Servicing Quality Control for Compliance and Efficiency
For mortgage servicers, quality control is more than a requirement of doing business with Fannie Mae, Freddie Mac, FHA, Ginnie Mae and the Veterans Administration (VA) and avoiding penalties. It’s a way of driving higher quality customer service and efficiency. Maintaining a robust plan of QC review and auditing ensures that you are in compliance with guidelines required by regulators, agencies – and increasingly investors – and can also yield solid business benefits.
Servicing Audits that Deliver More
Our QC servicing audit goes above and beyond to help meet your loan servicing quality control needs, with detailed feedback on compliance with guidelines and state-of-the-art reporting. Our technology sets the bar higher than the basic industry practice of delivering a PDF report: our Servicing QC Audit delivers a PDF report but also pushes 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.
21 Servicing QC Audits Available
MetaSource’s Servicing QC department offers 21 separate agency and CFPB-compliant mortgage servicing QC audits, offered as part of a complete outsourcing solution or a la carte. Three new audits introduced in 2018 are in keeping with our role as a provider of comprehensive, up-to-date and constantly evolving solutions to the mortgage industry.
Servicing Transfer Audits
The servicing transfer audit covers 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-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 unrepaired or are poorly repaired. This audit includes a review of all details relating to damage, fund disbursements, inspections and agency notifications.
Additional Servicing QC Audits
MetaSource also offers the following audits:
- Claim Submission
- Credit Reporting
- Customer Inquiries
- Default Administration
- Escrow Administration
- FEMA/Disaster Recovery
- Hazard Insurance Claims
- Fair Debt Collection Processing Act (FDCPA)
- Lenders Placed Insurance
- Loan Setup
- Loss Mitigation
- Service Members Civil Relief Act (SCRA)
- Service Transfers