The platform and expertise you need to expedite the whole loan purchase review process and slash costs simultaneously.
Without an advanced solution, correspondent investors struggle to maintain impressive turn times and satisfy their lender partners, putting their businesses’ financial futures at risk.
With a mortgage audit workflow automation system and a team of experienced professionals, however, investors can optimize turn times, reduce costs, and improve loan quality—even during high-volume times.
MetaSource’s Whole Loan Purchase Review (WLPR) service was built to do just that. It is engineered to:
- Identify and implement policies and processes that reflect each investor’s unique risk profile
- Provide technology enhancements to improve compliance, loan review and eligibility guidelines
- Create speed to purchase by utilizing state-of-the-art technology and artificial intelligence
- Provide our correspondent lending platform called MetaWorx®
MetaWorx Correspondent Lending Platform
Our processes are built on the MetaWorx correspondent lending platform, a SaaS based, user-friendly system that streamlines communication among auditors, lenders and investors, and provides at-a-glance review and access to loan documents, processes and defects.
MetaWorx facilitates easy uploading of mortgage files to MetaSource, making it easy to identify missing and defective documents and to capture reporting data for process improvement, auditing and lender scorecard reporting.
How it “Worx”
With MetaWorx, the whole loan purchase review process is fast and easy. Here’s how it works:
First, lenders upload loan files into the MetaWorx platform, which can be private labeled for a seamless customer experience, either by secure email delivery, hard file delivery or direct upload. An email notification will alert MetaSource’s purchase review department of receipt of the file and/or pool of loans.
Next, the loan documents are classified, bookmarked, and stored in MetaWorx, where authorized parties can reference them in real-time. Once all documents are securely stored in the system and all missing documents have been identified and provided, the purchase review team performs a prescribed Purchase Review audit of relevant documents and data. Upon completion, a Purchase Advice report will be produced, provided to the lender and posted in the archive.
Through this tried and true process, MetaSource’s Whole Loan Purchase Review Service offers:
- Customizable criteria for determining risk and clarity on risk exposure for investors
- Rapid identification and correction of defects for higher loan quality
- At-a-glance visibility into progress, discrepancies, and overall workflow status
- Enhanced collaboration that improves speed to purchase and investor confidence
- Document custody and retention management that promotes secure loan file storage
Why You Should Outsource to MetaSource
MetaSource’s Purchase Review audit is designed to ensure that the loan has been scrubbed of discrepancies and deficiencies as they relate to purchase or boarding of the loan.
MetaSource Mortgage uses standard purchase review auditing to include:
- Product eligibility
- Document review, addressing availability, completion and accuracy of executed documents to include undersigning or notary endorsement issues
- Data review and comparison with the source documentation or system of record (AUS) verifying investor identified fields
- Review of any issues identified to affect salability or loan performance as experienced or added to the process flow
- Automated compliance testing that includes: TILA, HOEPA, HPML, MDIA, ROR, FNMA, TRID points and fees and state consumer credit
We even offer customization through automation, making boarding packages or the management of MERS TOB/TOS transfers or delivery of Hello/Goodbye Letters entirely within our scope of services.
Our main priority is to make your job easier, so you have more time to do what you do best. That’s why our WLPR service has been particularly successful for Housing Finance Agencies (HFAs), as they regain the time they need to focus on fulfilling their missions.
By outsourcing your Whole Loan Purchase Review Service to MetaSource, you can automate the process and enhance the lender experience by simplifying their responsibility to meet investor credit and eligibility standards, pricing guidelines, and other requirements. With a primary focus placed on capturing critical loan data earlier in the process and validating it before, during, and immediately after loan delivery, your team can reduce a 5-7 day turn time down to just 3 days.