Mortgage Quality Control: Servicing QC Audits

How Has Servicing Quality Control Become Relevant in the Industry?

Mortgage Quality Control (QC) Audits | Servicing QC Audit

Mortgage servicing has been brought to the forefront of the quality control (QC) conversation. Like the scrutiny of originations quality control, mortgage servicing QC is experiencing a level of focus and attention like never before. Investors, regulators and agencies are requiring a very detailed review of every step of the loan servicing process to ensure compliance with all laws, regulations and guidelines.

How Will This Servicing Audit Contribute Value for My Business?

Our Mortgage Compliance Advisors QC servicing audit is the solution to assist in meeting your loan servicing quality control needs. Our Servicing QC audit not only provides feedback on compliance with guidelines and regulations, but delivers state of the art reporting. We believe the industry standard of just delivering a PDF report has passed and that technology now provides a better way to interact with our QC data. Our Servicing QC Audit delivers data not only the industry standard PDF, but also pushes all the Servicing QC data to our QLink mortgage audit software. Our QLink portal allows you to view and sort your findings, trend your reports quarter over quarter, and find the root cause of your issues.

3 New Types of Servicing QC Audits Now Available

MetaSource’s Servicing QC department has developed three new audit categories which include Service Transfers, Lenders Placed Insurance, and Hazard Insurance Claims. These audits are in addition to 20 other audits that MetaSource completed for their Servicing clients.

Servicing Transfer Audits

The servicing transfer audit will cover loans transferred from their current servicer to a new servicer and includes a post-transfer review of the loan to verify that data points and amounts are correct, and that the necessary documents have been provided.

Lender's Placed Insurance Audits (aka Forced Placed Insurance Audits)

The targeted LPI Audit was created to ensure that loans with LPIs undergo a thorough review of the need for LPI, as well as the amount billed, the issuance of proper notifications and timely removal/refunds when proof of insurance is provided. Under the Escrow Administration Audit, the random sampling of loans can leave LPI issues undetected.

Hazard Insurance Claim Audits

Incorrectly managed hazard insurance claims can leave servicers and investors in a difficult spot, with damages that go un-repaired or poorly repaired. This audit will review all details relating to damage, fund disbursements, inspections and agency notifications.

20 Additional Servicing QC Audits

In addition to the three main audits, MetaSource offers 20 additional audits:

  • 1098/1099
  • 203K/Home-style
  • ARMs
  • Assumptions
  • Bankruptcy
  • Cashiering
  • Claim Submission
  • Credit Reporting
  • Customer Inquiries
  • Default Administration
  • Escrow Administration
  • FEMA/Disaster Recovery
  • Foreclosure
  • Hazard Insurance Claims
  • Lenders Placed Insurance
  • Loan Setup
  • Loss Mitigation
  • Payoffs
  • Service Members Civil Relief Act (SCRA)
  • Service Transfers

Contact us to learn more about mortgage compliance servicing QC audits