-success/): Our whitepaper, Achieving Success in the Correspondent Lending Market, provides best practices for excelling in the secondary market.
- [Prepare for the Future of Mortgage with a Digital Mailroom](https://mortgage.metasource.com/mortgage-quality-control-blog/prepare-for-the-future-of-mortgage-with-a-digital-mailroom/): Learn what a digital mailroom is and how adopting one can set you up for future success in the mortgage industry.
- [Alleviate Whole Loan Purchase Review Challenges with MetaWorx®](https://mortgage.metasource.com/mortgage-quality-control-blog/alleviate-whole-loan-purchase-review-challenges-metaworx%e2%84%a0/): Watch our newest video to learn about MetaWorx, MetaSource’s powerful workflow automation platform for the mortgage industry.
- [In Proud Support of the National Council of State Housing Agencies, Making Affordable Housing a Reality](https://mortgage.metasource.com/mortgage-quality-control-blog/in-proud-support-of-the-national-council-of-state-housing-agencies-making-affordable-housing-a-reality/): Access to affordable housing is critical to our country's health. MetaSource proudly supports the National Council of State Housing Agencies
- [The Mortgage Industry in the Post-COVID-19 Era](https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-industry-post-covid-19-era/): Read about what the mortgage industry might look like after the pandemic & why you should consider implementing digital transformation solutions
- [What Was Learned at the CMBA’s 2020 Mortgage Innovators Conference](https://mortgage.metasource.com/mortgage-quality-control-blog/what-was-learned-cmbas-2020-mortgage-innovators-conference/): The California Mortgage Bankers Association (CMBA) once again hosted their Mortgage Innovators Conference. The event brings mortgage professionals from all...
- [TRID Turns 5: What We’ve Learned About Successfully Managing Mortgage Origination Compliance](https://mortgage.metasource.com/mortgage-quality-control-blog/trid-turns-5-successfully-managing-mortgage-origination-compliance/): MetaSource looks back on the past 5 years since TILA- RESPA Integrated Disclosure (TRID) rules were instituted, and how these regulations impact lenders.
- [Trailing Document Best Practices](https://mortgage.metasource.com/mortgage-quality-control-blog/trailing-document-best-practices/): Learn how an emerging best practice for managing mortgage trailing documents is to utilize mailroom/PO box scanning services and workflow automation software.
- [MetaSource at 2020 Mortgage Innovators Conference: The Event is Virtual but the Solutions are Real](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-at-2020-mortgage-innovators-conference-the-event-is-virtual-but-the-solutions-are-real/): Join MetaSource on Aug. 17 at the virtual 2020 Mortgage Innovators Conference to learn more about Symmetri and other automated solutions.
- [Digital Mailroom Services for Remote Efficiency in the Mortgage Industry](https://mortgage.metasource.com/mortgage-quality-control-blog/digital-mailroom-services-for-remote-efficiency-in-the-mortgage-industry/): In the wake of the COVID-19 pandemic, a digital mailroom provides flexibility for remote work and a digitally-enabled workforce.
- [Make Short Work of MERS Compliance with mintrak®2™](https://mortgage.metasource.com/mortgage-quality-control-blog/make-short-work-of-mers-compliance-with-mintrak2/): It's the season for starting in on the job of wrangling MERS data, but for mortgage servicers with the power of mintrak2 automation, it's just summer.
- [End Lien Release Headaches and Focus on the Rebound](https://mortgage.metasource.com/mortgage-quality-control-blog/end-lien-release-headaches-and-focus-on-the-rebound/): After months of COVID-19 shutdowns, unresolved lien release issues can be a major source of disruption for servicers.
- [More Industry Honors for MetaSource VP of Mortgage Services](https://mortgage.metasource.com/mortgage-quality-control-blog/more-industry-honors-for-metasource-vp-of-mortgage-services/): Mary Kladde Walraven, MetaSource's Senior VP of Mortgage Services, was recently named an honoree of NEXT's 50 Under 50 award.
- [Mortgage Servicing Quality Control in Challenging Times](https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-servicing-quality-control-in-challenging-times/): Mortgage servicers are bracing for turbulence during the coronavirus pandemic, but can limit disruption with careful quality control (QC)
- [Digital Workflow Solutions that Get You to Work from Wherever You Are](https://mortgage.metasource.com/mortgage-quality-control-blog/digital-workflow-solutions-that-get-you-to-work-from-wherever-you-are/): With powerful online tools for the mortgage industry, MetaSource can help you create digital workflows for managing your portfolios from wherever you are
- [MetaSource Coronavirus Business Continuity](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-coronavirus-business-continuity/): With all of the uncertainty regarding the novel coronavirus, MetaSource has a plan in place to keep working with & assisting our customers.
- [MetaSource Mortgage Profitability Analysis](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-mortgage-profitability-analysis/): Learn how a MetaSource mortgage profitability analysis can improve your loan origination processes and reduce your cost per loan
- [MetaSource State-of-the-Art Mortgage Origination Software at MBA Tech2020](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-state-of-the-art-mortgage-origination-software-at-mba-tech2020/): Join MetaSource in Los Angeles at the MBA Tech2020 conference and expo and see a demonstration of our Symmetri software for bridging POS and LOS platforms.
- [MERS® QA 2019 Hurdles: Some Reconciliation Practices a Continuing Source of Difficulty](https://mortgage.metasource.com/mortgage-quality-control-blog/mers-qa-2019-hurdles-some-reconciliation-practices-a-continuing-source-of-difficulty/): Reconciliation and documentation of internal MERS QA policies and procedures were common challenges for MERS members in 2019, a MetaSource review shows
- [Join MetaSource at 2020 Mortgage Servicing Conference](https://mortgage.metasource.com/mortgage-quality-control-blog/join-metasource-at-2020-mortgage-servicing-conference/): Join MetaSource at our 2020 Mortgage Servicing Conference and learn about our document solutions for mortgage servicers and subservicers.
- [MetaSource Mortgage 2020: State-of-the-Art Solutions in an Evolving Landscape](https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-mortgage-2020-state-of-the-art-solutions-in-an-evolving-landscape/): Our new website reflects the rapidly changing landscape of the mortgage industry, which is no longer content to lag behind in digital transformation
- [Top 15 Mortgage QC Findings for 2019](https://mortgage.metasource.com/mortgage-quality-control-blog/top-15-mortgage-qc-findings-for-2019/): A review of post-close QC audits by MetaSource in 2019 shows the difficulty lenders have in consistently meeting regulatory and agency requirements
- [How to Streamline Mortgage Origination with Automation: A Whitepaper](https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-streamline-mortgage-origination-with-automation-a-whitepaper/): Discover what the right automation system looks like: an end-to-end solution that allows you to redeploy knowledge workers to jobs where they can make a difference.
- [Not Easy, Cheap Nor “Out of the Box”](https://mortgage.metasource.com/mortgage-quality-control-blog/not-easy-cheap-or-out-of-the-box/): The easiest, cheapest, or one-size-fits-all solution may not work for your organization when it comes to digital transformation via automation
- [Join MetaSource at NCSHA 2019](https://mortgage.metasource.com/mortgage-quality-control-blog/join-metasource-at-ncsha-2019/): MetaSource solutions for state housing agencies include services and state-of-the-art technology for improving loan quality and efficiency.
- [A Glimpse into the Mortgage Industry's Digital Future](https://mortgage.metasource.com/mortgage-quality-control-blog/a-glimpse-into-the-mortgage-industrys-digital-future/): Symmetri brings the mortgage industry closer to the goal of the end-to-end digital mortgage by closing the gap between consumer and lender platforms
---
#
# Detailed Content
## Pages
### Housing Finance Agency (HFA) Solutions
> Browse MetaSource’s housing finance agency solutions, which include mortgage QC services, loan purchase review services, and mortgage automation.
- Published: 2024-01-05
- Modified: 2025-01-06
- URL: https://mortgage.metasource.com/who-we-serve/housing-finance-agencies/
---
### Lien Release Service
> Discover how MetaSource's mortgage lien release service can help you avoid rejections and reduce liability.
- Published: 2022-10-23
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/solutions/lien-release-service/
---
### Fraud Audit Services
> Learn how our mortgage fraud audit services like fraud risk assessments and fraud examination interpretations can protect your business.
- Published: 2022-10-18
- Modified: 2024-08-26
- URL: https://mortgage.metasource.com/solutions/fraud-audit-services/
---
### Mortgage Compliance Services
> Learn all about MetaSource's mortgage compliance solutions, which include post-close QC, pre-fund QC, and servicing QC audit services as well as MERS QA services.
- Published: 2022-08-14
- Modified: 2025-04-16
- URL: https://mortgage.metasource.com/services/mortgage-compliance/
---
### Reports
> Read our post-close QC, servicing QC, and MERS QA findings reports to learn what last year's top challenges were and how to overcome them.
- Published: 2022-07-20
- Modified: 2023-11-19
- URL: https://mortgage.metasource.com/learning-center/reports/
---
### Guides & Checklists
> Explore our guides for helpful information on topics like finding the right mortgage QC partner and ensuring MERS compliance.
- Published: 2022-07-20
- Modified: 2024-03-28
- URL: https://mortgage.metasource.com/learning-center/guides-checklists/
---
### Blog
> Discover mortgage industry insights and information on topics like mortgage quality control best practices, market trends, and MERS compliance tips.
- Published: 2022-03-14
- Modified: 2022-09-14
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/
---
### Home
> Discover how we can help you achieve your goals through solutions like mortgage quality control, due diligence, origination automation, lien release, and more.
- Published: 2022-03-12
- Modified: 2024-06-04
- URL: https://mortgage.metasource.com/
---
### Case Studies
> Discover how your peers have improved their processes with our mortgage digital transformation and quality control solutions.
- Published: 2022-02-25
- Modified: 2023-11-19
- URL: https://mortgage.metasource.com/learning-center/case-studies/
---
### Whitepapers
> Expand your knowledge by reading whitepapers on topics ranging from mortgage servicing QC requirements to trailing document best practices.
- Published: 2022-02-25
- Modified: 2023-11-19
- URL: https://mortgage.metasource.com/learning-center/whitepapers/
---
### Learning Center
> Explore our guides, case studies, whitepapers, and other educational materials to learn about mortgage quality control requirements, streamlining origination with automation, and more.
- Published: 2022-02-25
- Modified: 2024-09-09
- URL: https://mortgage.metasource.com/learning-center/
---
### Digital Mailroom
> Learn how a digital mailroom can enhance efficiency for both remote and in-office teams and expedite the entire mortgage process.
- Published: 2021-11-08
- Modified: 2024-05-22
- URL: https://mortgage.metasource.com/solutions/digital-mailroom-outsourcing/
---
### Careers
> Looking to take your career to the next level with a leading mortgage digital transformation solutions provider? Join our positive, inclusive, fast-growing team.
- Published: 2021-06-23
- Modified: 2025-04-21
- URL: https://mortgage.metasource.com/about-us/careers/
---
### Mortgage Due Diligence Services
> Learn how our mortgage due diligence services can help you make informed decisions and mitigate risk.
- Published: 2021-06-02
- Modified: 2025-04-03
- URL: https://mortgage.metasource.com/services/mortgage-due-diligence/
---
### How to Implement a MERS® Reconciliation Program
> New to the MERS reconciliation process? Check out our guide to implementing a reconciliation program, so you can ensure MERS compliance.
- Published: 2021-03-17
- Modified: 2023-11-19
- URL: https://mortgage.metasource.com/how-to-implement-a-mers-reconciliation-program/
---
### Streamlining the Mortgage QC Process: QLink-Encompass Integration
> MetaSource's Mortgage QC Audit Software, QLink, integrates with ICE Mortgage Technology's Encompass. Learn how this integration expedites the entire mortgage quality control process.
- Published: 2021-02-03
- Modified: 2023-12-14
- URL: https://mortgage.metasource.com/technology/qlink/integrations/
---
### Videos
> Watch our videos to learn more about our mortgage audit services, origination automation solutions, and MERS compliance offerings.
- Published: 2021-01-08
- Modified: 2023-11-19
- URL: https://mortgage.metasource.com/learning-center/videos/
---
### MetaWorx Mortgage Audit Workflow Automation
> Learn how MetaWorx can help you streamline the whole loan purchase review process by automating file submission and making documents and data instantly accessible.
- Published: 2020-04-15
- Modified: 2024-06-20
- URL: https://mortgage.metasource.com/technology/metaworx/
---
### Mortgage Origination Automation
> MetaSource's mortgage origination process automation solutions improve speed to close, reduce cost to originate, and give you a competitive edge.
- Published: 2019-10-26
- Modified: 2024-09-05
- URL: https://mortgage.metasource.com/solutions/mortgage-origination-automation/
---
### Mortgage Compliance QLink QC Software: Reports
> MetaSource's mortgage QC audit software, QLink, features a report page that allows users to view and download a variety of compliance reports.
- Published: 2019-09-30
- Modified: 2024-05-20
- URL: https://mortgage.metasource.com/technology/qlink/reports/
---
### Mortgage Compliance QLink QC Software: Audits
> MetaSource's mortgage quality control software, QLink, features an audits page that allows users to view status reports and easily filter data.
- Published: 2019-09-30
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/technology/qlink/audits/
---
### Mortgage Compliance QLink QC Software: Trends
> MetaSource's Mortgage QC Audit Software, QLink, features a trends page that presents trending mortgage audit information. You can filter by channel, audit period, and finding level.
- Published: 2019-09-30
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/technology/qlink/trends/
---
### Mortgage Compliance QLink QC Software: Revisions
> MetaSource's mortgage QC audit software, QLink, features a revisions page that lists all revisions submitted in real time.
- Published: 2019-09-30
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/technology/qlink/revisions/
---
### Mortgage Compliance QLink QC Software: Shared Findings
> MetaSource's Mortgage QC Audit Software, QLink, features a shared findings page that allows users to manage all findings they have shared with others.
- Published: 2019-09-30
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/technology/qlink/shared-findings/
---
### Mortgage Compliance QLink QC Software: Findings
> MetaSource's mortgage QC audit software, QLink, features a findings page that allows users to easily view and manage their findings.
- Published: 2019-09-30
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/technology/qlink/findings/
---
### Mortgage Compliance QLink QC Software: Loans
> MetaSource's mortgage QC audit software, QLink, features a loans page that offers loan-level information based on audit type and time period.
- Published: 2019-09-30
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/technology/qlink/loans/
---
### Mortgage Compliance QLink QC Software: Defect Dashboard
> MetaSource's Mortgage QC Audit Software, QLink, features a defect dashboard that exists solely for Fannie Mae compliance. It allows users to quickly identify the root causes of issues.
- Published: 2019-09-30
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/technology/qlink/defect-dashboard/
---
### Mortgage Compliance QLink QC Software: Dashboard
> MetaSource's mortgage QC audit software, QLink, features a dashboard that displays all audit-related services that MetaSource Mortgage performs.
- Published: 2019-09-30
- Modified: 2024-05-20
- URL: https://mortgage.metasource.com/technology/qlink/dashboard/
---
### Symmetri™ Mortgage Origination Automation
> Meet Symmetri: our mortgage origination automation solution that streamlines the flow of information from point-of-sale platforms to loan origination systems.
- Published: 2019-09-30
- Modified: 2023-12-14
- URL: https://mortgage.metasource.com/technology/symmetri/
---
### Eclipse™ Software
> Discover how Eclipse can help you enhance your lien release and assignment process with real-time insights, a central location for handling exceptions, and more.
- Published: 2019-09-30
- Modified: 2023-12-14
- URL: https://mortgage.metasource.com/technology/eclipse/
---
### MetaStor
> Discover how our mortgage document management software, MetaStor, helps lenders and servicers offload the entire loan process.
- Published: 2019-09-30
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/technology/metastor/
---
### mintrak®2™ MERS QA Compliance & Auditing Software
> Meet mintrak2: MetaSource's MERS data reconciliation and remediation platform built to help you reduce error rates, reconcile inconsistent data fast, and make corrections easily.
- Published: 2019-09-30
- Modified: 2023-12-14
- URL: https://mortgage.metasource.com/technology/mintrak/
---
### Mortgage Quality Control Software: QReview™
> Take a look at MetaSource's self-service QC audit software, QReview, and learn how it provides you with the speed and flexibility you need to succeed.
- Published: 2019-09-30
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/technology/qreview/
---
### Mortgage Compliance: QLink™ QC Audit Software
> Meet QLink, MetaSource's web-based mortgage quality control software that enables you to track key QC metrics, report statuses, final reports, and more.
- Published: 2019-09-30
- Modified: 2024-05-08
- URL: https://mortgage.metasource.com/technology/qlink/
---
### Mortgage Technology
> MetaSource offers a wide array of technology solutions, including mortgage origination automation, QC audit software, and loan boarding software.
- Published: 2019-09-30
- Modified: 2025-05-28
- URL: https://mortgage.metasource.com/technology/
---
### Mortgage Solutions
> Explore our mortgage quality control audits, automation, loan boarding, and document management services to improve efficiency and compliance.
- Published: 2019-09-30
- Modified: 2024-08-26
- URL: https://mortgage.metasource.com/solutions/
---
### Contact Center Solutions
> Learn how MetaSource Mortgage can help you improve customer experience with expert contact center services.
- Published: 2019-09-30
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/services/user-experience-support/
---
### Mortgage Process Automation Services
> Mortgage process automation and workflow solutions eliminate process bottlenecks, increase data visibility, and decrease risk. Work with our experts today!
- Published: 2019-09-30
- Modified: 2024-08-26
- URL: https://mortgage.metasource.com/services/mortgage-workflow-automation/
---
### Mortgage Indexing & Data Extraction Services
> Learn how we extract data and index mortgage loan documents, so you can easily find the information you need when you need it.
- Published: 2019-09-30
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/services/mortgage-indexing-and-data-extraction/
---
### Mortgage Document Processing & Data Solutions
> Mortgage indexing is easy with our document management solutions. Extract and organize documents to stay compliant and access them from anywhere.
- Published: 2019-09-30
- Modified: 2024-08-26
- URL: https://mortgage.metasource.com/services/mortgage-data-and-document-management/
---
### Trailing Document Scanning & Processing
> Learn how MetaSource Mortgage's trailing document service streamlines processing, eliminates leakage, and pays for itself.
- Published: 2019-09-30
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/solutions/trailing-document-scanning-processing/
---
### Whole Loan Purchase Review Service for Housing Finance Agencies (HFA)
> Discover how our whole loan purchase review service helps housing finance agencies (HFAs) boost overall loan quality, minimize administrative functions, and improve internal processes.
- Published: 2019-09-30
- Modified: 2024-06-17
- URL: https://mortgage.metasource.com/solutions/whole-loan-purchase-review/housing-finance-agencies/
---
### Mortgage Quality Control: Discretionary Pre-Fund Targeted QC Audits
> MetaSource's discretionary pre-fund QC audits are designed to help you meet requirements, reduce errors, and save money.
- Published: 2019-09-30
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/solutions/discretionary-pre-fund-qc-audits/
---
### Mortgage Quality Control: Post-Close QC Audit FAQ
> Uncover the answers to frequently asked questions regarding post-closing mortgage audits.
- Published: 2019-09-27
- Modified: 2024-02-15
- URL: https://mortgage.metasource.com/solutions/post-close-qc-audits/faq/
---
### Mortgage Quality Control: Post-Close QC Audit Process
> Learn all about MetaSource's simple yet highly effective post-close QC audit process.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/solutions/post-close-qc-audits/process/
---
### Mortgage Quality Control: How Post-Close QC Audits Work
> MetaSource's mortgage post-closing audits include re-verifications, file reviews, and findings reports. See what else is included.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/solutions/post-close-qc-audits/how-it-works/
---
### Mortgage Quality Control: Why Use Us for Post-Close QC Audits
> Discover what makes MetaSource your ideal post-closing quality control partner for ensuring mortgage compliance.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/solutions/post-close-qc-audits/why-choose-metasource/
---
### Mortgage Quality Control: Post-Close QC Audit Scope
> Learn how MetaSource Mortgage can help you meet Fannie Mae, Freddie Mac, and FHA post-closing quality control requirements.
- Published: 2019-09-27
- Modified: 2024-03-06
- URL: https://mortgage.metasource.com/solutions/post-close-qc-audits/scope/
---
### Loan Boarding
> Discover how you can eliminate manual stare and compare, automatically identify missing documents, and quickly board unlimited loan volume with MetaSource's loan boarding solution.
- Published: 2019-09-27
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/solutions/loan-boarding/
---
### Servicing QC Audits
> Meet mortgage servicing quality control requirements, drive higher quality customer service, and increase efficiency with CFPB-compliant audits at MetaSource.
- Published: 2019-09-27
- Modified: 2024-10-11
- URL: https://mortgage.metasource.com/solutions/servicing-qc-audits/
---
### MERS Quality Assurance & Compliance
> Our MERS quality assurance and compliance solutions make reconciling data and meeting MERS requirements easier than ever. Learn how we can help you.
- Published: 2019-09-27
- Modified: 2024-08-26
- URL: https://mortgage.metasource.com/solutions/mers-qa-and-compliance/
---
### Pre-Fund QC Audits
> MetaSource's pre-funding audit services help reduce errors, detect potential fraud, and meet agency requirements. Get started with our experts today!
- Published: 2019-09-27
- Modified: 2024-09-05
- URL: https://mortgage.metasource.com/solutions/pre-fund-qc-audits/
---
### Post-Close QC Audits
> Ensure compliance with agency requirements with MetaSource's post-close audit services. We guarantee a 35-day turnaround!
- Published: 2019-09-27
- Modified: 2024-11-22
- URL: https://mortgage.metasource.com/solutions/post-close-qc-audits/
---
### Title Policy & Document Retrieval Service
> Take a look at MetaSource's title policy and document retrieval services and learn how they can save your team time and stress.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/solutions/title-policy-and-document-retrieval/
---
### Collateral File Review & Tracking Service
> Discover how MetaSource Mortgage can meet your unique collateral file review needs. You can choose between simple file scanning and full-service reviews.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/solutions/collateral-file-review-and-tracking/
---
### Assignment of Mortgage (AOM) Service
> Learn how our mortgage assignment services can help you eliminate risk, improve asset management, and meet requirements easily.
- Published: 2019-09-27
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/solutions/assignment-of-mortgage-service/
---
### Whole Loan Purchase Review Service
> Our whole loan purchase review service combines workflow automation and industry expertise to help you expedite the process and slash costs all at once.
- Published: 2019-09-27
- Modified: 2023-12-15
- URL: https://mortgage.metasource.com/solutions/whole-loan-purchase-review/
---
### Warehouse Line QC Audits
> If you need to meet warehouse line quality control audit requirements, MetaSource Mortgage is the partner for you. Learn how we assist our warehouse lender clients.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/solutions/warehouse-line-qc-audits/
---
### Investors
> Learn about MetaSource's mortgage investor solutions, which include whole loan purchase review, lien release, and assignment services.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/who-we-serve/investors/
---
### Mortgage Servicers
> Learn about MetaSource's mortgage servicing solutions, which include loan boarding, servicing QC, and lien release services.
- Published: 2019-09-27
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/who-we-serve/servicers/
---
### Mortgage Lenders
> Learn about MetaSource's mortgage lender solutions, which include pre-funding QC services, post-close audit services, and origination automation.
- Published: 2019-09-27
- Modified: 2025-05-09
- URL: https://mortgage.metasource.com/who-we-serve/lenders/
---
### Clients (Who We Serve)
> Learn about the mortgage business process outsourcing and digital transformation solutions we provide lenders, servicers, investors, and housing finance agencies.
- Published: 2019-09-27
- Modified: 2024-01-30
- URL: https://mortgage.metasource.com/who-we-serve/
---
### Terms & Conditions
> Review MetaSource Mortgage's terms and conditions.
- Published: 2019-09-13
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/terms-and-conditions/
---
### Mortgage Services
> Leverage mortgage automation services & QC audits to ensure compliance and improve processes. Get started with MetaSource.
- Published: 2019-09-10
- Modified: 2024-09-05
- URL: https://mortgage.metasource.com/services/
---
### Contact
> Chat with a mortgage quality control and digital transformation expert today to learn more about QC audit, lien release, trailing document, and automation solutions.
- Published: 2019-08-20
- Modified: 2023-11-19
- URL: https://mortgage.metasource.com/about-us/contact-us/
---
### About
> Discover how we streamline and transform processes via mortgage QC services, origination automation, and other mortgage solutions.
- Published: 2019-08-20
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/about-us/
---
### Privacy Policy
> Read our privacy policy to understand how any information collected from this website is used by MetaSource Mortgage.
- Published: 2019-08-20
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/privacy-policy/
---
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## Posts
### MetaSource’s Just-Released Annual Mortgage QC Findings Report Reveals Historic Shift in Defect Patterns
> MetaSource's just-released Annual Mortgage QC Findings Report documents a historical shift in defect patterns and the resilience demonstrated by lenders in 2024.
- Published: 2025-05-08
- Modified: 2025-05-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2024-qc-findings-report/
MetaSource's just-released Annual Mortgage QC Findings Report documents a historical shift in defect patterns and the resilience demonstrated by lenders in 2024.
SALT LAKE CITY, Utah, May 8, 2025 – MetaSource, LLC (“MetaSource”), a leading mortgage quality control (QC) services provider, announced the release of its 2024 Mortgage QC Findings Report, which documents both a historic shift in defect patterns and the remarkable resilience demonstrated by lenders navigating a year of high interest rates and regulatory demands. The comprehensive analysis reveals a significant milestone: For the first time since 2017, closing disclosure defects no longer top the findings list. Instead, underwriting defects claimed the number one position. “This past year marks the most significant change in defect patterns we’ve observed in years,” said Tonya Martinez, MetaSource Senior Director of Mortgage Client Services. “It represents a fundamental shift in investor priorities as well as some new gaps in lender processes. ” Despite challenging market conditions and persistent documentation issues, many lenders successfully transformed historical pain points into opportunities for improvement through calibration efforts. This was evident in the year-over-year progress made across several defect categories, including income/employment and assets. “What’s clear from our findings is that consistent calibration makes all the difference,” said Brady Meadows, MetaSource Senior Director of Mortgage Services. “Our clients who are constantly engaged in our collaborative sessions are the ones seeing fewer defects and better audit outcomes. ” The report also identifies emerging trends for 2025, offering strategic guidance for lenders seeking to strengthen their QC practices and prevent defects in the future. Download the complete report for a deep dive into the number one finding, key insights into...
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### The Shift to Automated Valuation Models: A New Era for Mortgage Lenders
> Find answers to all your questions around automated valuation models (AVMs), including what they are, the benefits they offer, and what the interagency final rule entails.
- Published: 2024-11-12
- Modified: 2024-11-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/automated-valuation-models/
Find answers to all your questions around automated valuation models (AVMs), including what they are, the benefits they offer, and what the interagency final rule entails.
An exciting development for the mortgage industry has occurred: Lenders have been given the green light to utilize automated valuation models (AVMs) to make credit decisions. With this development, of course, comes additional ones. The most prominent one being that six federal regulatory agencies issued a final rule implementing quality control (QC) standards for AVMs. This rule was issued on July 17, 2024, and will be put into effect on October 1, 2025. Here’s what lenders need to know to prepare: What Are AVMs & What Are the Advantages of Leveraging Them? Before we dive into the specifics of the new final rule for AVMs, let’s talk about why it’s worth understanding in the first place. Automated valuation models are software-based property pricing tools that can be used to determine home values. They algorithmically calculate property values by leveraging mathematical or statistical modeling as well as existing databases. Here are key reasons why you should take advantage of the opportunity to use AVMs over appraisals to make mortgage lending decisions: Lower Cost Automated valuation models don’t require a licensed appraiser, making them immediately more cost-effective than traditional appraisals. While the average appraisal price is $500, you can leverage AVMs for a very small fee since an automated system doesn’t require any expensive manual labor. Faster, More Accurate Valuations Traditional appraisals, which require in-person visits and appointments, typically take weeks to complete. AVMs, on the other hand, can generate property valuations in a matter of seconds with instant access to much...
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### MetaSource’s 2023 Servicing QC Findings Report Highlights the Ripple Effect of Financial Health Issues
> Download our annual servicing QC findings report to learn how financial pressures led to increased defects and how you can prepare for 2024.
- Published: 2024-10-17
- Modified: 2024-10-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2023-servicing-qc-findings/
Download our annual servicing QC findings report to learn how financial pressures led to increased defects and how you can prepare for 2024.
SALT LAKE CITY, Utah, October 17, 2024 – MetaSource, LLC (“MetaSource”), a trusted mortgage quality control (QC) partner, released its annual servicing QC findings report today. The report provides a list of the top 10 findings for 2023, discusses the ongoing documentation struggles servicers are facing, and even offers predictions for 2024. Most notably, however, the report highlights how deteriorating financial health among both borrowers and servicers created a ripple effect that exacerbated servicing QC challenges last year. Borrower Financial Instability & Increased Bankruptcy Filings Bankruptcy filings surged in 2023 after the Coronavirus Aid, Relief, and Economic Security (CARES) Act mortgage forbearance came to an end and left borrowers struggling to make ends meet. MetaSource found that bankruptcy-related findings, unfortunately, followed suit and increased substantially. MetaSource Servicing QC Manager John Morales shed some light on the specific bankruptcy defects, stating, “We saw many servicers struggling to document notices and proof of claims effectively, and also many dealing with missing billing statement information. ” Servicer Financial Pressures & Staffing Reductions Concerned with their own financial health, a great deal of servicers reduced their workforces to cut labor costs in 2023. According to the MetaSource report, this approach did help servicers achieve cost savings, but it also introduced new challenges in a variety of areas, including escrow timeliness, loss mitigation, lender-placed insurance, and customer inquiries. The final area was perhaps the most surprising to the MetaSource Team. “Prior to 2023, customer communication defects had never appeared on our top 10 findings list,”...
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### Reducing Origination Costs with AI & Mortgage Automation
> Learn how lenders can leverage mortgage automation solutions to reduce origination expenses.
- Published: 2024-08-12
- Modified: 2024-07-25
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/reduce-origination-costs/
Learn how lenders can leverage mortgage automation solutions to reduce origination expenses.
Back in 2021, concerns around mortgage origination costs were on the rise. Unfortunately, they’ve continued to rise since then – and for good reason. According to Freddie Mac’s 2024 Cost to Originate Study, average origination costs have increased by 35% – or a whopping $3,000 – over the last three years. This has many worried lenders asking one very important question: How can I decrease mortgage origination costs and find success in the current market? Embrace AI & Mortgage Automation Technology Many mortgage professionals may not want to admit it, but digital maturity and cost reduction go hand-in-hand. In fact, Freddie Mac’s study reveals that mortgage leaders believe going digital can help them decrease costs by 40%. As more and more advanced technologies – like artificial intelligence (AI) and automation software – become readily available, leveraging them to improve cost efficiency is becoming easier and easier. Let’s dive into the ways AI and mortgage automation solutions decrease origination expenses: Reduced Manual Tasks Automation technology alone can streamline the loan origination process by completing tedious, monotonous tasks on behalf of employees. In doing so, it drastically increases staff productivity and reduces labor expenses. These advantages are heightened when you throw mortgage artificial intelligence into the mix. While automation software can handle predefined tasks, AI has the ability to learn from new information and adapt as needed, making it more suitable for handling complex tasks that typically require more human intervention. When mortgage companies leverage AI tools, they are able to give...
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### MetaSource’s Annual MERS QA Findings Report Reveals M&A-Driven Challenges
> Download our annual MERS QA findings report to learn about the challenges Members faced in 2023, key areas of improvement, and best practices for ensuring MERS compliance.
- Published: 2024-07-29
- Modified: 2024-07-26
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2023-mers-qa-findings-report/
Download our annual MERS QA findings report to learn about the challenges Members faced in 2023, key areas of improvement, and best practices for ensuring MERS compliance.
SALT LAKE CITY, Utah, July 29, 2024 – MetaSource, LLC (“MetaSource”), a leader in MERS quality assurance (QA) and compliance solutions, published its annual MERS Quality Assurance (QA) Findings Report. The report, which covers the top challenges MERS Members faced in 2023, improvements that were made despite a difficult year, and best practices for the future, takes a deep dive into how consolidation efforts have impacted MERS compliance. Staffing Struggles Exacerbated by M&As While concerns around staffing began surfacing in 2022, they increased significantly in 2023, with merger and acquisition activity playing a key role. The MetaSource Team discovered that because of the uptick in consolidation efforts, many MERS Member employees were pushed into new roles and were forced to take on new MERS compliance responsibilities. As a direct result, the number of Members with sufficient quality assurance processes dropped substantially – so much so that MetaSource’s number one finding for 2023 was “Member did not have adequate quality assurance processes in place to satisfy requirements. ” Repercussions in the Form of Data Reviews Data reconciliation was negatively impacted by staffing struggles in 2022. Although this past year didn’t yield as many reconciliation challenges as the prior, it was still an issue. In fact, many Members faced consequences early on in 2024. According to MetaSource Executive Vice President of Mortgage Solutions Mary Walraven, the MetaSource Team observed a rise in data reviews set up by MERS. “The increase was really a result of reconciliation-related vendor responses in 2023,” Walraven said....
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### Exploring the Power of Mortgage Artificial Intelligence
> How are mortgage companies using artificial intelligence? What benefits can your organization gain from mortgage AI? Find answers to these questions here.
- Published: 2024-04-23
- Modified: 2024-04-22
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/ai-in-mortgage-industry/
How are mortgage companies using artificial intelligence? What benefits can your organization gain from mortgage AI? Find answers to these questions here.
The mortgage industry, long characterized by its paper-intensive processes, is evolving. And it’s all thanks to new technologies like artificial intelligence (AI). In fact, according to a recent study conducted by Arizent, the parent company of National Mortgage News, 60% of mortgage organizations already use or will start using AI tools in 2024. While the adoption of AI is increasing, many mortgage leaders are left with several unanswered questions regarding the advanced technology. This blog post will answer them. Top Mortgage Artificial Intelligence Use Cases Let’s start with some of the top ways organizations in the mortgage industry are leveraging artificial intelligence: Document Processing Many mortgage companies are using AI-powered document processing solutions. These solutions automate the extraction and analysis of data from various mortgage-related documents, such as income statements, tax returns, and property appraisals. By leveraging optical character recognition (OCR) and natural language processing (NLP) technologies, these solutions help organizations accelerate document-centric processes like underwriting. Customer Service & Support Deloitte found that 42% of organizations in the financial services sector use artificial intelligence for chatbots, voice assistants, and other conversational tools. Mortgage companies are using these AI-powered tools to provide immediate support and guidance to borrowers. By leveraging NLP algorithms, these solutions can interact with borrowers, answer inquiries, provide updates on loan applications, and assist with document submissions. Fraud Detection & Prevention Mortgage fraud detection systems built with artificial intelligence employ advanced analytics and machine learning algorithms to identify suspicious activity in mortgage applications. By analyzing transactional data, borrower...
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### Key Insights into Mortgage Agency Guidelines in 2024
> Uncover what the mortgage compliance landscape will look like in 2024, so you can effectively prepare and meet agency requirements.
- Published: 2024-03-07
- Modified: 2024-06-19
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-compliance-trends-2024/
Uncover what the mortgage compliance landscape will look like in 2024, so you can effectively prepare and meet agency requirements.
Cost is most certainly a concern for mortgage companies. According to Fannie Mae’s Mortgage Lender Sentiment Survey, “cost-cutting” was lenders’ top priority in 2022 and 2023. It will likely be top of mind throughout 2024 as well. This prioritization has led to an immense number of layoffs over the last couple of years – many of which occurred in lenders’ compliance departments. With volume expected to pick back up this year, the fact that originators are short-handed in the mortgage compliance area is very concerning... and can end up being very costly. In order to avoid fines, you need enough support to stay up to date on guideline changes and make the appropriate process updates to meet new requirements. To help you prepare, here’s an overview of what you can expect from the mortgage agency compliance landscape in the year ahead: Increased Focus on Collateral Risk Assessments Fannie Mae highlighted the importance of meeting collateral risk assessment requirements during its latest quality control (QC) boot camp. During the event, several collateral risk assessment-related issues were discussed. Some of the most prominent included: Field reviews are still being completed instead of the new collateral risk assessments. Collateral risk assessments are either not being completed or include contradictory information. Post-closing QC plans fail to address collateral risk assessments. Back in 2021, Fannie Mae and Freddie Mac replaced their field review requirement with a new collateral risk assessment requirement. With this new standard in place, lenders no longer need to obtain field reviews...
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### MetaSource QC Findings Report Highlights Skyrocketing Appraisal Defects & Loan Type Variations
> Our annual mortgage QC findings report is now available for download. Get your copy today to learn about the top challenges lenders faced in 2023 and predictions for 2024.
- Published: 2024-02-22
- Modified: 2024-06-12
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2023-qc-findings-report/
Our annual mortgage QC findings report is now available for download. Get your copy today to learn about the top challenges lenders faced in 2023 and predictions for 2024.
SALT LAKE CITY, Utah, February 22, 2024 – MetaSource, LLC (“MetaSource”), a trusted leader in mortgage compliance solutions, published its annual Mortgage Quality Control (QC) Findings Report. The report dives into what the MetaSource Team uncovered during its analysis of 2023 QC defects. It provides a complete list of the top 15 findings as well as key insights into trends and challenges. Among the most noteworthy insights were a surge in appraisal defects and differing quality control struggles between loan types. A Notable Increase in Appraisal Findings Year-Over-Year MetaSource discovered there were four times as many appraisal defects in 2023 as 2022. While the increase was significant, it wasn’t necessarily surprising to the mortgage compliance partner. With the Federal Housing Finance Agency focusing more on appraisals, MetaSource enhanced its audit for better red flag identification. The team expected an uptick in appraisal defects upon implementing the enhancement, and this prediction came to fruition. Significant Variations in Findings by Loan Type Appraisal defects varied by loan type, with conventional loans being the driving force behind the increase. Several other observations were also made when taking a look at conventional and Federal Housing Administration (FHA) loan defects. “Conventional loans were the main culprit for Legal/Regulatory/Compliance findings,” according to MetaSource Senior Director of Mortgage Services Brady Meadows. “But, interestingly, 10% of all FHA defects were in this category. ” To learn more about appraisal defects, finding variations by loan type, and additional discoveries made during MetaSource’s analysis of 2023 QC audit findings, download...
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### 3 Signs a Mortgage Document Management Process Upgrade Is in Order
> Unsure whether or not your mortgage document management system is outdated? Here are the key signs it is.
- Published: 2024-02-08
- Modified: 2024-02-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/upgrade-document-management-process/
Unsure whether or not your mortgage document management system is outdated? Here are the key signs it is.
For many organizations in the mortgage industry, front-office processes take precedent over back-office processes. In fact, a survey conducted by Forbes Insights in collaboration with Freddie Mac uncovered that only 1% of mortgage lenders in the United States have achieved fully digital back offices. Since back-office operations rely heavily on document management systems, it’s safe to assume that most organizations in the industry have outdated document management processes. And outdated document management processes are error-prone and can significantly slow down front-office operations as well – regardless of the optimizations you’ve achieved there. When mistakes occur on the back end, they – unfortunately – don’t just disappear on the front end. On the contrary, they typically grow into even bigger issues. To avoid this unfortunate outcome, ask yourself if your document management process needs an upgrade. Here are some signs it does. Documents Consistently Go Missing A telltale sign your current mortgage document management process isn’t sufficient is that you’re constantly missing documents. This has proven to be a challenge for originators, servicers, and investors alike. For originators, missing details and documents aren’t just time-consuming – they also increase the likelihood of investors finding loans defective. This leads to increased repurchase risk. Fannie Mae found that up to 60% of repurchase requests could be avoided just by eliminating missing documents. When it comes to servicing, missing files and details are the primary source of quality control (QC) issues, as discovered in our 2022 servicing quality control audit analysis. Missing bankruptcy notices...
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### 6 Mortgage Market Trends to Watch in 2024
> Prepare for 2024 with the top mortgage market trends. We cover everything from mortgage rates to origination volume to mortgage process outsourcing.
- Published: 2024-01-16
- Modified: 2024-01-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2024-mortgage-trends/
Prepare for 2024 with the top mortgage market trends. We cover everything from mortgage rates to origination volume to mortgage process outsourcing.
This last year was a whirlwind – from surging mortgage rates (hello, 23-year high of 8%) to elevated home prices (hey there, nine consecutive months of gains) to low home sales (how’s it going, 14. 6% year-over-year drop? ). And let’s not forget about the potential of a recession looming over our heads. But 2023 is in the past. It's officially 2024 and mortgage professionals are asking the age-old question: What can we expect in the year ahead? Decrease in Mortgage Rates Mortgage rates have fluctuated dramatically over the last few years. In 2021, the average 30-year fixed rate dropped to a record-breaking low of 2. 65%, making the jump to over 8% this past year particularly jarring for homebuyers and mortgage professionals alike. Fortunately, inflation is slowing and the Fed has paused its aggressive rate hikes, which contributed to the rising mortgage rates over the last year. Due to these recent shifts, experts are predicting lower mortgage rates in 2024. The Mortgage Bankers Association (MBA) expects the 30-year fixed rate to decrease to 6. 1% by the end of the year. This is still higher than pre-pandemic rates, but the downward trend can be seen as a victory in and of itself. Improved Inventory Levels To add to the good news, experts believe housing inventory will improve – at least a little – in the new year. According to a recent report, existing-home inventory is expected to reach 1. 3 million homes by year’s end, which would mark a...
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### Unlocking the Power of Data: A Mortgage Industry Revolution
> Discover the top ways data impacts the mortgage industry, how your organization can improve mortgage data management, and the benefits of doing so.
- Published: 2023-11-30
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/data-power-in-mortgage-industry/
Discover the top ways data impacts the mortgage industry, how your organization can improve mortgage data management, and the benefits of doing so.
In today's fast-paced world, data has become a driving force behind numerous industries, reshaping the way businesses operate and deliver their services. Despite the fact that it has been historically reliant on traditional practices, the mortgage industry is no exception. In fact, Mortgage Professional America (MPA) included data and analytics in its list of top new technologies in the industry. But how important is data in the mortgage industry, really? Let’s dive into the many ways data impacts the industry as well as how your organization can improve mortgage data management and the benefits you’ll achieve if you do. Decision-Making Data-driven decision-making is the cornerstone of the modern mortgage industry. Mortgage companies are now able to leverage vast amounts of data to assess risk, determine creditworthiness, and, ultimately, make more informed lending decisions. Data extraction and document classification solutions, powered by optical character recognition (OCR), artificial intelligence (AI), and machine learning (ML) technologies, play a large role in this. These solutions enable lenders to efficiently extract and utilize relevant information from a wide range of documents, such as bank statements and pay stubs. By automating the extraction process with these solutions, mortgage lenders can significantly reduce manual data entry errors and feel confident that the information they’re using to make decisions is accurate. Borrower Experience Mortgage data analytics and automation have revolutionized the way companies interact with borrowers. Now, borrowers can apply for a mortgage online, upload documents, and track the progress of their applications in real time. This not...
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### New MERS® Compliance Penalties: Everything You Need to Know
> Learn about the new MERS compliance penalties that could break the bank for Members along with solutions for avoiding them.
- Published: 2023-10-26
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2023-mers-compliance-penalties/
Learn about the new MERS compliance penalties that could break the bank for Members along with solutions for avoiding them.
Financial stability is top of mind for organizations in the mortgage industry. In fact, according to Fannie Mae’s recent sentiment survey, cost-cutting was ranked the #1 business priority for the second year in a row. With this in mind, it’s no surprise that any potentially bank-breaking news isn’t necessarily welcome throughout the industry. This makes the new MERS compliance penalties that are going into effect on December 1, 2023 unfortunate and anxiety-inducing for Members. The Updated Penalties, Explained What are these new penalties, you might ask? Let’s dive into them... Several smaller changes are going to be made, including the merging of the “Failure to Comply with Annual Report Requirements” and the “Failure to Comply with Quality Assurance Plan Requirements” violations. This particular update will actually be beneficial to Members since MERS opted to stick with the latter’s amount of $1,000 instead of the prior’s amount of $2,500. However, not all of the forthcoming updates are as advantageous to Members. In an attempt to reduce more critical violations, MERS is doubling the penalty for failing to meet review requirements and, come December, will be charging $5,000 per review for the violation. While that’s a hefty increase, the update with the most potential to break the bank is the addition of a new violation regarding the reconciliation process. When MERS first distributed the new penalty schedule, this new violation’s category was simply “Failure to Comply with Reconciliation Requirements. ” After receiving several concerning comments, MERS updated the category to include “resulting...
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### How to Make the Most of the 2023 NCSHA Annual Conference
> Make the most of your time at the NCSHA’s Annual Conference by attending sessions and meeting with mortgage process outsourcing and technology solution providers.
- Published: 2023-09-28
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2023-ncsha-annual-conference/
Make the most of your time at the NCSHA’s Annual Conference by attending sessions and meeting with mortgage process outsourcing and technology solution providers.
The mortgage market has been anything but steady the last few years, and it’s been anything but easy for prospective homebuyers and homeowners to navigate. According to HousingWire, the market is now the least affordable it’s been in 40 years. This makes the work of housing finance agencies (HFAs) more important than ever. However, effectively providing affordable mortgages isn’t an easy task – especially in the current climate... At the National Council of State Housing Agencies (NCSHA) Annual Conference and Showplace, which is taking place in Boston, Massachusetts on October 14-17, you can uncover best practices and top solutions for achieving your mission – even during a housing affordability crisis. Here's how you can make the most of your time at the event. Attend the Community Meetups Who can you trust – and relate to, for that matter – more than your peers? Community meetups provide the perfect opportunity to discuss key topics, including human resources, information technology, single-family servicing, special needs housing, and multifamily housing. Whether the conversations focus on sharing experiences, tips, or ideas, they’re sure to be educational and inspiring. Make sure to add them to your must-attend list. Sit In on Educational Sessions It’s always a good idea to stay up to date on the latest trends and best practices, but the current affordable housing crisis makes doing so even more critical for HFAs. Luckily, there will be a ton of educational sessions available to NCSHA Annual Conference attendees. Experts will be talking about potential regulatory...
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### Top 10 Servicing QC Findings for 2022
> Uncover all the mortgage servicing documentation challenges that led to compliance struggles and learn how to overcome them.
- Published: 2023-09-06
- Modified: 2023-10-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2022-servicing-qc-findings/
Uncover all the mortgage servicing documentation challenges that led to compliance struggles and learn how to overcome them.
In 2022, the mortgage landscape, shaped by a fluctuating housing market and interest hikes that sent volumes plummeting, left servicers with shrinking portfolios and workforces. It did not, unfortunately, eliminate the hazards around documentation challenges. In some cases, servicers who brought outsourced work back in-house or sold-off parts of their portfolios were left with the more trouble-prone files. At the same time, there were signs of trouble for borrowers, with growing numbers of Chapters 11 and 13 bankruptcy filings and increasing mortgage delinquencies that created additional documentation challenges. This report analyzes the top 10 servicing QC findings identified during MetaSource’s servicing quality control audits in 2022. It also provides some best practices for managing servicing documentation and ensuring compliance. Top Servicing QC Findings for 2022 Below is the complete list of MetaSource’s top 10 mortgage servicing QC findings for 2022. Missing bankruptcy notices and proof of claim documentation Failure to apply payments within 24 hours of receipt Incorrect setup of hazard insurance premiums and due dates Inefficient monitoring and delays in filing for relief from bankruptcy stays on Chapter 7 and 13 filings Absence of current hazard insurance policies in the system of record during the audit period Unaddressed discrepancies between hazard insurance coverage details in the servicing system and the actual insurance binder on file Failure to correctly record payment receipt dates in the servicing system Failure to properly report accurate loan status to credit bureaus Delayed lien release submissions Failure to issue short year statements in a timely...
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### Meet MetaSource at the MBA’s All-New Compliance & Risk Management Conference
> Meet with the MetaSource Team at the new Compliance and Risk Management Conference to learn more about our solutions for mortgage quality control and fraud prevention.
- Published: 2023-08-29
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mba-compliance-and-risk-management-conference/
Meet with the MetaSource Team at the new Compliance and Risk Management Conference to learn more about our solutions for mortgage quality control and fraud prevention.
With interest rate hikes and inflation still taking bites out of the housing market, mortgages “can’t catch a break” – as one headline in the 2023 mortgage rates forecast by Forbes Advisor described. At the same time, there are signs that inflation’s grip on the economy is beginning to loosen. A recent Labor Department report showed the rise in core inflation was “the smallest in nearly two years,” as Reuters reported. And the Mortgage Bankers Association’s July forecast sees 30-year mortgage rates falling to 5. 9% before year’s end. Unfortunately, forecasts aren't set in stone, and economic uncertainty is neither new nor a thing of the past for the mortgage industry. That’s why so many organizations are working on building business resilience through solid strategies for risk management, quality assurance, and fraud prevention. And the MBA’s Compliance and Risk Management Conference is the best event for doing just that. Who, What, When & Where? The all-new conference combines two of the MBA’s industry-leading events – the Regulatory Compliance Conference and the Risk Management, QA and Fraud Prevention Forum – and is taking place September 10-12 in Washington, D. C. There, attendees will hear from GSE and government agency representatives and regulators. Speakers will cover topics ranging from regulatory compliance to mortgage quality control to underwriting to fraud prevention. And the good news doesn’t end there! You’ll also have the opportunity to network and chat with sponsors about solutions that can help you build resilience, like outsourced mortgage QC and fraud...
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### Top MERS QA Findings for 2022
> MetaSource’s 2022 analysis of the top MERS compliance issues shows that rounds of layoffs led to many mistakes.
- Published: 2023-07-06
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2022-mers-qa-findings-report/
MetaSource’s 2022 analysis of the top MERS compliance issues shows that rounds of layoffs led to many mistakes.
Meeting the reconciliation and reporting requirements of MERS® is never effortless, but 2022 was a year that put the best efforts of servicers to the test and then some. With round after round of mortgage industry layoffs, relying on trained and experienced MERS quality assurance (QA) employees to manage compliance functions was no longer an option for many – and it showed. Our annual analysis of third-party QA audits suggests that in many cases, the job was relegated to employees who weren’t necessarily less qualified but had less MERS experience. These employees struggled with a process that can be challenging even for those who have been through it many times. This report discusses the challenges that resulted, highlights one area of improvement, and provides some best practices for ensuring MERS compliance in 2023. Top 2022 MERS QA Audit Findings Here are the MERS QA challenges that gave Members the most trouble in 2022: Member did not reconcile MERS system data in accordance with the requirements of the MERS System Procedures Manual Document samples submitted for review were not compliant with state-specific requirements or with requirements for identifying MERS as the nominee Member did not have adequate quality assurance processes in place to satisfy requirements Enhanced Document Requirements Revealed Additional Errors In previous years, MetaSource auditors focused on whether or not Members had procedures in place for meeting documentation requirements. However, a recommendation that auditors review document samples in addition to processes was recently added to the MERS review guide....
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### 4 Steps to Take Advantage of Non-QM Lending Opportunities
> Learn how to effectively take advantage of the rise in non-QM lending by understanding the landscape, knowing the risks, and partnering with an experienced mortgage QC audit provider.
- Published: 2023-06-30
- Modified: 2023-10-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/non-qm-lending-opportunities/
Learn how to effectively take advantage of the rise in non-QM lending by understanding the landscape, knowing the risks, and partnering with an experienced mortgage QC audit provider.
High interest rates, a shrinking housing supply, and economic uncertainty have made 2023 another erratic year for mortgage originators. While the continued downturn has disrupted the industry, it has also presented originators with an opportunity to approach their portfolios with more creativity and flexibility. Queue non-QM – or non-qualified mortgage – lending. Non-QM loans, which are originated for borrowers who fall short of typical qualified mortgage requirements, have recently risen in popularity. And while they can be a great way for originators to diversify their portfolios and excel in a down market, they don’t come without risks and challenges. This blog post will help you navigate these risks and challenges, so you can take advantage of non-QM lending opportunities effectively. Monitor the Evolution of the Non-QM Lending Space The demand for non-QM loans, which do not meet the Consumer Financial Protection Bureau’s Ability-to-Repay / Qualified Mortgage Rule (ATR/QM Rule), has surged in recent years. Industry experts believe this trend will likely continue, or even increase, through the end of 2023. Originators scarred by the 2008 housing crisis may view this development with a wary eye. In reality, non-QM loans – while not without their risks – are unlike subprime loans and must still meet the ATR rule under the Dodd-Frank Act. This fact (and the changed nature of the mortgage market itself) means a repeat of 2008 is highly unlikely. While the demand for non-QM loans is currently elevated, there is no guarantee it will remain that way. Lenders should...
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### How to Recession-Proof Your Mortgage Business
> Ensure your mortgage company can effectively navigate a recession by cutting costs with mortgage process outsourcing, adopting a forward-thinking approach, and more.
- Published: 2023-05-31
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-recession-proof-your-mortgage-business/
Ensure your mortgage company can effectively navigate a recession by cutting costs with mortgage process outsourcing, adopting a forward-thinking approach, and more.
Is a recession on the horizon? According to Bankrate’s quarterly survey of economists, there’s a 64% chance that it is. And if those odds weren’t troubling enough, the survey found that nearly half of the participating economists feel the chances are at 70% or greater. While this forecast is most certainly unsettling, it isn’t very surprising – especially with the Fed’s continuous rate hikes and the current banking crisis. The good news? Although it’s challenging to thrive during a downturn, it’s not impossible. Here are strategies for building resilience, navigating a downturn, and positioning your organization to take advantage of opportunities that emerge, and, ultimately recession-proofing your business. Start Preparing Now While it’s impossible to predict how, exactly, the mortgage market will fare in the coming months, the best time to start planning is now. Companies that anticipate the impact a downturn could have on their businesses, implement safeguards, and work to mitigate potential damage will come out on top. Specific steps will vary based on the individual needs of a business. However, generally speaking, most companies would be wise to prepare by developing a cash management plan, seeking innovative ways to leverage their core competencies, and approaching strategies and processes with flexibility. It’s also a good idea to pay close attention to the current needs and wants of borrowers. You can use their input to uncover new opportunities. Consider inquiring about borrowers’ interest in products outside of your current offerings. If you don’t already play in the non-QM lending...
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### Top 5 HFA Outsourcing Myths, Busted
> Don’t let these common misconceptions about mortgage business process outsourcing for HFAs prevent your organization from getting the help you need.
- Published: 2023-04-24
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/hfa-outsourcing-myths-busted/
Don’t let these common misconceptions about mortgage business process outsourcing for HFAs prevent your organization from getting the help you need.
Outsourcing portions of your business processes is arduous to implement, results in a loss of control, and leads to unwanted staff reductions, right? Wrong, wrong, and wrong! But if your housing finance agency (HFA) believes myths like these, you’re not alone. Most HFAs think that outsourcing labor for tasks like loan purchase reviews, loan file indexing, quality control audits, and trailing document management will do anything but assist them in accomplishing their missions. Fortunately, that’s not the case. Let’s put our MythBusters hats on and dive into the top HFA outsourcing misconceptions. Myth #1: Outsourcing leads to a lack of quality control and transparency. When things go awry in HFA lending processes, the fallout has the potential to harm the lender partners or borrowers that housing agencies are dedicated to serving. For this reason, many HFAs resist relinquishing control over their work to external players, like outsourcing partners. They fear that outsourcing will dilute their visibility into processes and lessen their control over work quality. But that couldn’t be further from the truth. The best mortgage business process outsourcing (BPO) partners function as members of housing agencies’ teams. These workers can be foreign, but in most HFA instances, they are 100% U. S. -based. They perform the same tasks on the same platform as in-house employees, supplementing efficiency and execution. The result? A blend of internal and outsourced staff working in unison to deliver on agency missions, provide a great lender partner experience, and ensure complete transparency. Myth #2: Outsourced...
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### Top 3 Things to Look For in a Third-Party Review Due Diligence Provider
> Uncover the top three things to look for when selecting a mortgage due diligence partner, so you can ensure compliance and improve risk management.
- Published: 2023-04-06
- Modified: 2024-06-14
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/third-party-review-due-diligence-provider-evaluation/
Uncover the top three things to look for when selecting a mortgage due diligence partner, so you can ensure compliance and improve risk management.
This month marks the biggest bank failure since 2008, according to HousingWire. Between the collapse of Silicon Valley Bank, the declining mortgage rates that followed, inflation, and staffing issues, today’s mortgage market is buzzing with uncertainty. But your due diligence process doesn’t have to be. With the right third-party review (TPR) due diligence partner, you can ensure compliance, improve risk management, and maintain a process that gives you confidence. The question is: how do you choose the right partner? Here are three things to look for when evaluating providers. 1. Deep Expertise The experience of a potential mortgage due diligence partner’s staff should be top of mind. Look for an organization whose well-trained employees have a broad understanding of loan types and investor guidelines as well as a wide range of skills, including underwriting, compliance, and collateral assessment. This expertise may be assessed by reviewing staff resumes. It may also be validated by external rating organizations like DBRS Morningstar, S&P Global Ratings, Kroll Bond Rating Agency, and Fitch Ratings. These rating agencies evaluate TPR firms’ knowledge, experience, and compliance with a broad range of criteria around staffing, infrastructure, and capabilities. Legitimate providers with a knowledgeable staff will have a high number of acceptances from rating agencies like these. 2. Diverse Experience & Offerings The mortgage process is multifaceted and complex, which is why the best TPR due diligence providers are not one-trick ponies. They have experience with all standard agency product types as well as more niche ones – like...
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### A Guide to Mastering the 2022 IRS 4506-C Form
> Discover what mortgage lenders need to know about the latest version of the IRS 4506-C Form, including a brief history and key updates.
- Published: 2023-03-29
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2022-irs-4506c-form-updates/
Discover what mortgage lenders need to know about the latest version of the IRS 4506-C Form, including a brief history and key updates.
The Internal Revenue Service's (IRS) 4506-C Form is a critical tool that mortgage lenders and other financial institutions use to obtain tax transcripts with the consent of the taxpayer. First implemented in 1988 as a fraud prevention measure, the IRS has released several versions of the form and upgraded its process over the last few decades. Now, with the 2022 4506-C Form being the only version accepted by the IRS, mortgage lenders are faced with a new process, new requirements, and, in turn, many new questions. Fortunately, you can find the answers you’re looking for here. A Brief History of Form 4506 Before we jump into what’s new with the latest version of the form, let’s take a look at where it all started... The original version, known simply as the 4506 Form, was used to obtain complete copies of tax returns from the IRS. It was built on a print and mail process that was inefficient and became antiquated. When the IRS released the 4506-T Form in 2018, it upgraded to an Income Verification Express System (IVES) fax-based service and replaced the full tax return copy requirement with a transcript-only one. The goal behind this update was to improve wait times and overall efficiency. However, that process, like the one before it, proved to be less than ideal for all parties involved in the new digital age of mortgages. This dissatisfaction led the IRS to make additional changes. In 2019, the first version of Form 4506-C was introduced, and...
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### Top 15 Mortgage QC Findings for 2022
> Our analysis of 2022 mortgage QC audits shows a troubling jump in defects that result in repurchase demands. Learn how you can lower repurchase risk and excel in 2023.
- Published: 2023-02-28
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/qc-findings-2022/
Our analysis of 2022 mortgage QC audits shows a troubling jump in defects that result in repurchase demands. Learn how you can lower repurchase risk and excel in 2023.
For the mortgage industry, 2022 must have felt a bit like whiplash: from the chaos of record volume and staffing shortages in 2021 to plummeting originations and layoffs just a year later. And mortgage quality control was not immune to the effects of such see-sawing industry challenges. While “closing disclosure tolerance defects” held the first spot in the MetaSource Team’s top QC findings list – as it consistently has for years, our analysis revealed a troubling pattern in the rise of defects that most closely correlate to repurchase risk. In 2022, four such defect categories jumped in the rankings. This findings report provides details behind those numbers, along with some tips for how you can prevent findings – and repurchase risks – in 2023. Top QC Findings for 2022 Here is the complete list of our top 15 mortgage QC findings for 2022, including all loan types and both regulatory and agency findings: Closing Disclosure – Defective – Tolerance Product Parameter – Points and Fees Income Documentation – Aged Income Not Documented – Other Closing Disclosure Defective – Calculating Cash to Close Insufficient Assets to Close Closing Disclosure – Defective Other Application / Processing Documentation – Loan Estimate – Timing Violation Other Application / Processing Documentation – Intent to Proceed Incorrect Income Calculation – Other DU or AUS Findings Report – Missing or Defective Closing Disclosure – Timing Violation Undisclosed Liability TILA Finance Charge Violation Property Insurance Not Documented – Missing or Defective Documentation Challenges: The Mortgage QC Equivalent of...
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### 3 Signs Your Mortgage Business Could Benefit from Automation
> Learn how the right mortgage automation solutions can help you improve turn times and customer satisfaction, reduce costs, and navigate workforce challenges.
- Published: 2023-02-08
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/signs-to-automate-your-mortgage-processes/
Learn how the right mortgage automation solutions can help you improve turn times and customer satisfaction, reduce costs, and navigate workforce challenges.
Amid a backdrop of headline inflation, elevated interest rates, and declining demand for mortgages, lenders nationwide have been forced to devise creative ways to remain competitive and profitable. For some industry leaders, this means exiting channels and shrinking portfolios. The good news? There is a way to excel without minimizing opportunities. Automation can be deployed throughout the entire loan lifecycle to reduce costs and increase accuracy, efficiency, and consumer satisfaction all at once. But how do you know if mortgage automation solutions are right for your organization? Here are three signs you could benefit from them: 1. Poor Turn Times and Unhappy Borrowers Customer tolerance for lagging turn times has plummeted. According to a McKinsey report, borrower satisfaction drops by around 15% if lenders take more than 10 days to approve or deny a loan application. In direct competition with customer demands for rapid turn times is the simple fact that the manual processes involved in mortgage lending and servicing can be cumbersome and time consuming. Lenders and servicers who still use manual processes can quickly get bogged down in the mountain of documents and data. If this seems like a hopeless situation, rest assured that it is not. Automation can reduce burdens on employees and, in turn, streamline processes and accelerate turnaround times. Take mortgage origination automation as an example. This solution can bridge the gap between mortgage point-of-sale (POS) platforms and your loan origination system (LOS). It ingests and classifies documents from borrower-facing POS systems, and then extracts...
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### 5 Strategies for Building Business Resilience in the Mortgage Industry
> Learn how mortgage companies can thrive in difficult times by increasing business resilience through mortgage automation and outsourcing.
- Published: 2023-01-19
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/strategies-for-building-business-resilience-in-the-mortgage-industry/
Learn how mortgage companies can thrive in difficult times by increasing business resilience through mortgage automation and outsourcing.
The pandemic and its aftermath left many businesses reeling - including those in the mortgage industry. From spiking demand and “Zoomtowns” where remote workers moved in faster than houses could be built to the rising interest rates that have lenders downsizing, economic uncertainty doesn’t really begin to cover the experience of mortgage professionals over the past few years. Economic whiplash is more like it. And amid expectations that mortgage originations will remain sluggish in 2023, mortgage companies know firsthand the importance of resilience in the face of challenging conditions. Resilience, however, does more than deflect the effects of immediate turbulence. It also provides the foundation you need to prepare for whatever the future brings. But how can you build business resilience in the mortgage industry? Here are some key strategies. Implement Mortgage Technology Technology is one of your biggest assets for building resiliency. From cloud-based mortgage document management solutions to origination automation to loan boarding solutions, technology streamlines mortgage processes. It can help you keep up during high-volume times and effectively navigate staff shortages. Not to mention, technology gives your employees back the time they need to focus on what they do best and improves turn times. This is crucial since speed is one of the most important factors borrowers consider when choosing a mortgage lender, according to ICE Mortgage Technology’s 2022 Borrower Insights Survey. With the right solutions, you can rest assured that your organization will maintain impressive turnaround times, continue to operate efficiently, and attract business – regardless...
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### 7 Mortgage Market Trends to Watch in 2023
> Uncover the mortgage market trends experts are predicting for the new year, so you can ensure you’re prepared for what 2023 will hold
- Published: 2022-12-23
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-market-trends-to-watch-in-2023/
Uncover the mortgage market trends experts are predicting for the new year, so you can ensure you’re prepared for what 2023 will hold.
With mortgage rates beginning to drop after a period of escalation following a series of rate hikes by the Federal Reserve, the mortgage industry is bracing for a year of recession and retrenchment in 2023. How can you prepare your organization for what’s to come? By keeping abreast of the latest predictions. Here are some of the trends that experts expect to drive the market in 2023. Decrease in Origination Volume Due to Recession Between high inflation and a slow housing market, industry leaders predict a recession in early 2023. The Mortgage Bankers Association (MBA) forecasts recession within the first 6 months of the year and a decline in originations as a result. As reported by HousingWire, the MBA expects both purchase originations and refinances to fall this coming year, with total origination volume dropping from $2. 26 trillion in 2022 to $2. 05 trillion in 2023 – a 9% decline. Fannie Mae also expects a recession to hit in early 2023 and originations to subsequentially fall. With its Chief Economist Doug Duncan considering the likelihood of fewer home sales and higher mortgage rates, the government-sponsored enterprise recently decreased its 2023 outlook from $2. 29 trillion to $2. 17 trillion. While the MBA and Fannie Mae predict different origination volumes, it’s clear that they’re on the same page when it comes to the likelihood of a recession and the impact it will have on both purchases and refinances in 2023. Uptick in Layoffs & Outsourcing With a recession looming over...
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### A Checklist for Developing a Successful Mortgage QC Process
> Download our mortgage QC checklist to ensure your QC process includes the right people and technology and is free of costly and disruptive gaps.
- Published: 2022-11-17
- Modified: 2024-06-19
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/a-checklist-for-developing-a-successful-mortgage-qc-process/
Download our mortgage QC checklist to ensure your QC process includes the right people and technology and is free of costly and disruptive gaps.
Mortgage quality control (QC) is never simple. QC professionals have a lot on their plates – from developing question sets to keeping up with fluctuating volumes to meeting the shifting expectations of agencies and investors. But this complex to-do list doesn’t need to be a constant source of worry. With this mortgage QC checklist, you can establish a reliable quality control process and find success. Auditor Experience How experienced is your audit staff? Conducting mortgage quality control audits is by no means easy, which means the employees responsible for them need to be well-versed. Your auditors should be very familiar with agency and investor guidelines, as well as federal and state regulations, and have a minimum of 7 years’ underwriting experience. The ideal QC professional also has their Direct Endorsement (DE) and Lender Appraisal Processing Program (LAPP) approval designations and stays updated on best practices.
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### MetaSource Adds Fraud Audit Services to Growing Suite of Mortgage Solutions
> Learn how MetaSource’s new mortgage fraud audit services can help you avoid financial loss, compliance headaches, and business disruption
- Published: 2022-11-01
- Modified: 2024-06-21
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-adds-fraud-audit-services-to-growing-suite-of-mortgage-solutions/
The risk of fraud is never a small concern in the mortgage industry, but rising interest rates, unsettled market conditions, and increased digital operations have elevated the threat. With refinance volume on a continuous decline and purchase loans making up the majority of transactions, industry insiders are predicting a rising risk of income and property fraud. HousingWire advises lenders to be hypervigilant, stating that the “need for caution intensifies given the expected increase in interest rates, which essentially puts consumers on a time limit for maximizing their purchase power”. Protecting your business from mortgage fraud is not a simple undertaking, but leaving yourself exposed to undetected fraud has consequences that can include significant financial loss, compliance headaches, and business disruption. Reducing the Risk of Mortgage Fraud Mortgage fraud covers a broad range of schemes – from false information on borrower applications to complex crimes involving document fabrication, identity theft, banking, and wire fraud. Fortunately, there are proven ways to safeguard your business. It starts with recognizing the risks and ensuring that vigilance and mortgage QC are built into your processes. An experienced mortgage risk assessment partner with the right technology for keeping track of reports and key metrics can dramatically simplify the effort and help you protect your organization. Shielding Your Organization from Fraud Losses MetaSource is now that partner! The MetaSource team is pleased to announce that we have added mortgage fraud audit services to our list of mortgage solutions. According to Mary Kladde Walraven, MetaSource’s Executive VP of...
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### Let’s Chat About HFA Solutions at the NCSHA’s 2022 Annual Conference
> Visit MetaSource at the NCSHA’s Annual Conference to learn how we can help your housing finance agency expedite turn times, reduce costs, ensure compliance, and effectively fulfill your mission
- Published: 2022-10-19
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/hfa-solutions-ncshas-annual-conference/
The work of state housing finance agencies (HFAs) across the country has never been easy. But it’s safe to say that it’s rarely been tougher than in recent years, as pandemic-related hardships added hundreds of thousands of homeowners to the population in need of housing support. Between COVID-driven job losses and forbearance plan expirations followed by inflation reaching a 40-year high, homeowners have been faced with challenge after challenge over the last few years. These challenges put added pressure on housing agencies whose missions are focused on helping homeowners in need. When representatives of state housing finance agencies gather in Houston on October 22-25 for the National Council of State Housing Agencies (NCSHA) Annual Conference and Showplace, the affordable housing community’s top challenges will be a main topic of conversation. Hardships Compounding State HFA Challenges Over the last few years, the increase in homeowners in need of immediate assistance resulted in a flood of work for the housing agencies. Take the Homeowner Assistance Fund (HAF) for example. The federal program was put into place this past year to help struggling homeowners and prevent foreclosures, delinquencies, homeowner displacement, loss of utilities and home energy services, and defaults. And the housing finance agencies were put in charge of distributing the funds in the timeframe homeowners need. What exactly does this task look like? Simply put, a lot of paperwork to go through and a lot of stress. Big Jobs Call for Big Solutions Allocating HAF funds is a big job in and...
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### How to Reduce Mortgage QC Costs by 50%: A Case Study
> Learn how outsourcing QC audits can help you reduce mortgage quality control costs by 50% and better respond to market volatility.
- Published: 2022-09-28
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-qc-case-study-academy-mortgage/
Learn how outsourcing QC audits can help you reduce mortgage quality control costs by 50% and better respond to market volatility.
Inflation is affecting everyone, and the mortgage industry isn't an exception. Mortgage rates have gone through the roof and are still climbing. In fact, this is the highest mortgage rates have been in over a decade, and Fannie Mae just recently cut its mortgage origination forecast for 2022 from $3 trillion to $2. 8 trillion and its projection for 2023 from $2. 7 trillion to $2. 4 trillion. This suggests that today’s low production volumes will remain a challenge, negatively impacting mortgage lenders’ bottom lines. Lenders are going to have to think outside the box to cut costs and overcome the challenges that come with falling mortgage applications all while navigating a time of heightened regulatory scrutiny. Should You Conduct Mortgage Quality Control Audits In-House? Have you considered how much conducting mortgage quality control audits in-house costs? What about the kind of skill set your staff needs to efficiently complete them? While it may seem like a good idea initially, in-house QC audits often cost significantly more than outsourcing. Here are a few key points to keep in mind when making your decision: Experienced personnel: Auditors must have a deep understanding of agency and investor guidelines, as well as federal and state regulations. Mortgage QC experts with at least 7-10 years of underwriting experience are the best people for the job. Staff bandwidth: Staff must have the bandwidth to keep up with ever-changing agency and investor requirements and adhere to strict mortgage QC turn times. Fluctuations in volume: When volumes...
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### Top 10 Servicing QC Findings for 2021
> Learn why overcoming document shortcomings is more important than ever, and discover how to ensure compliance in 2022.
- Published: 2022-09-14
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/top-10-servicing-qc-findings-for-2021/
Learn why overcoming document shortcomings is more important than ever, and discover how to ensure compliance in 2022.
Document challenges continued to be a leading cause of QC trouble for mortgage servicers in 2021, a year in which record high mortgage levels exacerbated the effects of process shortcomings. It was a problem that left servicers unable to substantiate a wide array of process requirements, from documenting timely follow-ups to customer inquiries to missing disclosures on service transfer letters. In fact, documentation lapses made up 9 of the top 10 findings identified in MetaSource’s annual analysis of servicing QC findings. This findings report discusses what the top 10 findings were, why documentation remains a main source of difficulty, and how to overcome document challenges and ensure compliance. Document Management: A “Daunting Task” for Mortgage Servicers Our 2021 analysis shows that missing documents left servicers unable to provide proof that they met requirements. In many cases, servicers’ underlying processes were fully compliant, but the supporting records were insufficient or inaccessible at the time of the audit. Why was this the case? MetaSource’s QC Manager John Morales said it best. “Establishing and maintaining adequate document management processes can be a daunting task,” he said. In some cases, Morales said, the documents required to substantiate compliance were notated in the servicer’s records, but the original document image, which can be difficult to retrieve, was not available at the loan level. According to Morales, many servicers relied on notations and codes as proof that requirements were met. Unfortunately, this led to negative outcomes. “Reliance on codes and notations alone to substantiate work completed...
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### Join MetaSource at the MBA’s 2022 Risk Management, QA & Fraud Prevention Forum
> Join MetaSource at the MBA’s 2022 Risk Management, QA & Fraud Prevention Forum and share tips and insights for safeguarding against fraud.
- Published: 2022-09-02
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mba-2022-risk-management-qa-fraud-prevention-forum/
Join MetaSource at the MBA’s 2022 Risk Management, QA & Fraud Prevention Forum and share tips and insights for safeguarding against fraud.
As the mortgage industry shifts from last year’s frenzy to a period of declining demand, good strategies for risk management, quality assurance, and fraud prevention are likely to play a bigger role in keeping business on an even keel. As reported by The Wall Street Journal, spiking home prices, inflation, and record-high mortgage rates have cooled demand in a market that not so long ago was the source of “Zoomtowns”, where remote workers flooded in and houses couldn’t be built fast enough. “Sales of existing U. S. homes have declined for five straight months,” the newspaper reported. “Consumers are nervous that mortgage rates will keep rising, and buyer budgets are crimped by inflation and stock-market declines. ” Against that backdrop, mortgage industry professionals will gather September 11-13 in Nashville for the Mortgage Bankers Association’s (MBA) Risk Management, QA and Fraud Prevention Forum. Attendees will have the opportunity to share tips and insights for safeguarding against fraud, keeping up with agency and investor requirements, and ensuring mortgage compliance throughout bumpy market conditions. Navigate the Ups and Downs of a Bumpy Market with Outsourced QC Services With mortgage applications down, the risks of business being outpaced by costs will rise. That’s where outsourced mortgage quality control services and a variable cost model can help. Outsourcing to a reliable partner leaves you with the flexibility you need to reduce costs when volumes are low without being caught short when volumes rise. Outsourcing quality control can also ensure that nothing is missed at a...
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### Pre-Fund, Post-Close & Servicing QC: What’s the Difference?
> Learn about the QC processes across different points in the loan life cycle to ensure compliance with agency, regulatory, and investor guidelines.
- Published: 2022-08-24
- Modified: 2024-06-19
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/pre-fund-post-close-servicing-qc-differences/
Learn about the QC processes across different points in the loan life cycle to ensure compliance with agency, regulatory, and investor guidelines.
Mortgage quality control is a complex process with a lot of people, documents, and details at every step. Get it wrong, and the risks can be steep. From the repercussions of non-compliance, to repurchase remedies, to the business risks of inefficient and gap-ridden processes, QC is not something you can afford to do halfway. This is especially true in the current regulatory environment. The Consumer Financial Protection Bureau (CFPB) has made it clear that it will continue to closely monitor both mortgage servicers and lenders. Getting mortgage quality control right under these circumstances requires a thorough understanding of agency, regulatory, and investor requirements as well as possible obstacles. Additionally, when it comes to pre-funding QC, post-closing QC, and servicing QC, the requirements and obstacles vary. Here’s what you need to know about QC processes across different points in the loan life cycle. Establishing Solid Pre-Fund QC Practices for Foundational Compliance Pre-funding QC is a long-established practice in the mortgage industry and a requirement for lenders selling to Fannie Mae, Freddie Mac, Ginnie Mae, and FHA. Using standards from post-close QC audits, pre-fund audits flag problems before loans are closed, enabling you to identify and correct issues before they grow into larger headaches. High-quality pre-fund QC audits provide in-depth feedback and analysis to help you adhere to agency and investor guidelines. These audits provide thorough risk assessments of your in-house underwriting quality and also detect potential fraud and high-cost violations. In order to achieve a successful pre-fund QC process, you need...
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### What Role Can BPO Play in the Mortgage Industry?
> Mortgage process outsourcing can increase productivity, save money, and boost morale. Learn how to leverage BPO services to scale your business.
- Published: 2022-08-16
- Modified: 2024-06-10
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/what-role-can-bpo-play-in-the-mortgage-industry/
Mortgage process outsourcing can increase productivity, save money, and boost morale. Learn how to leverage BPO services to scale your business.
Business process outsourcing (BPO) can play a vital role in streamlining your mortgage processes for efficiency, accuracy, and compliance. BPO involves outsourcing work to a third-party service provider who specializes in one or more business functions of a company. As opposed to hiring a consultant or working with a staffing agency to fill a need, hiring a BPO service provider offers a more holistic, tailored solution to your needs. But what exactly does this mean – and how can it improve your mortgage organization? The (Many) Benefits of Mortgage BPO Mortgage BPO services are designed to help organizations overcome common challenges and reach business goals in the most efficient, cost-effective way possible. Here are a few benefits you can gain from mortgage process outsourcing: Increase Productivity It’s an inevitable fact: mortgages = paperwork. Lots of it. And this paperwork takes a great deal of time to process and manage. Done incorrectly, and you can end up with missing documents and slow turnaround times. This can lead to several other issues – from failing to meet deadlines to providing less than satisfactory customer service. With BPO services and technology from a trusted partner, however, you can rest assured that your mortgage documents and data entry processes are handled properly and your mortgage operations are streamlined – even during high-volume periods. Save Money One of the most attractive benefits of mortgage BPO services is cost reduction. By outsourcing your mortgage processes, you convert from a fixed cost model to a variable cost...
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### How to Achieve a Successful MERS Season
> Learn how to overcome your MERS compliance challenges and easily meet MERS QA standards.
- Published: 2022-07-28
- Modified: 2024-06-14
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/achieve-mers-season-success/
Learn how to overcome your MERS compliance challenges and easily meet MERS QA standards.
Does the thought of MERS Season evoke a preemptive data-induced headache? If so, you’re not alone. For many MERS Members, the process is riddled with complications and time-consuming setbacks. As reported in the National Mortgage News in May, our annual analysis of MERS QA findings for 2021 identified staffing shortages and unfamiliarity with requirements as two major challenges this past year. But, as every MERS Member knows, the struggles don’t end there. Servicers continuously struggle with data reconciliation and subservicer management as well. The good news is that a successful MERS Season isn’t out of reach. With a few best practices in place, you can leave the headaches behind once and for all. Start the Review Process Early You know what they say: early bird gets the... compliance gold star! When it comes to MERS Season, early is a crucial advantage. Waiting until the last minute can open a can of worms and result in missed deadlines, errors, and findings. As a best practice, start the process early in the third quarter, at the very beginning of MERS Season. This will ensure that you have enough time to identify errors and make any needed corrections well in advance of the December 31st deadline for the MERS e-annual report. Utilize Reconciliation Software Reconciliation software is the key to easily meeting MERS QA standards. In fact, according to our annual analysis of MERS QA findings, advanced software had a lot to do with the fact that Members didn’t struggle with data reconciliation...
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### A Guide to Preparing for Fannie Mae MORA Reviews
> Learn how MetaSource can help you take a best practice approach to Fannie Mae Mortgage Risk Assessment (MORA) reviews.
- Published: 2022-06-22
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/a-guide-to-preparing-for-fannie-mae-mora-reviews/
Learn how MetaSource can help you take a best practice approach to Fannie Mae Mortgage Risk Assessment (MORA) reviews.
Mortgage lenders undergoing a Fannie Mae Mortgage Origination Risk Assessment (MORA) audit need to have their docs in a row – especially during a period of heightened regulatory focus. In the Federal Housing Finance Agency’s (FHFA) strategic plan for 2022-2026, the agency listed “secure the regulated entities’ safety and soundness” as its first goal for the next 4 years, with “identify risks to the regulated entities” as the first objective within the goal. That said, it’s likely that the GSEs will increase their focus on risk assessments. For Fannie Mae, this translates to placing greater emphasis on MORA reviews. As a lender, you need to adequately prepare for this type of review in order to ensure compliance. Here’s your guide to doing just that... What Is a MORA Review? Fannie Mae's MORA review was designed to evaluate how well a mortgage company meets the agency’s guidelines and to gauge operational risks. The process begins with the Fannie Mae team reaching out to your Fannie Mae customer account team to review any changes in your organization or your contract, as well as any issues outstanding from a previous review. Fannie Mae reviewers will collaborate with a main contact on your team to manage the submission of documents and ongoing communications during the review process. Once the actual review is scheduled, Fannie Mae will send out a list of the required documents approximately 80 days in advance. This list includes: Copies of policies Written procedures Various reports Selected loan files Due dates...
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### How to Prepare for the Flood of Homeowner Assistance Fund Applications
> Learn how your housing finance agency can prepare for the impending wave of homeowner assistance fund (HAF) applications.
- Published: 2022-06-08
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-prepare-for-the-flood-of-homeowner-assistance-fund-applications/
Learn how your housing finance agency can prepare for the impending wave of homeowner assistance fund (HAF) applications.
Over the last several months, many Homeowner Assistance Fund (HAF) programs were approved by the U. S. Department of the Treasury and opened up for applications. Some states that have not yet begun accepting applications will likely do so soon. According to Stockton Williams, Executive Director of the National Council of State Housing Agencies, the council expects all programs to be open by June. As struggling homeowners look to take advantage of the financial relief available through the HAF programs, the state housing finance agencies (HFAs) responsible for distributing the funds are preparing for a flood of applications. Here’s how your HFA can prepare for the work ahead and effectively provide homeowners with the assistance they need. The Complexities Staffing plays a big role in successfully managing the HAF application process. You need to have the necessary resources on-hand to handle the flood of applications coming in. Without sufficient staffing, you risk failing to efficiently review and approve applications and get funds into struggling homeowners’ hands. In addition to maintaining the necessary resources, housing finance agencies must adequately coordinate with mortgage servicers. The application process requires documentation from servicers to determine borrowers’ eligibility for the funds. Unfortunately, obtaining this documentation quickly has not been easy and has led to lengthy turnaround times for agencies that have already started accepting applications. The Urgent Need The complexities of the process don’t outweigh the urgent need for the funds as homeowners exit forbearance and struggle to avoid foreclosure. According to the Mortgage Bankers...
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### 2021 MERS QA Findings Report
> Read about the top MERS QA audit findings for 2021 and the best practices for ensuring MERS compliance in 2022 in our latest report.
- Published: 2022-05-17
- Modified: 2023-11-27
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/2021-mers-qa-findings-report/
Read about the top MERS QA audit findings for 2021 and the best practices for ensuring MERS compliance in 2022 in our latest report.
Staff shortages, office closings, and high volumes created ongoing disruption for the mortgage industry in 2021. And, based on MetaSource’s annual analysis of third-party QA reviews, some MERS processes suffered as a result. Overall, our analysis showed that the top three areas of MERS compliance challenges fell along familiar themes. We also discovered that while the overall exception rate increased from 11% in 2020 to 19% in 2021, some notable improvements were made. This report discusses why these improvements occurred, details surrounding what MERS Members struggled with the most, and best practices for overcoming these struggles in the future. Top MERS QA Audit Findings for 2021 Here are the MERS QA challenges that Members struggled with most in 2021: Written internal policies and procedures were missing or did not contain enough detail to ensure compliance with the most recent MERS requirements Failure to conduct monthly or quarterly data reconciliation based on requirements and volume Failure to properly manage/monitor internal audits, subservicer, or third-party vendor through reporting of QC reviews to confirm MERS standards are met The Challenges of Maintaining Detailed, Up-to-Date Policies & Procedures Ensuring that internal policies are thorough and up-to-date is a perennial struggle for many MERS Members. But it was heightened in 2021 when additional difficulties, including staffing shortages, left some servicers without the MERS support they needed. Many servicers were left to rely on staff members who were unfamiliar with MERS requirements and the level of detail necessary to meet current policy and procedure expectations. Other...
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### Why Outsourcing Mortgage QC Audits Is More Important Than Ever
> Learn all about the challenges lenders are currently facing and why these challenges are driving them toward outsourcing mortgage QC audits.
- Published: 2022-05-12
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/why-outsourcing-mortgage-qc-audits-is-more-important-than-ever/
Learn all about the challenges lenders are currently facing and why these challenges are driving them toward outsourcing mortgage QC audits.
Outsourcing mortgage quality control (QC) audits isn’t a new, brilliant notion that just hit the industry. In fact, outsourced QC services have been around for decades. However, today's market challenges and production volumes may have you reconsidering taking another look at outsourcing this functionality to a reliable third-party QC provider. After all, current trends with little relief in sight are driving more and more lenders toward this consideration. The Challenges Lenders Are Currently Facing The mortgage market is buzzing with challenges that lenders need to overcome. One obstacle that’s likely top of mind is rising interest rates. Since the Federal Reserve has started increasing the Federal Funds Rate, mortgage rates have skyrocketed and are still climbing. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage reached 5% in the second week of April. This is the highest mortgage rates have been in over a decade – and Freddie Mac’s data shows a continuous steady increase. With inflation being a main cause for the climbing interest rates, falling mortgage applications is an unsettling result. The Mortgage Bankers Association’s (MBA) April 15th Mortgage Applications Survey revealed that applications decreased 5% from the previous week. This reduction in mortgage demand puts lenders in a position where decreasing costs is not just ideal – it’s crucial. At the same time, the pressure to ensure compliance has heightened with increased regulatory scrutiny. The Consumer Financial Protection Bureau (CFPB) previously announced its commitment to resolving fair lending issues, and its recent questionnaires to...
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### Mortgage QC Best Practices to Ensure Compliance in Any Market
> Learn about mortgage QC best practices & how MetaSource provides clients with the QC solutions they need to streamline processes & eliminate obstacles.
- Published: 2022-05-04
- Modified: 2024-06-19
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-qc-best-practices-to-ensure-compliance-in-any-market/
Learn about mortgage QC best practices & how MetaSource provides clients with the QC solutions they need to streamline processes & eliminate obstacles.
While you can’t control rising interest rates or changing economic conditions, you can control your quality control (QC) processes. The right QC practices bring a level of stability and consistency to your organization that you can use to succeed - even in uncertain times. And uncertain, stressful times are certainly here as regulators continue to enhance enforcement. Just over the last few months, the Consumer Financial Protection Bureau (CFPB) has announced its commitment to resolving issues surrounding fair lending and also publicly promised to crack down on repeat offenders. This increased scrutiny puts additional pressure on lenders. Fortunately, ensuring compliance during this stressful time is possible. You just need to make your mortgage quality control processes the best they can be. Here are some best practices to help you do just that. Keep Up with Requirements Stay Up to Date on Investor Expectations Staying up to date on investor guidelines and rules is key to ensuring compliance and salability during any and every climate. Make a point to regularly monitor investor and agency requirements, so you’re always in the know and can avoid the unnecessary costs of non-compliance. Know When to Audit Monthly vs. Quarterly Did you know that if you start closing over 15 loans per month, you need to adjust your auditing intervals? According to Fannie Mae and FHA guidelines, lenders who close at least 15 loans on a monthly basis should conduct audits monthly. If you close fewer than 15 loans a month, you can choose to...
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### Prepare for the Future with MetaSource at the MBA’s Technology Solutions Conference 2022
> Join MetaSource at the MBA Technology Solutions Conference to learn about the latest mortgage technology solutions & how they can help you succeed.
- Published: 2022-04-07
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-at-the-mbas-technology-solutions-conference-2022/
Join MetaSource at the MBA Technology Solutions Conference to learn about the latest mortgage technology solutions & how they can help you succeed.
A lot has changed in the mortgage industry since the last in-person Mortgage Bankers Association (MBA) Technology Solutions Conference in 2019. From staffing shortages caused by “The Great Resignation” to rising home prices to increasing mortgage rates, there has been a lot of uncertainty in the mortgage market just these last several months. And mortgage organizations are working hard to prepare for the undetermined future. Cue the industry’s biggest technology conference! The MBA Technology Solutions Conference & Expo is back in-person and better than ever this year! On April 11-14 in Las Vegas, industry professionals will gather to learn all about the latest mortgage technology solutions and how they can help them prepare for whatever the future holds. The MetaSource Team will be there, at booth #615, to talk all about innovative solutions, like Mortgage Origination Automation and Digital Mailroom, that can help you succeed in any and every climate. Mortgage Origination Automation: Eliminating Process Friction If you’re manually entering incoming data from borrower-facing platforms into your loan origination system (LOS), you’re not alone... but you are completing time-consuming, unnecessary tasks. With a Mortgage Origination Automation Solution, like SymmetriTM by MetaSource, you can eliminate manual data entry and the process friction that accompanies it. Symmetri bridges point of sale (POS) platforms and LOSs to streamline the flow of information between the systems. It results in several benefits, including increased speed to close, improved data accuracy, reduced cost to originate, and enhanced customer satisfaction. And the best part is that you...
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### Learn How to Streamline Mortgage QC with MetaSource at Experience 2022
> Learn more about streamlining the mortgage QC process with MetaSource's mortgage QC services and QLink-Encompass Integration at Experience 2022.
- Published: 2022-03-11
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/learn-how-to-streamline-mortgage-qc-with-metasource-at-experience-2022/
Learn more about streamlining the mortgage QC process with MetaSource's mortgage QC services and QLink-Encompass Integration at Experience 2022.
Like many of you, the MetaSource Team is looking forward to the ICE Experience 2022 Conference in Las Vegas. The in-person conference is taking place on March 14-16 and will be attended by mortgage leaders, trusted partners, and technology experts. Attendees will be presented with numerous opportunities to discover upcoming industry trends, network with peers, and learn about innovative solutions. It’s an event that’s all about connections – connecting with one another, connecting to the latest industry news, and even connecting platforms. MetaSource’s QLinkTM-Encompass® Integration connects ICE Mortgage Technology’s Encompass with our mortgage QC audit platform, QLink, to streamline the entire quality control process. And we’ll be at Experience 2022 to chat all about it. What Is the Integration? Our QLink-Encompass Integration is the first of its kind, making it a truly innovative offering. It’s powered by Encompass Investor ConnectTM and allows lenders to select and submit their files to QLink for mortgage quality control audit without ever leaving Encompass. Yes, you read that correctly. You no longer need to manually pull documents from your LOS or log into multiple portals to submit loan files for audit. How Does It Work? When it comes to the integration between Encompass and QLink, the process is as easy as 1-2-3: You select loans from your Encompass pipeline. In just a few clicks, you send the loans to MetaSource for auditing. MetaSource performs QC audits and delivers findings through QLink. What Benefits Does It Offer? The integration doesn’t just make delivering loan documents...
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### MetaSource Now on DBRS Morningstar’s List of Acceptable Third-Party Due Diligence Firms
> MetaSource has been accepted as a third-party review firm by DBRS Morningstar. Find out what this acceptance means.
- Published: 2022-03-10
- Modified: 2024-06-21
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-now-on-dbrs-morningstars-list-of-acceptable-third-party-due-diligence-firms/
MetaSource has been accepted as a third-party review firm by DBRS Morningstar. Find out what this acceptance means.
How can you mitigate risk, identify opportunities, and ensure loan quality? By partnering with the right mortgage due diligence partner. How can you find the right mortgage due diligence partner? By vetting your options. You should be asking your candidates about their industry experience, expertise in compliance, underwriting, and collateral assessment, as well as their rating agency acceptances. A partner who has been recognized as an acceptable third-party due diligence firm by popular rating agencies is a trusted partner. With that in mind, MetaSource is pleased to announce that we have been added to DBRS Morningstar’s list of acceptable third-party mortgage due diligence firms. Why Does This Acceptance Matter? Since entering the third-party review (TPR) space in 2007, MetaSource has been accepted as a TPR firm by S&P Global Ratings, Fitch Ratings, and now DBRS Morningstar. According to Mary Walraven, MetaSource’s EVP of Mortgage Solutions, this ever-growing list of rating agency acceptances demonstrates our commitment to providing the best due diligence solutions possible. “We are dedicated to transforming the due diligence process through expertise and technology, and our expanding list of rating agency acceptances demonstrates this,” Walraven said. These acceptances affirm that MetaSource’s efforts to revolutionize the due diligence process are not done in vain, but, instead, result in solutions that meet industry needs and requirements. Like the other rating agencies who have accepted MetaSource as a TPR firm, DBRS Morningstar took several factors into account when evaluating our due diligence services. According to its Third-Party Due-Diligence Criteria for U....
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### How to Choose the Right Mortgage QC Partner
> Learn more about how to choose the best vendor for your mortgage company in the free MetaSource guide to finding the right QC partner.
- Published: 2022-03-01
- Modified: 2024-06-19
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-choose-the-right-mortgage-qc-partner/
Learn more about how to choose the best vendor for your mortgage company in the free MetaSource guide to finding the right QC partner.
You might say that finding the right mortgage QC partner for your organization takes a little due diligence. Choosing a vendor is no small task and it’s important to carefully vet a potential partner to ensure pre-fund and post-close QC compliance. Whether you’re new to sourcing a QC vendor or you’re unhappy with your current partner, knowing the right questions to ask is critical to the process of finding a partner who will meet your needs. Mortgage QC reviews are too important to entrust to a partner that isn’t making the grade. If you are not convinced that your current vendor is meeting your expectations and needs, it’s probably time to find one who will. But how do you know? And how should you choose? Continue reading to find out! Signs You May Need a New Mortgage QC Partner There are several warning signs that indicate that it’s probably time to move on from your current mortgage quality control vendor. One of the most important ones to watch out for is a lack of findings. If your QC partner hasn’t surfaced any findings, chances are they aren’t providing diligent services. There should always be a certain level of findings issued. Turn times are also critical to pay attention to. Your vendor should be meeting promised turn times consistently under normal market conditions. If they’re not, it might be time to look for a new partner that can. Questions to Ask When Vetting Vendors When vetting a potential partner, you will...
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### Obstacles & Opportunities: A 2021 Mortgage Industry Recap
> Read about the 2021 mortgage industry trends & learn how we can help you put technology, services, and industry professionals to work in 2022.
- Published: 2022-02-22
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/obstacles-and-opportunities-a-2021-mortgage-industry-recap/
Read about the 2021 mortgage industry trends & learn how we can help you put technology, services, and industry professionals to work in 2022.
For better and for worse, 2021 was a record-breaking year in the mortgage industry. From record low interest rates, spiking home prices, record-setting levels of mortgage borrowing, and the unprecedented demands of forbearance initiatives, the challenges came one after another. The obstacles, however, were also a source of opportunity. They resulted in increased usage of new tools for saving time, minimizing disruptions, and making quality control and compliance improvements. Here’s a recap of some of the challenges, innovations, and solutions described in some of our most widely read content last year. Quality Control in Another Year “Like No Other” Keeping up with the demands of mortgage QC is a challenge in any year, and our annual top mortgage QC findings report proves that notion true again and again. Our report for 2020 highlighted the fact that closing disclosure findings consistently top the list and provided insight into the root cause of these findings: missing documentation. The report states why documentation is the weak link in the process and explains that it doesn’t have to be. Our mortgage compliance review manager provided suggestions for avoiding these findings and, almost a year later, they’re still worth reading. Servicing QC also came down to document management in 2020, exacerbated by millions of loans in forbearance. According to our annual servicing QC findings study, the impact that the surge of CARES Act forbearance plans had on servicers led to several QC oversights. Take a look at what we found and learn how to avoid...
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### Selecting the Right Servicing QC Partner for Risky Times
> Join us at the 2022 MBA servicing conference to explore our becoming your servicing QC partner to help ensure compliance in these risky times.
- Published: 2022-02-17
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/selecting-the-right-servicing-qc-partner-for-risky-times/
Join us at the 2022 MBA servicing conference to explore our becoming your servicing QC partner to help ensure compliance in these risky times.
While overcoming quality control challenges is always critical for mortgage servicers, it’s especially crucial now. After all, regulators have promised to keep a close watch on servicers. In December 2021, the Consumer Financial Protection Bureau (CFPB) listed a number of red flags and violations it had uncovered during the pandemic. “Due to the increase of homeowners needing assistance this year, we’ve prioritized supervision of mortgage servicers,” the agency reported. And according to the recent Mortgage Servicing Efforts in Response to the COVID-19 Pandemic Report that it recently released, the CFPB will continue to closely monitor servicers through 2022. Fortunately, a servicing QC partner can help you ensure compliance during this time of heightened pressure. Why Finding a Trusted Servicing QC Partner Is So Important Noncompliance consequences are no joke. When mortgage servicers fail to meet requirements, they’re often hit with hefty fines. In December, the Office of the Comptroller of the Currency (OCC) issued a consent order requiring one bank to pay $3. 6 million in civil fines. These fines stemmed from various violations caused by the bank’s internal controls, training, and inadequate third-party risk management program for its loan servicing. With the right mortgage servicing QC partner, you can ensure that you maintain an adequate risk management program and avoid such hefty fines. And that’s not all a trusted partner can provide you with. In addition to a hedge against potential fines, the right QC partner adds a level of confidence and efficiency across all business processes. What to...
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### Top 15 Mortgage QC Findings for 2021
> Learn the top 15 QC findings for 2021 as discovered by MetaSource, along with a deep dive into the #1 finding and best practices for avoiding it.
- Published: 2022-02-16
- Modified: 2023-10-18
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/top-15-mortgage-qc-findings-for-2021/
Learn the top 15 QC findings for 2021 as discovered by MetaSource, along with a deep dive into the #1 finding and best practices for avoiding it.
In a year in which record mortgage volumes collided with staffing shortages and ongoing economic volatility, mortgage quality control difficulties remained mostly the same as years prior. However, there were some new challenges in 2021. This findings report digs into those new challenges, provides MetaSource’s top 15 findings for the year, and offers advice on how you can avoid findings in 2022. Top QC Findings for 2021 Here is the complete list of our top 15 mortgage QC findings for 2021, including all loan types and both regulatory and agency findings: Closing Disclosure – Defective – Tolerance Closing Disclosure – Defective Income Documentation – Aged Closing Disclosure – Defective – Calculating Cash to Close Other Application/Processing Documentation – Intent to Proceed Product Parameter – Points & Fees Other Application/Processing Documentation – Loan Estimate – Timing Violation Income Not Documented – Other Closing Disclosure – Timing Violation Insufficient Assets to Close DU or AUS Findings Report – Missing or Defective Incorrect Income Calculation – Other Property Insurance Policy Not Documented – Missing or Defective Other Other Application/Processing Documentation – Case Number Assignment – Missing or Defective #1 Finding: Still a Continuous Trend The finding “closing disclosure tolerance defects” tops the list, as it has in five of the last six years. Even so, there were signs of a worsening trend in 2021, claiming over 15% of all MetaSource significant findings, compared to around 13% in 2020. Why is this the case? MetaSource Senior Director of Mortgage Services, Brady Meadows provided some...
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### How to Ensure Mortgage Compliance & QC Success in 2022
> Learn what new mortgage QC compliance challenges are expected in 2022, from appraisal waiver increases to cybersecurity to personnel shortages.
- Published: 2022-01-26
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-ensure-mortgage-compliance-qc-success-in-2022/
Learn what new mortgage QC compliance challenges are expected in 2022, from appraisal waiver increases to cybersecurity to personnel shortages.
The mortgage compliance world has undergone major changes since the pandemic first hit. Between the Coronavirus Aid, Relief and Economic Security (CARES) Act, the updated collateral analysis requirement, and the start and end of temporary servicing supervisory and enforcement flexibilities, keeping up with requirements and ensuring mortgage compliance hasn’t been a walk in the park. And 2022 will certainly hold its own set of compliance changes and challenges. Fortunately, you can familiarize yourself with them now and learn how to prepare for what’s to come this year. Enhanced Focus on Cybersecurity & Fraud There’s no doubt that technology brings opportunities for growth and efficiency to the mortgage industry. However, the shift to automated processes is not risk-free. With digital innovation on the rise, the industry will have to move increased efforts to combat cybercrime and fraud to the 2022 to-do list. Such threats are already on the minds of lender groups as they contemplate the growing adoption of e-signatures, remote notarization and other digital mortgage conveniences that proliferated during the pandemic – and that consumers increasingly expect. The MetaSource Mortgage Compliance Team, which closely monitors the concerns of lender organizations, says cybercrime and fraud are definitely on the minds of small and mid-size lenders who want to be able to ensure compliance and protect their consumers as they offer more digital products. With more and more mortgage processes going digital, compliance requirements are evolving. It can be difficult to keep up with the continuously changing guidelines. That’s where a trusted...
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### Heightened Pressures Ahead for Mortgage Servicers in 2022
> For better and for worse, 2021 was a record-breaking year in the mortgage industry. Read our industry recap and outlook for the coming year.
- Published: 2022-01-19
- Modified: 2024-03-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/heightened-pressures-ahead-for-mortgage-servicers-in-2022/
For better and for worse, 2021 was a record-breaking year in the mortgage industry. Read our industry recap and outlook for the coming year.
All signs point to 2022 as a year in which the extraordinary mortgage volumes of recent months, and the challenges that followed, will taper off. However, factors like heightened regulatory pressures will create new challenges for servicers in the new year. Let’s dive into what the mortgage servicing landscape will look like in 2022. Forbearance Expirations Will Rage On The wave of forbearance plan expirations won’t be in mortgage servicers’ rearview mirrors just yet. According to the Mortgage Bankers Association (MBA), one million borrowers were still in forbearance plans on October 31, 2021. That’s a daunting number for mortgage servicers who are currently diligently working through large backlogs. And Black Knight’s October 2021 Mortgage Monitor Report implies that those backlogs won’t be shrinking anytime soon. Black Knight predicts that mortgage servicers will get hit with an additional 100,000 forbearance expirations each month during the first quarter of 2022. The End of Flexibilities Will Increase Compliance Pressure In April 2020, mortgage regulators, including the Consumer Financial Protection Bureau (CFPB) and the Board of Governors of the Federal Reserve, temporarily suspended action against servicers who couldn’t meet certain Regulation X timing requirements. The regulators stated that they would provide this flexibility as long as servicers were making “good faith” efforts to ensure that borrowers were getting the help they needed within a reasonable period of time. Now, over a year and a half later, the regulators have concluded that enough time has passed for servicers to have adapted. In November 2021, the...
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### How Mortgage Digital Transformation Can Help Combat Inflation
> Learn how outsourced services and mortgage digital transformation can help your organization navigate inflation.
- Published: 2022-01-12
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-digital-transformation-can-combat-inflation/
Learn how outsourced services and mortgage digital transformation can help your organization navigate inflation.
Inflation is accelerating at its fastest pace since 1982, and it’s impacting the mortgage industry on many levels. According to the Bureau of Labor Statistics’ November 2021 Consumer Price Index (CPI) report, prices have increased 6. 8% year-over-year. As a result, mortgage rates are also rising. Freddie Mac’s data shows that the 30-year fixed-rate mortgage average exceeded 3. 1% in December – an increase of 0. 45% since last year. In addition to climbing mortgage rates, inflation is also directly affecting organizations’ financial states in the mortgage industry. Between supply chain issues and labor shortages, companies trying to survive in the competitive market are struggling to cut costs and navigate the current economic conditions. Fortunately, it is possible to do so. A trusted business process outsourcing (BPO) partner can help boost productivity and operate more cost-effectively. As you look into how you can reduce your company’s costs, it’s important to look at your everyday processes and how you can make them 1) more efficient and 2) less labor intensive. That way, your business can do more with less. What solutions can help mortgage companies navigate inflation? Outsourced services and new technology can help offset the burdens of rising prices, while enabling you to adjust to ebbs and flows in the mortgage market. Here are a few mortgage digital transformation solutions that can help you weather higher inflation rates: Digital Mailroom With many post offices short staffed due to the current labor shortage, mail is taking longer to get to offices....
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### How Mortgage Digital Transformation Can Protect You from “The Great Resignation”
> Put your staff retention and hiring troubles behind you. Navigate “The Great Resignation” with the right mortgage automation software.
- Published: 2021-12-21
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-mortgage-digital-transformation-can-protect-you-from-the-great-resignation/
Put your staff retention and hiring troubles behind you. Navigate “The Great Resignation” with the right mortgage automation software.
Pandemics change human societies on many levels. COVID-19 dramatically restructured the work model that had been around since the start of the industrial revolution. During the past year and a half, workers’ expectations have evolved. And, according to a new Bankrate Survey, it’s this shift in mindset that has over half of Americans planning to look for new jobs within the next year. The survey’s results show that workers deciding to resign are seeking more opportunities for career advancement and much more flexible working conditions, with the ability to work remotely at top of mind. A recent Fannie Mae study backs up this notion of an enhanced desire to work remotely. The study reveals that 77% of lenders expect more employees to request long-term work-from-home arrangements post-pandemic. But despite employers’ efforts to meet workers’ evolved expectations, more people than ever before are actively looking for new jobs. In fact, a poll from Monster found that 95% of workers are at least contemplating a job change. “The Great Resignation”, as experts are calling it, isn’t going away any time soon either. This ongoing issue has been affecting companies across multiple industries for months, and the mortgage industry is no exception. According to the U. S. Bureau of Labor Statistics, in September 2021 alone, a concerning 4. 4 million Americans quit their jobs. So, how can your organization not only navigate “The Great Resignation”, but thrive in the midst of it? By incorporating mortgage technology into your business processes. Why mortgage technology...
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### “Flexible Enforcement” Comes to an End for Mortgage Servicers
> Regulatory flexibility put in place to ease the burden on mortgage servicers trying to help borrowers during the pandemic has been lifted.
- Published: 2021-12-16
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/flexible-enforcement-comes-to-an-end-for-mortgage-servicers/
Regulatory flexibility put in place to ease the burden on mortgage servicers trying to help borrowers during the pandemic has been lifted.
Time’s up for the pandemic-driven mortgage servicing flexibility related to Regulation X. In a joint statement issued in November, the Consumer Financial Protection Bureau (CFPB), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) – among other state and federal regulatory agencies – announced that their temporary supervisory and enforcement flexibility had come to an end. Why Are the Agencies Resuming Supervisory and Enforcement Action? In April 2020, the agencies issued a joint statement announcing the flexibility and their reason for implementing it. They stated that their intention was to enable servicers to more easily assist borrowers in obtaining short-term mortgage payment relief or repayment plans to offset financial hardships during the pandemic-fueled economic crisis. The statement explained that the agencies would avoid taking supervisory or enforcement action against mortgage servicers for failing to meet certain deadline and notification requirements under Regulation X. It stated that the agencies would provide this flexibility to servicers until further notice as long as there was a prevalent effort to provide borrowers with the assistance they need. After over a year and a half, that “further notice” has come. Why? According to their November statement, the agencies believe that “servicers have had sufficient time to adjust their operations, by among, other things, taking steps to work with consumers affected by the COVID-19 pandemic and developing more robust business continuity and remote work capabilities. ” What Does This Mean for Mortgage Servicers? The resumption of all mortgage servicing...
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### What Lenders Need to Know About the New IRS 4506-C Form Process
> The IRS has switched to an automated process for accepting 4506-C transcript request forms. Here's what you need to know about it.
- Published: 2021-12-14
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/what-lenders-need-to-know-about-the-new-irs-4506-c-form/
The IRS has switched to an automated process for accepting 4506-C transcript request forms. Here's what you need to know about it.
On Oct. 1, the Internal Revenue Service implemented an automated process for accepting 4506-C transcript request forms. The expected result is a significantly faster income verification process. That’s good news for lenders, but the new process does come with a bit of a learning curve. Because the forms will now be scanned and read digitally, they have to be filled out more precisely and uniformly. Some practices, like using cell phone photographs of the form, will no longer be acceptable. With the new process becoming mandatory on Jan. 1, 2022, it’s important for lenders to start overcoming this learning curve sooner rather than later. Now is the time to begin adapting to the new requirements to avoid any confusion or delays when they become final in just a few weeks. The New Requirements The changes to the requirements are not complicated, but they may require you to update your internal process for collecting 4506-C forms from borrowers. Here’s an overview of the requirements for the new, automated process: The form needs to be completely typed and clean – with no handwriting other than a date and signature (e-signing is also acceptable). Any other handwriting on the form will lead to its rejection. Only one person can be included per form, even if it is a joint filing, and their name must be included on Line 1. Only one product per form per person can be checked off in Section 6 of the 4506-C form. Any additional requests will require the...
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### 6 Mortgage Market Trends to Watch in 2022
> Record-high volumes of 2021 are certain to cool & mortgage industry experts foresee “robust home buyer demand” & intense competition in 2022.
- Published: 2021-12-07
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/6-mortgage-market-trends-to-watch-in-2022/
Record-high volumes of 2021 are certain to cool & mortgage industry experts foresee “robust home buyer demand” & intense competition in 2022.
While the record-high volumes of 2021 are almost certain to cool, mortgage industry experts foresee a year of “robust home buyer demand” and intense competition in 2022. At the Mortgage Bankers Association’s (MBA) 2021 Annual Convention & Expo, MBA economists and analysts described the organization’s key expectations for the coming year. Their forecast, along with the observations and predictions shared by other industry groups, create a picture of the coming year. This picture is one in which the volumes and many of the extraordinary challenges of 2021 are likely to subside, but which will also be marked by continuing growth in the housing market. Let’s take a look at the 2022 mortgage trends that are expected to turn this picture into reality. Purchase Originations will Climb, Refinances will Fall The MBA 2022 outlook, presented at the annual convention by Chief Economist and Senior VP for Research and Industry Technology Mike Fratantoni, Associate VP of Economic & Industry Forecasting Joel Kan, and VP of Industry Analysis Marina Walsh, provided key predictions surrounding origination and refinance volumes. According to the association’s forecast, purchase mortgage originations are expected to rise 9%, to a record $1. 7 trillion in 2022. However, overall originations are expected to decline by 33% as higher mortgage rates and fewer eligible homeowners push the volume of refinances down. In fact, refinance applications are already declining. The MBA’s October 15, 2021 Weekly Mortgage Applications Survey shows a drop in refinance applications for the fourth consecutive week. This puts the refinance...
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### Mortgage Forbearance Exits 101: How Servicers can Better Assist Borrowers Exiting Forbearance
> Forbearance programs are ending, correspondence volumes are rising, and the CFPB is watching. Learn how to overcome these challenges.
- Published: 2021-12-02
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-servicers-can-better-assist-borrowers-exiting-forbearance/
Forbearance programs are ending, correspondence volumes are rising, and the CFPB is watching. Learn how to overcome these challenges.
Welcome to the third blog post in our Mortgage Forbearance Exits Series! This series covers relevant topics and provides tips for navigating the market during this stressful time. The surge of Coronavirus Aid, Relief, and Economic Security (CARES) Act forbearance plan expirations is directly affecting mortgage servicers. In June 2020, 8. 55% of servicers’ portfolio volume consisted of mortgage loans in forbearance, and as of October 10, 2021, this number has dropped to 2. 28%, according to the Mortgage Bankers Association (MBA). The current flood of forbearance exits is leaving mortgage servicers with a massive wave of borrowers in need of loss mitigation strategies and an equally massive wave of incoming correspondence. To increase servicers’ stress levels further, the Consumer Financial Protection Bureau (CFPB) promised to keep a watchful eye on servicers as they work with borrowers exiting forbearance and released new rules. Under these new rules, servicers have to be proactive about reaching out to borrowers and helping them avoid foreclosure. But how can servicers properly assist borrowers exiting forbearance when there’s an overwhelming amount of correspondence coming in as well as enhanced pressure brought on by the CFPB’s new rules and promised scrutiny? Adopt a Digital Mailroom Being paper-reliant can hinder your abilities to act on time-sensitive files quickly and help borrowers in this time of need. A digital mailroom, on the other hand, makes handling incoming correspondence an automated process, saving you time and energy while also ensuring optimum communication with borrowers. Here’s how it works: Your...
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### A MetaSource Win: Fitch Third-Party Review Firm Acceptance
> MetaSource announces that we have added to our Rating Agency Due Diligence Acceptance approvals with recognition from Fitch Ratings.
- Published: 2021-11-18
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-win-fitch-third-party-review-firm-acceptance/
MetaSource announces that we have added to our Rating Agency Due Diligence Acceptance approvals with recognition from Fitch Ratings.
In a world full of mortgage due diligence vendors, it can be difficult to select the right one. You’re likely looking for a vendor with years of experience, proven processes, and the service offerings you need to succeed in the industry. If you’re looking for a vendor who meets this criteria, you’re on the right track. But your checklist may be missing a couple of very important points. You should also be looking for more than a vendor. You should be looking for a partner. And that partner should be accepted by rating agencies as a third-party review (TPR) firm. MetaSource is pleased to announce that we have just added to our Rating Agency Due Diligence Acceptance approvals with recognition from Fitch Ratings. What This Acceptance Means According to Fitch, “acceptable” TPR firms have “demonstrated proficiency in due diligence and have adequate processes and controls in place. ” The rating agency takes both experience and capabilities into account when reviewing providers to determine whether they are “acceptable” or not. “This acceptance by Fitch further affirms our status as a reliable mortgage due diligence provider,” said Mary Walraven, MetaSource’s Executive Vice President of Mortgage Solutions. “It confirms that our solutions meet industry needs and requirements. ” What Attributed to This Acceptance MetaSource’s due diligence solutions combine the expertise of well-trained mortgage professionals with the efficiency of state-of-the-art technology. The result of this combination? Customized solutions that meet each client’s unique needs. Our clients choose from a variety of mortgage due diligence...
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### Mortgage Forbearance Exits 101: What the Forbearance End Date Means for Housing Agencies
> Learn what role housing agencies will play as Homeowner Assistance Fund programs start and forbearance programs end.
- Published: 2021-11-16
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/what-the-forbearance-end-date-means-for-housing-agencies/
Learn what role housing agencies will play as Homeowner Assistance Fund programs start and forbearance programs end.
Welcome to the second blog post in our Mortgage Forbearance Exits Series! This series covers relevant topics and provides tips for navigating the market during this stressful time. In response to COVID-19 and included in the American Rescue Plan Act, the Homeowner Assistance Fund (HAF) is a federal program created to help homeowners as they navigate financial hardships. Through the program, the United States Treasury Department is providing states with a total of approximately $9. 9 billion, with each state receiving a minimum of $50 million. States will be using this funding to assist eligible homeowners with mortgage payments, homeowner’s insurance, utility payments, and other costs causing financial strain. As forbearance numbers drop at a rapid rate, the number of homeowners under financial strain is rising, making the HAF even more beneficial. What role can the HAF play as borrowers exit forbearance? The pandemic caused millions of homeowners to fall behind on mortgage payments and various housing-related expenses. Established on January 21, 2020, the HAF was designed to help homeowners catch up with such expenses. To maximize the fund's impact, the program prioritizes funding for homeowners who have undergone the most grievous financial hardships due to the pandemic. What qualifies as a financial hardship? Homeowners who experienced income reductions or living expense increases due to the COVID-19 pandemic are less likely to be able to avoid mortgage delinquency, mortgage default, foreclosure, and loss of utilities or home energy services. The Treasury designed the HAF program to help homeowners avoid these...
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### Mortgage Forbearance Exits 101: How to Navigate the Surge of Forbearance Exits
> With millions of borrowers exiting forbearance, it's a stressful time for mortgage servicers. Learn what you can do to alleviate this stress.
- Published: 2021-11-09
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/navigate-surge-of-forbearance-exits/
With millions of borrowers exiting forbearance, it's a stressful time for mortgage servicers. Learn what you can do to alleviate this stress.
Welcome to the first blog post in our Mortgage Forbearance Exits Series! This series covers relevant topics and provides tips for navigating the market during this stressful time. In March 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist homeowners facing pandemic-driven financial hardships. Under the CARES Act, borrowers with government-backed mortgages who were struggling to make their payments due to the pandemic were entitled to enter into forbearance. Initially, the CARES Act forbearance period was meant to last 180 days with an optional 180-day extension, but homeowners’ continuous struggles resulted in several extensions. Now, a year and 6 months after the CARES Act was enacted, the time has come for millions of borrowers to exit their forbearance plans and resume making their monthly mortgage payments. For servicers, this translates to one incredibly stressful period. What challenges are servicers facing as forbearance programs end? The world of mortgage servicing is overflowing with more than just forbearance exits. As a result of the moratoria ending, it’s also overflowing with challenges. Increased Workload & Stress Levels According to Black Knight’s July 2021 Mortgage Monitor Report, over 1 million active forbearance plans were set to expire in September and October with another 200,000+ loans scheduled for review in November. This leaves mortgage servicers with an extraordinary amount of daily to-do’s and not enough bandwidth to complete them. Enhanced Scrutiny from the CFPB While some borrowers are able to start making their payments again post-forbearance, many have...
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### What Mortgage Lenders Need to Know about the Updated Collateral Analysis Requirement
> The updated collateral analysis requirement provides an opportunity for a more accurate and less expensive post-close audit process.
- Published: 2021-11-04
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/what-mortgage-lenders-need-to-know-about-the-updated-collateral-analysis-requirement/
The updated collateral analysis requirement provides an opportunity for a more accurate and less expensive post-close audit process.
With sophisticated mortgage technology tools and a wide range of easily accessible data available, reverifying the accuracy of a property appraisal can be done effectively from a desk. It’s a digital reality that Fannie Mae and Freddie Mac turned into policy in May, when they updated the collateral analysis requirement and eliminated the need for field reviews in most circumstances. For mortgage lenders, it can be difficult to wrap your head around this change in guidelines. You’re likely asking yourself a ton of questions, such as... What does this mean for my organization? Does this update benefit me? How am I supposed to ensure compliance with respect to property valuation reviews? Continue reading to uncover answers to all of these questions and more. What the Updated Requirement Entails In the past, lenders were required to obtain field reviews on 10% of loans selected for post-close quality control reviews. Now, under Fannie Mae and Freddie Mac’s enhanced policies, which were released on May 5, 2021, field reviews are no longer required in most cases. The agencies have replaced the previous requirement, which demanded the completion of field reviews, with a new collateral risk assessment requirement that can be easily met with standardized data and third-party tools. The requirement states that lenders must complete a collateral risk assessment of all mortgage loans with an appraisal as part of the random QC sample. Both Fannie Mae and Freddie Mac are not requiring lenders to have licensed professionals or certified appraisers complete the collateral...
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### How to Effectively Allocate Homeowner Assistance Funds
> The federal Homeowner Assistance Fund (HAF) was put into place during the pandemic to assist homeowners falling behind on mortgage payments.
- Published: 2021-11-02
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-effectively-allocate-homeowner-assistance-funds/
The federal Homeowner Assistance Fund (HAF) was put into place during the pandemic to assist homeowners falling behind on mortgage payments.
In response to homeowners falling behind on mortgage payments and other housing costs during the pandemic, a federal program called the Homeowner Assistance Fund (HAF) was put into place. The purpose of the HAF is to provide struggling homeowners with financial relief and to prevent foreclosures, delinquencies, homeowner displacement, loss of utilities or home energy services, and defaults. With a total of nearly $10 billion in federal funds available through the HAF, state housing finance agencies (HFAs) are now tasked with distributing the funds. It’s a big job, but it doesn’t have to be a time-intensive, stressful one. Here’s how your housing agency can get the help it needs to successfully allocate funds and provide homeowners with the assistance they need. Identify Your Administrative Challenges The Homeowner Assistance Fund (HAF) program is an important piece of federal pandemic relief as part of the American Rescue Plan Act of 2021, but it comes with significant administrative burdens for state housing agencies. The agencies administer a wide range of other programs and initiatives designed to promote and facilitate affordable homeownership for millions of Americans who might otherwise be excluded. To be eligible for HAF assistance, applicants must meet the eligibility requirements established by their state and submit an application along with other required documents. These documents may include mortgage and bank statements, utility bills, and income verification, among others. For state housing agencies, all of these incoming documents result in a lot of paperwork to go through and a lot of boxes...
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### 5 Signs You Need to Upgrade Your Mortgage QC Process
> Are agency requirements tripping you up? Use our checklist to determine if it’s time for you to upgrade your quality control processes today!
- Published: 2021-10-12
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/5-signs-you-need-to-upgrade-your-mortgage-qc-process/
Are agency requirements tripping you up? Use our checklist to determine if it’s time for you to upgrade your quality control processes today!
Ensuring mortgage quality control (QC) has never been easy. Between unpredicted shifts in the market, staffing shortages, agency requirement updates, and fluctuating volumes, lenders are continuously faced with mortgage QC challenges. But have you ever wondered if you’re making ensuring compliance harder than it has to be? Are agency requirements tripping you up or are your mortgage QC processes keeping you down? There’s only one way to find out! Use our checklist below to determine if it’s time for you to upgrade your quality control processes today! You’re Struggling to Keep Up with Agency Guidelines You guessed it! One of the most prominent keys to ensuring mortgage compliance is keeping up with agency requirements. Unfortunately, far too many lenders struggle to do just that. After all, guidelines change on a regular basis, making it difficult to stay up to date on the latest changes and complete all of your daily to-dos simultaneously. Nevertheless, if you don’t keep up with agency guidelines, you won’t be able to meet them and could find yourself in noncompliance. A process upgrade, however, could give you back the time you need to stay abreast of industry updates while also making it easier to receive updates in the first place. The best mortgage quality control partners are always in communication with GSEs. They adjust their processes when necessary and relay important information to you, so you’re always in the know and you’re always compliant. You’re Maintaining a Poor Document Management Process Often, gaps in QC processes...
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### How to Achieve Remote Efficiency in the Mortgage Industry
> To get the most out of your remote workforce, ensure that your software solutions are efficient, fast, secure and built for easy collaboration.
- Published: 2021-10-05
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-achieve-remote-efficiency-in-the-mortgage-industry/
To get the most out of your remote workforce, ensure that your software solutions are efficient, fast, secure and built for easy collaboration.
COVID-19 forced a great deal of change onto the mortgage industry – from executive orders to temporary waivers to remote work protocols. This great deal of change then turned the once unimaginable idea of a remote workforce into reality. According to a survey conducted by Fannie Mae, 88% of lenders experienced a pandemic-driven increase in primarily remote employees, and 77% expect to see a rise in permanent remote work requests post-pandemic. With these statistics in mind, it’s safe to say that the mortgage industry’s remote workforce is likely here to stay. Now, you’re probably asking yourself, “How can my organization get the most out of my remote workforce? ”. The answer? You can ensure that your software solutions are efficient, fast, secure and built for easy collaboration, and that your partners have the experience and expertise necessary to drive remote success. Select the Right Software Solutions The right mortgage software solutions can help you thrive in the newly established era of remote work, but finding the right solutions isn’t easy. Many organizations fall into the trap of purchasing software that is really just... software. In order to achieve remote efficiency and excel in the mortgage industry today, you need more than just software. You need true digital solutions. Here’s a checklist to help you find the right ones: Can the software be fully integrated to ensure a streamlined process at every phase of the mortgage workflow? Integrated software solutions significantly increase productivity, making it possible to stay on track whether...
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### Why Have Mortgage Origination Costs Increased?
> Mortgage origination costs have risen in recent years. Uncover what has contributed to this increase and so much more in this blog post.
- Published: 2021-09-15
- Modified: 2024-09-30
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/why-have-mortgage-origination-costs-increased/
Mortgage origination costs have risen in recent years. Uncover what has contributed to this increase and so much more in this blog post.
It’s no secret that the cost to close a mortgage loan has increased in recent years. According to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Reports, total loan production expenses in the fourth quarter of 2014 averaged $7,000 per loan. By the first quarter of 2021, they had risen to $7,964 per loan—an increase of nearly $1,000. Mortgage companies are fully aware of this rise in expenses, but most aren’t aware of why expenses are rising. What has contributed to the increase in origination costs? Find the answer to this question and so much more in this blog post. Reason 1: Post-Financial Crisis Regulations The great recession of 2007-2009, fueled by the sub-prime mortgage crisis, is a prime culprit for the increase in origination expenses. Several reforms directly impacting the mortgage industry were put into place as a result of the global financial crisis. While these reforms were introduced in an effort to prevent future crises, many created new obstacles for companies in the mortgage industry —particularly in terms of regulatory compliance costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act (also referred to as the “Dodd-Frank Act”) was one of the most notable changes that came about in response to the crisis. Signed into law in July of 2010, the Dodd-Frank Act was meant to address and solve challenges that experts believed caused the credit crisis. However, the act significantly impacted U. S. lending and servicing regulatory compliance costs. As stated in a Rice University article,...
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### Meet the New Eclipse™: the Right Solution to Streamline Your Mortgage Lien Release & Assignment Process
> MetaSource’s new and improved proprietary mortgage lien release and assignment software, Eclipse™, takes "efficiency" to a whole new level.
- Published: 2021-09-09
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/new-eclipse-streamline-your-mortgage-lien-release-assignment-process/
MetaSource’s new and improved proprietary mortgage lien release and assignment software, Eclipse, takes "efficiency" to a whole new level.
The mortgage lien release and assignment process is fraught with the potential for error. With more than a million unique requirements imposed by more than 3,600 separate recording offices, not to mention the Consumer Financial Protection Bureau, there are an endless number of ways to get it wrong. The impending potential surge of forbearance exits and fluctuating volumes will only add to this already overwhelming number. Fortunately, getting it right is possible – even during stressful, high-volume periods. All you need is the right solution. And that solution is MetaSource’s new and improved proprietary mortgage lien release and assignment software, Eclipse™! Eclipse has been a trusted solution used by servicers and investors for years. It’s been known to drive efficiency. But now, with our upgraded version released this month, it takes the term “efficiency” to a whole new level with invaluable features that deliver substantial benefits. Easy-to-Access Real-Time Insights Staying on top of your document statuses is key to achieving a successful lien release and assignment process. MetaSource’s upgraded Eclipse provides you with real-time insights that you can access anywhere, at any time. Whether you’re in the office or at home, you can see which lien release and/or assignment documents are still in process with your MetaSource team, which ones are ready to print, and which ones have already been sent to the appropriate county. Eclipse even allows you to see outstanding rejections as well as which files were sent for recording in compliance vs. out of compliance. With a...
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### Top 7 Tips for the MERS Reconciliation Process
> Whether you’re a newcomer or a veteran of the MERS reconciliation process, it can seem overwhelming at times. Here's how to stay compliant.
- Published: 2021-06-29
- Modified: 2025-04-18
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/tips-for-the-mers-reconciliation-process/
Whether you’re a newcomer or a veteran of the MERS reconciliation process, it can seem overwhelming at times. Here's how to stay compliant.
This time of year, mortgage servicers turn additional attention to their MERS processes, and for many, navigating the data reconciliation process is a headache. Compliance issues, staff shortages, and missed deadlines are just a few of the challenges servicers face during MERS Season. And that’s not even accounting for the lingering effects of a global pandemic. But despite the challenges of 2020, things are looking up. As shown in our MERS QA 2020 Findings Report, more of MetaSource’s clients managed to meet MERS requirements in full last year than the previous. This is a trend the MetaSource Team hopes to make continuous. And what better way to do so than to provide some valuable tips for ensuring MERS compliance? Tip #1: Start the Review Process Early It’s critical for MERS Members to start the review process early on. If you wait till the last minute, you’ll risk more than just failing to meet the December annual report filing deadline. You’ll also risk failing to comply with other MERS requirements. Beginning the process early on, ideally during the third quarter, allows you to identify and correct errors well in advance of the deadline and enables you to ensure compliance. Tip #2: Establish Back-Up Help During the pandemic, the need for back-up MERS help became blaringly clear for servicers. In fact, staff shortages contributed to MetaSource’s #1 MERS QA finding in 2020. Back-up help is a must-have in order to adequately prepare for staff shortages and avoid findings in the future. With...
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### Top 10 Servicing QC Findings in a Turbulent Year
> 2020 was a ground-shifting year, especially in the world of servicing; here are the most common findings of QC servicing from the past year.
- Published: 2021-06-08
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/top-10-servicing-qc-findings-2020/
2020 was a ground-shifting year, especially in the world of servicing; here are the most common findings of QC servicing from the past year.
From the unforeseen effects of the pandemic to an 11-year-mortgage volume high, the past year has been ground-shifting for mortgage servicers. Servicers faced several challenges, with the impact of the CARES Act being among the most notable. After all, it resulted in forbearance plans that millions of homeowners took advantage of. In fact, according to the MBA’s May 18, 2020 press release, loans in forbearance made up 8. 16% of servicers’ portfolio volume, with 4. 1 million homeowners in forbearance plans. Black Knight’s data shows that this number decreased significantly by the end of December, dropping to nearly 3 million homeowners, or about 5. 3% of all active mortgages. The MBA’s National Delinquency Survey data shows the 2020 seasonally adjusted delinquency rate dropped from 8. 22% in the second quarter to 6. 73% in the fourth quarter. But despite the rapidly changing mortgage servicing landscape this last year, servicers continued to struggle with the same quality control challenges that have plagued them in years past, a MetaSource analysis of servicing QC findings shows. Among the 10 most common findings from among thousands of servicing QC audits the MetaSource team conducted over the past year were many that reflect an ongoing struggle with missing documents as well as oversights likely exacerbated by a year of unprecedented pressures. Here’s a look at the findings list along with insights into why they occurred – and how to avoid them in 2021. Most Common Servicing QC Findings Here is the list of our top...
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### Preparing for the Transition from LIBOR to SOFR
> Servicers with large portfolios of adjustable-rate loans pegged to LIBOR could face challenges; here’s how to manage the transition.
- Published: 2021-06-02
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/preparing-for-transition-from-libor-to-sofr/
Servicers with large portfolios of adjustable-rate loans pegged to LIBOR could face challenges; here’s how to manage the transition.
The London Interbank Offered Rate (LIBOR) has been a staple as an interest rate benchmark for debt instruments like mortgages for decades. However, regulators plan to phase out the widely used benchmark rate by the end of 2021. Everyone who has relied on the LIBOR index in the past, including mortgage lenders and servicers, must now transition to a replacement index by year’s end. While the debate continues to rage on about this replacement, the Secured Overnight Funding Rate (SOFR) is particularly being recognized and targeted for adoption by many financial institutions within the U. S. Mortgage Market. This is a transition that would be a complex undertaking in any year. However, this year, it’s a transition that must take place alongside record mortgage volumes and the coming expiration of millions of pandemic-driven forbearances under the CARES Act. Vacation, anyone? The transition is undoubtedly going to be a challenging one. Fortunately, there are steps you can take to prepare for it and make it as smooth as possible for your organization. Understand the Difference Between LIBOR and SOFR In order to ensure a smooth transition, you first need to understand the difference between the current index and its replacement. For discussion purposes and based on the current leanings of most financial institutions in the U. S. Mortgage Market, this article will focus on the replacement of LIBOR with SOFR. LIBOR rates are calculated on a daily basis by averaging funding rates obtained from large global banks. However, after the financial...
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### Missing Mortgage Documents are Costing You More than You May Think
> Missing documentation has been an issue for mortgage lenders for years, and it remains a major obstacle even in today’s innovative industry.
- Published: 2021-05-20
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/missing-mortgage-documents-costing-you-more-than-you-think/
Missing documentation has been an issue for mortgage lenders for years, and it remains a major obstacle even in today’s innovative industry.
Missing documentation has been an issue for mortgage lenders for years, and it remains a major obstacle even in today’s innovative industry. According to Fannie Mae, 40-60% of repurchase requests are resolved by delivering a key document that was missing when the loan file was originally submitted to them. This means that up to 60% of repurchase requests could be avoided with an effective document management system. Unfortunately, most mortgage lenders don’t have one, and missing documentation remains a problem. The Biggest Systemic Problem in Mortgage Quality Control In fact, the problem of missing documents has gotten worse as files have grown thicker and mortgage application volumes have increased. While rising rates and market volatility drove some decline in mortgage applications in February and March, volume is predicted to remain strong through 2021. According to an April 21 MBA press release that discussed the association’s Weekly Mortgage Applications Survey for the week of April 16, mortgage loan application volume increased 8. 6% from the prior week. Predicted volumes, as well as the traditional increase in summer purchase demand, means more documents to handle. And without sufficient document management strategies, it will also likely mean more missing documentation challenges for lenders. Mistakes and oversights hiding in billions of documents cost the mortgage industry both time and money. “It is, hands down, the most time-wasting problem I see,” says Brady Meadows, Strategic Account Manager at MetaSource. In addition to time spent searching for them, missing documents create uncountable false findings. They give...
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### New Integration with ICE Mortgage Technology™ Platform Speeds QC
> Learn how our new Encompass Investor Connect integration makes the process of getting loan packages into QLink for QC audits a lot easier.
- Published: 2021-04-29
- Modified: 2024-03-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/new-integration-with-encompass-speeds-qc/
Learn how our new Encompass Investor Connect integration makes the process of getting loan packages into QLink for QC audits a lot easier.
Mortgage lenders constantly struggle to perform quality control audits effectively and ensure compliance. Without the right technology and expertise, the process is a slow, manual one that often results in costly errors. That’s why lenders across the country rely on MetaSource QC audits to ensure that their loan packages are accurate and compliant. Our QC audit software, QLinkTM, expedites the quality control process by simplifying key processes for lenders. And now, with our new Encompass Investor ConnectTM integration, the process of getting loan packages into QLink for audit just got a whole lot easier too. The Integration Built to Make Your Job Easier Typically, lenders either manually pull loan documents from their loan origination systems (LOS) to audit or pay a vendor to do it for them, wasting time or money... or both. With MetaSource’s QLink-Encompass integration, lenders can deliver loan packages to QLink for audit in just a few simple clicks. How? With Encompass Investor Connect. Encompass is part of the ICE Mortgage Technology™ umbrella that recently acquired Ellie Mae to create a platform that brings together stakeholders from every part of the mortgage process. Encompass Investor Connect eliminates the need to log into multiple portals to complete the loan delivery process. Instead, lenders can send loan packages to MetaSource for audit right from Encompass, using the Investor Connect portal. Powered by Investor Connect, our QLink-Encompass integration ensures fast and secure delivery with just a few clicks of the mouse. This lets MetaSource’s mortgage team get started right away,...
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### MetaSource Integrates with ICE Mortgage Technology’s Encompass® for a Faster Mortgage QC Process
> MetaSource, has integrated its best-in-class mortgage QC platform, QLink, with ICE Mortgage Technology’s Encompass Investor Connect portal.
- Published: 2021-04-27
- Modified: 2024-06-21
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-integrates-encompass-faster-mortgage-qc-process/
MetaSource, has integrated its best-in-class mortgage QC platform, QLink, with ICE Mortgage Technology’s Encompass Investor Connect portal.
Salt Lake City, UT – April 27, 2021: MetaSource, LLC, a leading provider of workflow automation and compliance solutions for the mortgage industry, has integrated its best-in-class mortgage QC platform, QLinkTM, with the ICE Mortgage Technology Encompass platform used by as many as 40% of lenders nationwide. The integration, which enables the rapid upload of documents from one platform to the other, is powered by ICE Mortgage Technology’s Encompass Investor ConnectTM portal. It will significantly simplify the process for lenders using Encompass who rely on MetaSource for QC audits. “The quality control process is one that mortgage lenders often struggle with when volumes are at ordinary levels,” said MetaSource Senior Vice President of Mortgage Services, Mary Walraven. “This integration will bring much needed efficiency to a time-consuming, but critically important, part of their workload—even during times like these, when volumes are high. ” MetaSource’s QLink-Encompass integration will save lenders nearly 40 minutes per loan. With a three-click process of transferring documents from Encompass to QLink, delivery of files for audit will be simpler and faster than ever before. Integration to Make a Tedious Job Easier Typically, lenders either manually pull loan documents from their loan origination systems (LOS) to audit or pay a vendor to do it, an expense of time and money that has become even more difficult to justify in a period of record mortgage volumes. The QLink-Encompass integration eliminates the need for lenders to log into multiple portals to complete the loan delivery process. Instead, lenders can...
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### 4 Mortgage Market Trends to Watch in 2021
> Record-low interest rates and a global pandemic played major roles in the mortgage industry last year; here's what to expect in 2021.
- Published: 2021-04-12
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/4-mortgage-market-trends-to-watch-2021/
Record-low interest rates and a global pandemic played major roles in the mortgage industry last year; here's what to expect in 2021.
The record-low interest rates the mortgage industry experienced over the past year played a major role in its success despite the unprecedented circumstances. Due to the plunging interest rates in 2020, the mortgage industry experienced shockingly high purchase and refinancing volumes. But 2020 is over, and based on mortgage leaders’ predictions, the trends that drove the industry last year might be too. Let’s take a look at the 2021 mortgage trends that are forecasted to drive the market this year. Origination Volumes will Continue to Soar At the recent ICE Mortgage Technology Experience 21 conference, Robert Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), provided some key predictions. One of these predictions revolved around origination volumes. He explained that the MBA estimates that 2021 will bring upwards of $3 trillion in mortgage originations. This number is well above pre-pandemic levels and is the second-highest total since 2005. Broeksmit announced that the MBA expects 2021 to bring an all-time record for purchase volumes. And what’s more, the association predicts that this volume won’t stop growing in 2021, but will, instead, continue to soar for years to come. Refinance Volumes will Fall Despite the upbeat forecasting for origination volumes, the refinance volumes that soared in 2020 are not predicted to continue down the same path in 2021. Refinance applications are already slowing down, and according to the MBA, they will continue to fall. The main reason for this predicted decline? Interest rates. Because of rising interest rates, the MBA expects...
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### Top 15 Mortgage QC Findings for 2020
> This report includes MetaSource’s top 15 QC findings for 2020 along with a deep dive into our #1 finding and best practices for avoiding it.
- Published: 2021-03-16
- Modified: 2023-11-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/top-15-mortgage-qc-findings-for-2020/
This report includes MetaSource’s top 15 QC findings for 2020 along with a deep dive into our #1 finding and best practices for avoiding it.
While very little about 2020 was predictable, it was a year in which mortgage quality control issues fell into a familiar pattern. This findings report includes MetaSource’s top 15 findings along with a deep dive into our #1 finding and best practices for avoiding it. Top QC Findings for 2020 Here is the complete list of our top findings for 2020, including all loan types and both regulatory and agency findings: Closing Disclosure - Tolerance Violation Closing Disclosure - Calculation Cash to Close Closing Disclosure - Defective Closing Disclosure Timing Violation Other Application/Processing Documentation - Intent to Proceed Income not Documented Other Application/ Processing Documentation - Loan Estimate - Timing Violation Product Parameter Points and Fees Insufficient Assets to Close Income Documentation - Aged DU or AUS Findings Report - Missing or Defective Incorrect Income Calculation Security Instrument - Missing or Defective Closing/Title Documentation - Closing Disclosure- Defective Note - Missing or Defective #1 Finding: A Continuous Trend Closing disclosure defects remain lodged firmly in the top five of our annual QC findings, where they have put down roots every year since TRID Rules took effect more than five years ago. Closing disclosure tolerance violations have topped the list consistently in four of the last five years, including 2020. It’s a category that repeatedly trips up lenders but that is often less about failing to adhere to tolerance regulations and more about failing to provide enough information to show a change has been made correctly. “While this is the number...
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### MERS® QA 2020 Findings Report: Signs of Improvement in a Difficult Year
> Learn what MERS Members struggled with the most in 2020 and how you can improve your processes to avoid exceptions in 2021.
- Published: 2021-03-03
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mers-qa-2020-findings-report-signs-of-improvement/
Despite the whirlwind of a year 2020 was for the mortgage industry, more of MetaSource’s MERS QA clients managed to meet MERS requirements in full than last year. In this article, you’ll uncover why this is, what MERS Members struggled with the most in 2020 and how you can improve your processes to avoid exceptions in 2021. The Pandemic’s Effect on MERS QA In a year full of COVID-related changes and record loan volumes, the need for cross-trained employees to help with MERS reconciliation processes was especially acute. And unfortunately, this need was not easily fulfilled in 2020. “Everybody scrambled to figure out how to work from home, and some servicers even decided at the onset of the pandemic, they needed to reduce their workforce,” said MetaSource MERS Supervisor, Leighcie Gregg. “These decisions, combined with the extraordinary surge in volumes, meant there wasn’t enough backup for some processes. ” Staff shortages, pandemic-driven office closings and high volumes contributed to a year in which insufficient data reconciliation was the leading cause of exceptions, she said. Despite the challenges, however, MERS officials reported seeing overall improvements, with fewer exceptions in 2020, as part of a steady trend year over year. An annual analysis of MetaSource’s third-party QA audits for MERS Member clients showed overall improvement as well. The analysis showed that only 11% of audits had exceptions in 2020, while 19% had exceptions in 2019. The third-party audits, required of MERS Member companies with more than 1,000 mortgage identification numbers (MINs) in...
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### Join Us at Experience 21: Move Your Mortgage Business Forward with Innovation
> Join MetaSource at the ICE Mortgage Technology Conference, Experience 21, to learn about the latest tools for prevailing the mortgage industry.
- Published: 2021-02-25
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/join-us-experience-21-mortgage-business-innovation/
Join MetaSource at the ICE Mortgage Technology Conference, Experience 21, to learn about the latest tools for prevailing the mortgage industry.
At MetaSource, our solutions are designed to help you grow your business today while ensuring you’ve got the tools that will give you an edge tomorrow. Such solutions lead to limitless innovation. Yesterday’s mortgage practices can be steep liabilities in an industry that sometimes feels as if it can change overnight. That has never been more true as mortgage companies juggle the ongoing interruptions of a global pandemic and record loan volumes. The ICE Mortgage Technology Conference, Experience 21, is an opportunity to learn about the latest tools for prevailing in the ever-changing mortgage climate. One of which is MetaSource’s integration with one of the most powerful loan origination systems in the market. By attending the March 8-26 virtual event, you will hear from industry professionals, network with your peers and watch demos of the latest solutions for expediting loan processes, eliminating errors and getting more out of your data. With topics ranging from eClosing to artificial intelligence, and data analytics to consumer engagement, the conference will bring together a wide array of industry leaders for a glimpse of the challenges ahead and the innovations rising to meet them. As a conference sponsor, MetaSource will be there to provide information about the solutions we offer to help our clients across the industry do more in less time. Encompass–QLink Integration for Time-Saving QC and Compliance That includes an introduction to our forthcoming integration that will let users of ICE Mortgage Technology’s Encompass® send loan files directly to our mortgage QC audit...
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### How to Streamline Your Entire Mortgage QC Process
> Watch our latest video on quality control (QC) audit services and technology to learn how you can streamline your mortgage QC process.
- Published: 2021-02-23
- Modified: 2024-03-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/streamline-mortgage-qc-process/
Are you stressed about meeting mortgage quality control (QC) audit standards? Are your audit processes outdated, inefficient, or holding you back? If so, you’re not alone. For mortgage lenders, QC isn’t just about avoiding penalties, it’s about driving efficiencies and eliminating headaches too. With an experienced, trusted partner, you can find peace of mind knowing that your audits will be completed accurately and timely. You can regain control of the QC process and spend more time on what matters. In our latest video, we’ll walk you through what an ideal mortgage QC process looks like. You’ll learn the details of MetaSource’s QC services, the benefits of working with an experienced partner, and the digital tools that can streamline your entire audit process. Partner with Industry Experts Who Go the Extra Mile Government sponsored enterprises (GSEs) maintain strict audit guidelines and staying on top of these can be time-consuming and overwhelming... without the right partner, that is. At MetaSource, we strive to go above and beyond what’s needed to help you meet quality control standards and ensure mortgage compliance. We provide holistic QC services that are backed by our very own experienced industry experts. Our team offers several types of mortgage QC audits, including pre-fund and post-close audits, as well as loan-level servicing QC audits. These services are offered as a complete solution or a la carte—whichever is best for your business. You can achieve new heights with a partner who wants nothing more than to help you get there through...
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### A Correspondent Investor’s Guide to Secondary Market Success
> Our whitepaper, Achieving Success in the Correspondent Lending Market, provides best practices for excelling in the secondary market.
- Published: 2021-02-09
- Modified: 2024-01-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/correspondent-investors-guide-to-secondary-market-success/
The key to success for correspondent investors in the secondary mortgage market is efficiency. And to achieve efficiency and, therefore, success, you must maintain the right balance of speed and accuracy. The right combination of the two is critical to satisfying your lender partners, ensuring high loan quality, sticking to your budget and overcoming common correspondent challenges. But how exactly can you maintain the right balance of speed and accuracy? How can you achieve efficiency? How can you succeed in a competitive market brimming with obstacles standing in your way? Our whitepaper, Achieving Success in the Correspondent Lending Market, provides an overview of the technology and best practices for excelling in the market. Whether you are taking your first steps into the market or attempting to grow an existing line of business, this whitepaper will offer you the knowledge you need to accomplish your goals. Highlights of this Whitepaper Obstacles to Success in the Secondary Market Technology for Growing Revenues, Controlling Costs and Streamlining Whole Loan Purchase Review Augmented Staffing and Collaboration for Maximum ROI Finding the Right Partner for Secondary Market Success Industry Expertise and State-of-the-Art Technology At MetaSource, our expertise in whole loan purchase review, state-of-the-art software and variable pricing model enable our correspondent investor clients to expand their secondary market capabilities without a big upfront investment. Our mortgage audit workflow automation platform, MetaWorx®, provides unmatched and collaborative visibility into your portfolio on both a loan-by-loan and document-by-document basis. With MetaWorx, you gain real-time insights into progress and...
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### Prepare for the Future of Mortgage with a Digital Mailroom
> Learn what a digital mailroom is and how adopting one can set you up for future success in the mortgage industry.
- Published: 2021-01-18
- Modified: 2024-01-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/prepare-for-the-future-of-mortgage-with-a-digital-mailroom/
Learn what a digital mailroom is and how adopting one can set you up for future success in the mortgage industry.
2020 has been an unpredictable, troublesome year for most. But despite all of the struggles, 2020 has still driven positive change for the mortgage industry. Due to the impacts of COVID-19, the industry made the stride to adopt more digital tools, more automated processes, and, ultimately, more forward-thinking mindsets. However, many mortgage companies are still struggling to fully go digital because they still maintain manual mailroom processes. Traditional mailroom management is slow and error-prone. Not to mention, it entails piles of paper and onsite employees—two resources that aren’t exactly favored since the pandemic hit. According to a recent Gartner poll, 30% of employees worked at least partially remotely before COVID-19. The poll results conclude that this number will increase by 18% after the pandemic subsides, meaning nearly half of today’s workforce will be working from home at least a portion of the time. So, going into the office to sort through mounds of mail that needs to get to offsite employees in a timely manner isn’t an ideal scenario for upcoming years. A future that includes primarily remote-working employees is a future that relies on digitization. It’s a future where manual mailroom processes are products of the past—even for mortgage companies. So, how can a mortgage company with a traditional, manual mailroom stop living in the past and start preparing for the future? That’s easy: adopt a digital mailroom. What is a Digital Mailroom? In simple terms, a digital mailroom is a new and improved alternative to a traditional, onsite...
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### Alleviate Whole Loan Purchase Review Challenges with MetaWorx®
> Watch our newest video to learn about MetaWorx, MetaSource’s powerful workflow automation platform for the mortgage industry.
- Published: 2020-12-17
- Modified: 2024-03-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/alleviate-whole-loan-purchase-review-challenges-metaworx%e2%84%a0/
Watch our newest video to learn about MetaWorx, MetaSource’s powerful workflow automation platform for the mortgage industry.
Are you a correspondent investor struggling to provide your lender partners with positive experiences due to an outdated, inefficient whole loan purchase review process? Are you having trouble maintaining high loan quality? Is your team spending their time on a slow, tedious whole loan purchase review process instead of fulfilling your goals? MetaWorx alleviates common obstacles like these, automating your workflow for faster, more efficient management of portfolios. How MetaWorx Drives Efficiency Built for the correspondent investor, MetaWorx is complete with productivity-increasing features, including color-coded status indicators, real-time tracking of the loan audit process, and at-a-glance visibility into progress, discrepancies, and more. Combined with MetaSource’s team of seasoned mortgage professionals, MetaWorx facilitates a highly efficient whole loan purchase review process that cuts a 5-7 business day audit review turn time down to just 2-3 business days. This cloud-based, “touchless” platform enables portfolios to move from intake to auditing without human intervention, dramatically increasing speed to purchase and improving the lender experience. Automated file submission and document processing create an accessible, modern workflow for a more efficient and accurate review. MetaWorx Provides Increased Security and Productivity This user-friendly platform provides a repository of documents for collaboration from afar. MetaWorx’s versatile workflow capability is powered by optical character recognition (OCR) that scans and codes each document into a dynamic, searchable entity. With permanent, digital documents residing in the cloud, investors can enjoy a secure and meticulous system of risk management paired with robust, real-time reporting capabilities to flag lender performance metrics, identify...
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### In Proud Support of the National Council of State Housing Agencies, Making Affordable Housing a Reality
> Access to affordable housing is critical to our country's health. MetaSource proudly supports the National Council of State Housing Agencies
- Published: 2020-10-07
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/in-proud-support-of-the-national-council-of-state-housing-agencies-making-affordable-housing-a-reality/
Access to affordable housing is a critical factor in the social and economic health of the country, especially in the face of a pandemic that has left so many families facing job loss and financial insecurity. Across the country, state housing finance agencies (HFAs) are an important line of defense against such challenges. They play a key role in making safe housing and affordable home ownership available for low to moderate income and first-time homebuyers. Over five decades, these agencies have provided more than $500 billion in financing for the “purchase development and rehabilitation of more than 7. 5 million affordable homes and rental apartments,” according to the National Council of State Housing Agencies (NCSHA) website. The NCSHA is a nonprofit advocacy and educational organization created to help advance the mission of the state HFAs. At MetaSource, we are proud to help support the work of these organizations, including through participation and sponsorship of the NCSHA’s annual conference. This year’s event, to be held Oct. 27-29, will be virtual, but the work is as real as ever. Tools and Solutions for Affordable Housing Challenges The 2020 conference will bring together HFA executive directors, board members, staff and industry partners to explore the best tools and processes for meeting the challenges of today’s affordable housing needs. “MetaSource is proud to help sponsor this conference and support the important work of state agencies in making the dream of homeownership a reality for so many families,” said Colin Graf, Associate Vice President of...
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### The Mortgage Industry in the Post-COVID-19 Era
> Read about what the mortgage industry might look like after the pandemic & why you should consider implementing digital transformation solutions
- Published: 2020-09-15
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-industry-post-covid-19-era/
When the pandemic first hit, there were many organizations in the mortgage industry that had to scramble to adapt. The lack of preparedness to run entire operations remotely and completely digitally left many lenders, servicers, and investors in a frenzy. Once mortgage organizations realized that there was an immediate need to continue conducting business from home, they began adopting innovating solutions at an accelerating pace. Since the initial outbreak of COVID-19, the mortgage industry has made several changes that stretch far beyond the GSEs’ flexibilities. And what’s more, it seems that these changes are here to stay, while others are on the horizon. In this blog post, we’ll explore what the mortgage industry might look like after the pandemic. More Reliance on Robotics Before COVID-19, the mortgage industry exhibited significant reluctance to moving away from manual processes. However, after having to close down offices and rely upon technology, many companies in the sector discovered and are starting to embrace software robots. Robots bring many long-term benefits, including increased productivity and cost reduction. With robotic process automation (RPA), lenders are able to reassign their resources to more meaningful tasks and implement robots to complete the mundane and repetitive ones. Not only does this save you an immense amount of time, it also speeds up the entire mortgage process—even while working remotely. In terms of cost savings, RPA solutions can perform tedious tasks, freeing up hours of work time for skilled employees. For instance, a processor typically spends anywhere from 2 to...
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### What Was Learned at the CMBA’s 2020 Mortgage Innovators Conference
- Published: 2020-09-03
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/what-was-learned-cmbas-2020-mortgage-innovators-conference/
The California Mortgage Bankers Association (CMBA) once again hosted their Mortgage Innovators Conference. The event brings mortgage professionals from all over the country together. It offers engaging, informative sessions from highly intelligent, experienced individuals who have proven themselves in the competitive industry. It enables sponsors like MetaSource to highlight some of their most advanced, problem-solving solutions. It drives new conversations around innovation within the industry. And, above all else, it provides professionals with the resources and networking capabilities they need to learn and grow. While this year’s conference looked a bit different from last year’s, as it went 100% virtual due to COVID-19, it still offered a plethora of knowledge. With that being said, let’s dive into what was learned while attending. The Importance of Communication One of the most talked about topics during the Mortgage Innovators Conference was communication. Over the years, and especially since the pandemic hit, the mortgage industry has taken on a more digital approach when it comes to communication. While this has become a standard, many customers are still regularly left unsatisfied due to the lack of personalization that comes with virtual processes. The ideal digital experience is a personal one, and the only way to achieve it is by balancing technology with human experiences. Lenders must create transparency within their digital solutions so that borrowers feel a sense of humanity in their interactions. Borrowers want to feel empowered, informed, and connected to their lender counterparts. Lenders can offer this desired experience by leveraging advanced...
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### TRID Turns 5: What We’ve Learned About Successfully Managing Mortgage Origination Compliance
> MetaSource looks back on the past 5 years since TILA- RESPA Integrated Disclosure (TRID) rules were instituted, and how these regulations impact lenders.
- Published: 2020-09-01
- Modified: 2023-10-16
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/trid-turns-5-successfully-managing-mortgage-origination-compliance/
MetaSource looks back on the past 5 years since TILA- RESPA Integrated Disclosure (TRID) rules were instituted, and how these regulations impact lenders.
Five years ago, big changes to federal requirements for the mortgage loan disclosure processes produced great anxiety in the lending world. Lenders feared they were facing an onslaught of complicated, new compliance demands that would inflate the cost and risks of every loan origination and leave them perpetually at risk of penalties. The TILA- RESPA Integrated Disclosure (TRID) rules were instituted in late 2015 and administered by the Consumer Financial Protection Bureau. TRID consolidated four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms: The Loan Estimate (LE) replaced the Good Faith Estimate (GFE) and initial Truth-in-Lending Disclosure, which are provided to consumers at the start of the transaction and include both initial disclosures and timing restrictions (must be provided within 3 business days from the date the application is received) The Closing Disclosure (CD) replaced the HUD-1 Settlement Statement and final Truth-in-Lending Disclosure, providing consumers the required 3 days to review all final terms and conditions and seeking to prevent borrowers from signing documents under duress Lenders’ anxiety around these new rules was based on the lack of clear guidance from the CFPB, the myriad interpretations by varying investors, and potential penalties associated with non-compliance. Among other worries, lenders feared the CFPB’s ability to audit, levy substantial fines, limit business practices and disclose violations to the public. Lenders also worried about how they would take responsibility for disclosures that were typically handled by title companies. Their fears were not completely...
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### Trailing Document Best Practices
> Learn how an emerging best practice for managing mortgage trailing documents is to utilize mailroom/PO box scanning services and workflow automation software.
- Published: 2020-08-17
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/trailing-document-best-practices/
Learn how an emerging best practice for managing mortgage trailing documents is to utilize mailroom/PO box scanning services and workflow automation software.
Mortgage originators have always struggled to properly execute the trailing document process in an efficient, cost-effective manner. But with the new remote work model here to stay, tracking, recording, and storing trailing documents has become particularly difficult. How can you stay on top of the deed of trusts, title policies, private mortgage insurance policies, and other required files coming in if no one is at your office to pick them up in the first place? The simple answer is that you can’t. The documents will start to pile up in your office—if they haven’t already—and that can lead to major monetary losses. After all, you can’t get the capital you were promised by GSEs if you can’t deliver the full pool of documents that you promised them. What’s more, you risk losing the trust you built with GSEs and, therefore, the ability to sell to them down the road. Fortunately, you can avoid these financial challenges and set yourself up for future success by following a few key trailing document best practices. Transition to a Digital Mailroom The easiest way to streamline the trailing document process remotely and continue bringing in capital is to transition to a digital mailroom. You’ll find the most success with a digital transformation partner that has experience in the mortgage industry. The right partner can provide you with a digital mailroom service that meets your needs through-and-through, from document retrieval to storage. Top digital mail solutions ensure trailing documents are quickly processed: scanned, indexed for...
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### MetaSource at 2020 Mortgage Innovators Conference: The Event is Virtual but the Solutions are Real
> Join MetaSource on Aug. 17 at the virtual 2020 Mortgage Innovators Conference to learn more about Symmetri and other automated solutions.
- Published: 2020-08-10
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-at-2020-mortgage-innovators-conference-the-event-is-virtual-but-the-solutions-are-real/
Join MetaSource on Aug. 17 at the virtual 2020 Mortgage Innovators Conference to learn more about Symmetri and other automated solutions.
At MetaSource, our solutions for the mortgage industry have one overarching goal: to make your job easier. And tuning in to our next demonstration of Symmetri™, the powerful integration tool for bridging borrower point of sale and lender loan origination systems, might just be the easiest thing you’ve ever done. In fact, you can do it from your couch. And the dress code? Business casual doesn’t really begin to describe your options here. Get cozy and click your way over to our booth at the Mortgage Innovators Conference, Aug. 17-18 in your living room. Or wherever. It’s a 100% virtual event this year and easier than ever to attend. MetaSource, a proud sponsor of the event, will provide an official demo on Symmetri between 10:55 a. m. and 11:27 a. m. PDT on Aug. 17. The MetaSource team knows you’re busy. So, if you can’t make our demonstration, we’ll be available to connect in our virtual booth throughout the event. The two-day conference will consist of presentations, interactive conversations, and insights from industry experts on all things related to the digital mortgage experience. To hold you over until then, here’s a sneak peek into what we’ll be covering in our demo. Digital Loan Origination without the Speed Bumps Symmetri is software from MetaSource that syncs popular borrower point of sale (POS) platforms with a lender’s loan origination system (LOS). It eliminates the gaps between the two that create a frustrating bottleneck in what should be a streamlined digital experience on...
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### Digital Mailroom Services for Remote Efficiency in the Mortgage Industry
> In the wake of the COVID-19 pandemic, a digital mailroom provides flexibility for remote work and a digitally-enabled workforce.
- Published: 2020-08-05
- Modified: 2024-09-26
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/digital-mailroom-services-for-remote-efficiency-in-the-mortgage-industry/
In the wake of the COVID-19 pandemic, a digital mailroom provides flexibility for remote work and a digitally-enabled workforce.
In the wake of the COVID-19 shutdown, many businesses in the mortgage industry found themselves having to adjust to a remote workforce model practically overnight. The transition hasn’t always been smooth. But months later, the mortgage industry is seeing some advantages to the new, work-from-home model. Organizations in the industry are experiencing cost savings, an increase in productivity, and a decrease in employee sick days. For these reasons, it’s likely that remote work is here to stay in the world of lending. One of the only things keeping companies like yours from fully going digital is the mailroom. How can you transition to a remote workforce if you’re still relying on employees to pick up mail at your office? You can’t. You can, however, solve this problem easily. All you need is a digital mailroom solution to transform your organization into a highly efficient remote team. The Office of The Future Has a Lot Less Paper The pandemic may have kick-started the transition to a digital workforce, but it has been a long time coming in the mortgage industry. Mortgage professionals have been moving toward automation for years and the mailroom is one of the most beneficial functions to automate. A digital mailroom eliminates the costly and time-consuming need to distribute mail from a single location to employees, investors, lenders, servicers, and borrowers in multiple locations. Digital mailroom services accelerate mortgage processes by replacing manual mailroom functions with fast, automated ones. As the need for speed continues to rise in...
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### Make Short Work of MERS Compliance with mintrak®2™
> It's the season for starting in on the job of wrangling MERS data, but for mortgage servicers with the power of mintrak2 automation, it's just summer.
- Published: 2020-07-23
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/make-short-work-of-mers-compliance-with-mintrak2/
It's the season for starting in on the job of wrangling MERS data, but for mortgage servicers with the power of mintrak2 automation, it's just summer.
Mortgage servicers have no shortage of challenges this summer as the coronavirus continues to impact borrowers’ abilities to make timely payments. To potentially make matters worse, summertime is also “MERS season. ” Around this time every year, servicers get a gentle nudge from MERSCORP, reminding them that it’s time to start getting their data in order for the MERS QA reporting deadline on Dec. 31. That can feel like a long way off in the middle of summer. But those experienced in the process know that the detailed reporting and reconciliation required by the agency can make short work of a six-month window. Luckily, the MetaSource team has your back. Our MERS solutions have been making short work of MERS compliance for years, with support for every aspect of the process. MetaSource’s powerhouse behind ensuring MERS compliance is our industry-leading software, mintrak®2™. This solution was designed to solve one of the primary challenges of meeting MERS eQA requirements: data reconciliation and remediation.
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### End Lien Release Headaches and Focus on the Rebound
> After months of COVID-19 shutdowns, unresolved lien release issues can be a major source of disruption for servicers.
- Published: 2020-07-06
- Modified: 2024-03-08
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/end-lien-release-headaches-and-focus-on-the-rebound/
For servicers trying to get things moving after months of shutdown, unresolved lien release issues can be a major source of disruption. With many county offices closed over the past few months, navigating the requirements around lien releases has become a far more complicated undertaking. Some of the 3,600+ recording offices around the country are still not equipped to accept lien release forms electronically. Even as offices begin to reopen, federal and investor sources are making additional demands and there are more than a million unique recording requirements just waiting to trip you up. With deadlines of 10-90 days for filing a lien release in the county where the mortgage or deed of trust is recorded, and refinance volumes expected to surge to a 17-year high as rates fall, large backlogs could leave you at risk of lien rejection, non-compliance or with crippling inefficiencies. Even as recording offices begin to reopen, federal and investor sources are making additional demands. There are more than a million unique recording requirements just waiting to trip you up. On the other hand, keeping up with paperwork and tracking processes that don’t leave any details to chance will leave you better positioned to harvest the opportunities in what is likely to be a turbulent year. Digital Lien Release Tools: Track Now So You Aren’t Scrambling Later Managing a small backlog of lien release documents is standard practice for most servicers, but it can easily become unmanageable with thousands of documents to shepherd through a process...
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### More Industry Honors for MetaSource VP of Mortgage Services
> Mary Kladde Walraven, MetaSource's Senior VP of Mortgage Services, was recently named an honoree of NEXT's 50 Under 50 award.
- Published: 2020-06-11
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/more-industry-honors-for-metasource-vp-of-mortgage-services/
Mary Kladde Walraven, MetaSource's Senior VP of Mortgage Services, was recently named an honoree of NEXT's 50 Under 50 award.
Mary Kladde Walraven’s career in the mortgage industry spans some pretty turbulent times. So, honoring her as one of the leading women executives in the industry at a time when we find ourselves facing another challenging period in the industry feels especially fitting. As a match-up, of course, Walraven vs. Industry Challenge is no contest. Our Senior Vice President of Mortgage Services has yet to meet a roadblock she couldn’t wrangle into an opportunity. Walraven has been a leader in the mortgage industry for three decades. She worked her way up from her first job as an REO processor in Denver after convincing a hiring manager that it would be a mistake to give the job to anyone else. It was good advice. A Career Steeped in Innovations and Solutions In 2007, Walraven launched Titan Lenders Corp. , growing the company into a multimillion-dollar success over a period that included the subprime mortgage crisis. By focusing on technology solutions that allowed lenders to outsource back office services and put their efforts into business growth, she overcame the industry challenges of the time. In the process, Walraven drove innovations like mintrak®2™, a platform for managing MERS compliance. This solution has tamed a once punishing ordeal in data entry into a user-friendly exercise in point and click. Today, we join NEXT, an organization dedicated to breaking gender barriers in the mortgage industry, in congratulating Walraven on being named a winner of their NEXT Powerhouse Awards – honoring career-driven women in the mortgage...
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### Mortgage Servicing Quality Control in Challenging Times
> Mortgage servicers are bracing for turbulence during the coronavirus pandemic, but can limit disruption with careful quality control (QC)
- Published: 2020-04-22
- Modified: 2021-07-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mortgage-servicing-quality-control-in-challenging-times/
These days, it can be easy to forget all of the more routine challenges that mortgage servicers face. Millions of borrowers are seeking forbearance of monthly mortgage payments under the CARES Act, a provision of the federal coronavirus relief bill, and state relief efforts. With millions more expected to follow suit, many servicers are bracing for turbulence. Best practices for managing financial arrangements like escrow or lender-placed insurance may seem like secondary concerns at such a time. However, quality control is even more critical for servicers during a time of disruption. Now more than ever, you need to limit your exposure to additional risks and ensure that you’re not adding to borrowers’ difficulties. At MetaSource, our mortgage servicing quality control audits help servicers identify and correct areas of weakness in their processes. Our clients use these audits to drive efficiencies and improve customer service. Each year, we conduct an analysis of our audits from the previous year to identify issues that are a common source of trouble. Top 5 Areas of Servicing QC Trouble in 2019 Our most recent mortgage servicing QC analysis reveals five areas where servicers struggled to keep their processes in line with best practices: Cashiering - missing or defective Customer Inquiries - timing violations Credit Reporting - missing or defective Lender Placed Insurance – timing violations Payoffs - missing or defective According to Bret Cline, MetaSource’s mortgage servicing QC manager, “force-placed” insurance, also known as lender placed insurance (LPI), is a persistent source of trouble for...
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### Digital Workflow Solutions that Get You to Work from Wherever You Are
> With powerful online tools for the mortgage industry, MetaSource can help you create digital workflows for managing your portfolios from wherever you are
- Published: 2020-03-24
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/digital-workflow-solutions-that-get-you-to-work-from-wherever-you-are/
The COVID-19 virus has left business owners with unprecedented challenges around the health of their employees and the health of their companies. Due to the pandemic, many businesses are facing an almost overnight transformation to digital workplaces. Newly remote workers suddenly need to communicate, collaborate, and get work done from the safety of their homes. Fortunately, these newly remote workers have access to useful tools that make working from home easy. With these tools, employees can quickly and securely connect with one another while maintaining social distancing – even in the notoriously paper-clogged mortgage industry. Technology once seen as elective or a “business edge” has now become the baseline – central to not just our physical, but economic well-being. During these stressful and uncertain times, moving forward means reliable, cloud-based solutions to keep a remote workforce up and running. Here are three digital workflow solutions our mortgage clients have been able to leverage for a safe and reliable hedge against the internal threats of inefficiency and paper-clogs. These solutions provide a secure way to keep moving forward in the face of an external threat that stands between us and our usual workplaces. MetaWorx®: A Powerful Online Workspace MetaWorx is a web-based workflow management software platform in which investors, lenders and MetaSource analysts can interact directly through an online platform. With flexible, intuitive and customizable features, MetaWorx provides access to entire portfolios, at-a-glance reporting, and expedited communication - all from the safety of your couch. With this tool, you can streamline...
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### MetaSource Coronavirus Business Continuity
> With all of the uncertainty regarding the novel coronavirus, MetaSource has a plan in place to keep working with & assisting our customers.
- Published: 2020-03-13
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-coronavirus-business-continuity/
With all of the uncertainty regarding the novel coronavirus, MetaSource has a plan in place to keep working with & assisting our customers.
News of coronavirus issues around the world have caused MetaSource, LLC to review existing disaster recovery/business continuity plans. Reviewing these plans through the lens of the Coronavirus pandemic has put into motion active business continuity testing. This testing involves moving work from existing processing facilities, to our other processing facilities. This takes advantage of our functional capacity for moving work among our facilities in the United States (i. e. Dallas TX, Denver CO, Draper UT, Bristol PA, Phoenix AZ and Anaheim CA), as well as our remote workforce operating nationwide. The term “movement of work” involves activating alternative sites where work is currently not processed and providing those sites access to MetaSource servers. Teams are then able to access and complete the work. Under normal circumstances, MetaSource performs these types of tests annually. By exercising an abundance of caution, we have begun regular testing of these processes. The intent is to minimize impact to our clients’ business operations in the event of a government required facility closure due to the Coronavirus. We will continue our testing until current events indicate a comfortable level of control surrounding this newly declared pandemic. In the event we need to activate our business continuity plan, we are confident there will be no degradation in service. We all hope for a rapid resolution to these outbreaks and hope we will not be faced with the need to activate these emergency processes. If you have any questions, please reach out at marketing@metasource. com and we are...
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### MetaSource Mortgage Profitability Analysis
> Learn how a MetaSource mortgage profitability analysis can improve your loan origination processes and reduce your cost per loan
- Published: 2020-03-09
- Modified: 2021-07-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-mortgage-profitability-analysis/
Is improving or streamlining your origination processes one of your goals for 2020? Did your process break down or lack efficiency last year? Do you want to increase origination margins and reduce your cost per loan? Lenders often put up with inefficient origination processes for too long because they don't know exactly where the problems lie, how to fix them, or where to apply improvements effectively without disrupting production. Others don't know who they can trust to integrate their point-of-sale (POS) data with their loan origination system (LOS). There are plenty of vendors with some sort of “solution” to sell, but how can you be sure they understand your business and what you really need? Problems to Be Solved Our Mortgage Profitability Analysis was developed to help assess and solve these complicated issues throughout the origination process including: Process gaps and data discrepancies caused by disparate systems (application, disclosure, processing, secondary, underwriting, closing, funding, post closing, investor delivery, servicing) Lack of confidence in your data and a need to repeatedly re-verify everything throughout the life cycle of the loan process Difficulty managing the multitude of investor, warehouse line, servicer, and government guidelines and requirements Lack of industry standardization Slow processing, hindered by backlog and too much paper Human error Fraud Missing documents, including trailing documents and other documentation, due to lack of a centralized repository and system of record Any number of other problems standing between you and a trouble-free, profitable origination process What You Get Your Mortgage Profitability Analysis...
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### MetaSource State-of-the-Art Mortgage Origination Software at MBA Tech2020
> Join MetaSource in Los Angeles at the MBA Tech2020 conference and expo and see a demonstration of our Symmetri software for bridging POS and LOS platforms.
- Published: 2020-03-03
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-state-of-the-art-mortgage-origination-software-at-mba-tech2020/
Join MetaSource in Los Angeles at the MBA Tech2020 conference and expo and see a demonstration of our Symmetri software for bridging POS and LOS platforms.
UPDATE: In light of the ongoing uncertainty around the coronavirus (COVID-19) and the state of emergency declared for California and Los Angeles County, the MBA has canceled the Technology Solutions Conference & Expo that had been scheduled for March 29 – April 1 in Los Angeles. At MetaSource, our team members across the country remain available to discuss your technology needs or issues. Please feel free to reach out during this difficult time. The Mortgage Bankers Association’s TECH2020 Conference & Expo is the largest annual gathering of its kind, focusing on technology solutions for mortgage and commercial real estate finance. Last year, the conference focused on increased competition from fintech industries, highlighting the urgency of digital transformation in the mortgage industry. This year’s conference will highlight the consumer technology that continues to change the landscape for lenders and servicers while providing still-growing levels of convenience and autonomy for borrowers. A New Standard for Mortgage Technology In 2020, Point of Service (POS) integration and automation is less about achieving a dramatic digital transformation and more about keeping up and ensuring that loan origination processes are scalable and efficient. As the new standard for modern mortgage borrowers, POS platforms connect borrowers with prospective lenders with the ease of a tablet or smart phone app. From there, however, many lenders still have to navigate a significant gap to get borrower information into their loan origination systems (LOS). That’s why MetaSource developed Symmetri™, a cutting-edge software integration solution that closes the gap for lenders,...
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### MERS® QA 2019 Hurdles: Some Reconciliation Practices a Continuing Source of Difficulty
> Reconciliation and documentation of internal MERS QA policies and procedures were common challenges for MERS members in 2019, a MetaSource review shows
- Published: 2020-02-27
- Modified: 2024-05-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/mers-qa-2019-hurdles-some-reconciliation-practices-a-continuing-source-of-difficulty/
Data reconciliation processes were an ongoing hurdle for MERS members in 2019, according to a MetaSource analysis of its third-party QA audits provided to MERS member clients. The audits, part of the preparation process for the MERS eAnnual report due each year on Dec. 31, include a thorough review of MERS members’ operational policies and procedures. Third-party audits are required for member companies having more than 1,000 mortgage identification numbers in their servicing portfolios on March 31 of the current year. Top MERS QA Findings for 2019 Our findings for 2019 documented three main areas of MERS QA in need of improvement: Written internal policies and procedures were not detailed enough to comply with MERS requirements Failure to conduct monthly data reconciliation or doing data reconciliation that is not sufficiently thorough Members' internal quality assurance audits, or their subservicer or third-party vendor process audits did not meet MERS standards In some cases, problems were the result of internal employees using a Portfolio Analysis Report as the basis of their QA review for MERS compliance, said Leighcie Gregg, MERS Services Supervisor at MetaSource. A portfolio analysis does not include all of the files needed for reconciliation, such as co-borrower status. “The Portfolio Analysis is an excellent tool to sample from for internal QC,” Gregg said, “but it’s not sufficient for doing MERS-compliant reconciliation. ” In other cases, reconciliation processes came up short due to lack of knowledge or because a small department came up short-handed as the result of turnover or...
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### Join MetaSource at 2020 Mortgage Servicing Conference
> Join MetaSource at our 2020 Mortgage Servicing Conference and learn about our document solutions for mortgage servicers and subservicers.
- Published: 2020-02-18
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/join-metasource-at-2020-mortgage-servicing-conference/
Join MetaSource at our 2020 Mortgage Servicing Conference and learn about our document solutions for mortgage servicers and subservicers.
Stop by Booth #618 at the MBA Servicing Solutions Conference & Expo in Orlando, Florida on February 23rd – 26th to speak with one of our experts. The 2020 MBA Servicing Solutions Conference and Expo will bring together experts from across the country to catch up on industry trends and best practices for managing challenges ranging from loan boarding to cybersecurity. The MetaSource team will be there to share our wide array of technology and expertise for streamlining the processes and hurdles that can come between servicers and their efforts to operate efficiently, profitably and in compliance. Solutions for Servicers Who Want to Grow Their Business, Shrink Their Headaches In light of recent property flood insurance updates, the conference will include sessions dedicated to new policies and regulations impacting the industry, as well as cutting-edge practices for taking your business to the next level. At MetaSource, our state of the art software for loan boarding, lien release and quality control provide three key tools that servicers can use to speed processing, reduce compliance risks and eliminate time sinks that reduce profitability. MetaBoarding Loan Boarding Automation: Whether you’re purchasing a loan portfolio or boarding your client’s loans, quickly and accurately processing documents and data can be a challenge. Risks of missing or incorrectly indexed documents can expose you to compliance issues, CFPB audits, and other time-consuming and costly post-transfer data roadblocks. MetaBoarding uses Optical Character Recognition (OCR) to automate the heavy lifting, letting you quickly evaluate a portfolio prior to purchase....
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### MetaSource Mortgage 2020: State-of-the-Art Solutions in an Evolving Landscape
> Our new website reflects the rapidly changing landscape of the mortgage industry, which is no longer content to lag behind in digital transformation
- Published: 2020-01-20
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/metasource-mortgage-2020-state-of-the-art-solutions-in-an-evolving-landscape/
The mortgage industry has undergone a remarkable evolution over the past decade, emerging from the collapse of the subprime market into a period of heightened regulatory scrutiny and digital transformation. Many of the digital options that are now remaking the mortgage process were still a few years away from introduction when the decade began, but the technology was already revolutionizing business practices elsewhere and it was clear that the mortgage industry had a lot to gain from digital efficiency, particularly in the wake of added compliance burdens. At MetaSource, we have had the privilege of being on the front lines helping industry professionals navigate both the challenges and the opportunities. Our unique blend of expertise in business process automation and enterprise content management and the hands-on work of experienced mortgage industry professionals has enabled us to provide an array of industry solutions covering everything from automation to compliance and QC. Process Innovation and Mortgage Industry Expertise Lets You Do More Over the years, we’ve established ourselves as a leading provider of mortgage expertise and QC services, while also driving the industry’s digital innovation with an evolving array of first-of-their-kind technology solutions that have allowed our clients to thrive and grow in every kind of market. From auditing and reconciliation software that streamlines complex requirements like MERS QA, to the timesaving automation of processes like loan boarding, lien release and mortgage document management, our commitment to making things easier for our clients has grown to include end-to-end digital support and services....
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### Top 15 Mortgage QC Findings for 2019
> A review of post-close QC audits by MetaSource in 2019 shows the difficulty lenders have in consistently meeting regulatory and agency requirements
- Published: 2020-01-15
- Modified: 2023-12-20
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/top-15-mortgage-qc-findings-for-2019/
The top 15 mortgage quality control issues in 2019, as compiled from tens of thousands of post-close QC audits performed by MetaSource over the past year, continue to demonstrate challenges executing the TRID Rule designed to meet the objectives and requirements of Title X of the Dodd-Frank Act. In the fourth full year of the requirements imposed by the TILA-RESPA Integrated Disclosures (TRID) rule, our audits show little change at the top of the list, where closing disclosure timing and calculations continue to give lenders trouble. "What I see is mostly what we've been seeing for years," said Brady Meadows, Strategic Account Manager at MetaSource. "Lenders are having the same problems year after year. " Meadows says the findings show how difficult it can be for lenders to maintain practices that ensure consistent results. "Lenders seem to be comfortable with their risk exposure regarding TRID findings. But effective QC processes are an opportunity to improve practices that expose them to unnecessary risk," Meadows says. Employment Verification Processes Come Up Short Meadows said one of the most surprising findings of the review was the jump in problems related to verification of employment, an agency (Fannie, Freddie, Ginnie) related finding which moved to fifth on the list, up from eighth in 2018. The finding ranked second among agency related defects on conventional loans, third on FHA loans and ninth on VA loans. FHA loans were also found to have a higher incidence of "unacceptable source of funds," ranking ninth among overall FHA...
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### How to Streamline Mortgage Origination with Automation: A Whitepaper
> Discover what the right automation system looks like: an end-to-end solution that allows you to redeploy knowledge workers to jobs where they can make a difference.
- Published: 2019-12-03
- Modified: 2025-01-13
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/how-to-streamline-mortgage-origination-with-automation-a-whitepaper/
Point of Sale (POS) mortgage origination platforms have become the new standard for the modern mortgage borrower, who expects the process of applying for a mortgage to be as easy and accessible as any of the latest smartphone apps. And why shouldn’t it? But when it comes to streamlining the mortgage origination process, these platforms can be a bit of a dead end on the lender’s side, requiring all of the data and documents that the consumer uploaded so conveniently to be re-entered and validated. It’s a time-eating duplication of effort, with a big margin for error on the side. That’s not automation, it’s fauxtomation. True automation looks and feels very different. And there’s no reason to settle for anything less. Our whitepaper, How to Streamline Mortgage Origination with Automation, will show you what the right system of automation looks like – an end-to-end solution that allows you to re-deploy your valuable knowledge workers to jobs where they can really make a difference, and leave the repetitive tasks of document management, extraction and classification to the robots. Highlights How automation deployed throughout the origination process will reduce labor, increase speed to close and improve profit margins Overview of an automated loan origination process How origination documents are classified in the automation process Document extraction and exception handling The role of Robotic Process Automation (RPA) in the mortgage origination process When you put the power of state-of-the-art mortgage automation software to work for you, you also improve the accuracy of your...
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### Not Easy, Cheap Nor “Out of the Box”
> The easiest, cheapest, or one-size-fits-all solution may not work for your organization when it comes to digital transformation via automation
- Published: 2019-10-23
- Modified: 2021-07-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/not-easy-cheap-or-out-of-the-box/
Guest Blog by Mary Kladde Walraven Digital transformation toward automation is not easy, cheap, or “out of the box”. Any of these words used in a sales pitch or marketing material should set off major red flag warnings in your mind, pun intended. Technology and software development, in general, does not typically lend itself to any of these terms, and when you add the complexity of mortgage, then it certainly doesn’t fall into these categories. This being said, it doesn’t mean that we shouldn’t strive to get there from an end-user perspective. It just means that there is a ton of work to put in behind the scenes by the service organization so that the end-user can BELIEVE it’s “cheap, easy, and out of the box. ” Easy... What does this mean and how does it apply to anything in the mortgage business where there are iterative process changes and an exception to every rule? Understanding what you want “automated” and how the process is measured so you can truly assess and test what you are building will be essential to success. Additionally, biting off incremental realistic targets will be key for automation improvements that are measurable. If you are automating a manual process, know how to measure the results of what is being built, how much time it eliminates in your process, how it affects quality, and what cost savings are associated with the automation. These cost savings will be reflected in the process, as well as Secondary leakage....
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### Join MetaSource at NCSHA 2019
> MetaSource solutions for state housing agencies include services and state-of-the-art technology for improving loan quality and efficiency.
- Published: 2019-09-30
- Modified: 2024-05-15
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/join-metasource-at-ncsha-2019/
State Housing Finance Agencies (HFAs) play a critical role in the path to home ownership for millions of families across the country, with more than $450 billion in financing delivered for the purchase, development and renovation of houses and apartments for low and middle-income families and individuals. When HFA executive directors, staff and industry partners gather in Boston Oct. 19-22 for the 2019 National Council of State Housing Agencies Annual Conference and Showplace, the agenda will cover a broad array of topics and best practices designed to further that mission within an evolving economic, political and technological landscape. Cost-Effective Solutions that Help HFAs Do More At MetaSource, our team members have been providing expertise and solutions to the affordable housing marketplace for decades, and we have a constantly evolving array of products and services that help housing agencies streamline the work they do with solutions for cost-effective outsourcing and automation. From outsourced purchase reviews that expand capacity and reduce turn-around time to loan servicing solutions like automated loan boarding and document indexing, state-of-the-art MERS reconciliation software and outsourced lien release and assignment services, MetaSource has helped numerous housing agencies across the country do more with less. Our solutions are designed to maximize efficiency, accuracy and loan quality without adding to fixed costs. Panel to Explore In-House vs. Third-Party Solutions for HFAs If you’d like to learn more about our solutions for HFAs, join us in Boston where Mary Kladde, Senior Vice President of Mortgage Services for MetaSource, will be part...
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### A Glimpse into the Mortgage Industry's Digital Future
> Symmetri brings the mortgage industry closer to the goal of the end-to-end digital mortgage by closing the gap between consumer and lender platforms
- Published: 2019-08-30
- Modified: 2020-02-18
- URL: https://mortgage.metasource.com/mortgage-quality-control-blog/a-glimpse-into-the-mortgage-industrys-digital-future/
The Digital Mortgage conference in Las Vegas later this month will bring together some of the most innovative minds in the industry to share a world of new technology that is slowly but surely pushing the mortgage business out of its over-stuffed file folders and into a (mostly) paperless future. Among other topics, speakers will cover the prospects for “A Fully Digital Mortgage – It’s closer than you think,” and “Achieving 100% Digital Mortgage Adoption. ” At the same time, there is recognition that as digital transformations go, the mortgage industry may be on the path, but the finish line is still a few file folders away. Amid so many promising new solutions for harnessing the efficiency and easy access of digital document management, the challenge of integrating disparate systems remains. Digital Loanboarding that Doesn't Stop at the Intersection It’s not that the end-to-end digital mortgage is out of reach, exactly... it’s just that the pieces in between aren’t always a smooth fit. There are gaps between innovations like consumer point-of-sale platforms and the systems that lenders use to manage all that information. So prospective buyers can submit a mortgage application from their PCs, tablets or even their phones, but the lenders? They have to re-enter all that data. That clunky reality was the inspiration for our latest innovation: Symmetri™. Symmetri is a solution that lets lenders share in the ease of digital loan origination by channeling all of that incoming mortgage data into the systems and platforms that they...
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