MetaSource Mortgage Blog

MERS Reconciliation: Beyond the Basics

Thursday, June 14, 2018

MERS Reconciliation Beyond the Basics

With 15 years of experience in the mortgage field, MetaSource Manager for MERS Operations Kelly Jensen has a lot of tips to share on the subject of reconciling mortgage documents with the MERS® system.

His advice: work hard and learn to "speak geek."

That's shorthand for finding someone on your IT team who understands the meticulous requirements of a system that has to match up the nearly three-dozen mortgage document fields with the corresponding fields in the MERS system. Get it wrong and MERS will kick it back to you for corrections. For servicers handling thousands of mortgages a year, that adds up to a lot of time spent rehashing the details.

  text

1.1 Million Reasons for Lien Release Rejections

Tuesday, March 06, 2018

Lien Release Rejections

In 25 years of providing support and solutions to the mortgage industry, we've seen a little bit of everything. But there's almost nothing we hate to see as much as a lien release that comes back rejected – especially when it's completely avoidable.

Lien release rejection leaves lenders at risk, because it creates a break in the custody of the underlying property. Lenders can't move forward and it can take months to correct. Plus to make matters worse, the penalties for non-compliance of state statutes that could be levied on the lender will have a dramatic effect on their bottom line.

But as disruptive as lien release rejection can be, it is, unfortunately, a common occurrence. That's partly because there are so many ways a lien release can be rejected at one of the more than 3,600 recording offices across the United States. Here are the top reasons lien releases are rejected, and how to avoid them.

  text

Learn about Servicing QC at The National Mortgage Servicing Conference 2018

Sunday, February 04, 2018

If you're attending the upcoming National Mortgage Servicing conference, be sure to visit MetaSource at the National Mortgage Servicing Conference & Expo 2018 in booth #618. You will learn about new servicing quality control (QC) requirements, our QC services and a host of other solutions we offer to mortgage servicers.

Learn about Servicing QC at The National Mortgage Servicing Conference 2018

  text

Top 15 Mortgage QC Findings for 2017

Thursday, February 01, 2018

With 2017 behind us, here is a look back at the top 15 mortgage quality control issues based on tens of thousands of post-close QC audits that we performed over the past year.

In their second full year of adjusting to the Consumer Financial Protection Bureau's (CFPB) enhanced disclosure requirements, lenders managed a better track record of compliance. Only six of the top 15 findings were related to the TILA-RESPA Integrated Disclosures (TRID) rule, down from 12 of 15 in 2016, the first full year of the rule's implementation.

Even so, the results suggest that lenders are still in the learning curve as TRID defects accounted for the top six findings on the list.

  text

Robotic Process Automation for the Mortgage Industry

Wednesday, November 01, 2017

Robotic Process Automation for the Mortgage Industry

Though relatively new, robotic process automation (RPA) is already starting to dramatically streamline the mortgage lending process.

The Best Part: there are now mid-market solutions like Kapow from MetaSource that offers the benefits of RPA for a fraction of the price that the large consulting firms and IT integrators would love to charge you. And, it works as you will see in the video below.

  text

Top 8 MERS QA Findings

Tuesday, September 19, 2017

MERS QA: Top 10 Findings for 2017 | MetaSource Mortgage

In the spring of 2011, the Office of the Comptroller of the Currency issued consent orders outlining a quality assurance mission for MERSCORP Holdings, Inc. and the nation's largest servicers. The mission was designed to ensure the data accuracy within the MERS® System could effectively support its role in securitization.

As a result, MERS consolidated the Consent Order to reflect new Member requirements. Today, MERS requires an annual scope of review for MERS General Members. It encompasses a review of the 6 conditions listed on the MERS Annual Report. The core objectives of the 6 conditions listed are answering how a Member supports MERS data integrity requirements and operational procedures.

MetaSource performs MERS Annual Report reviews as the Third Party. We perform a thorough review of a Member's data integrity and operational policies and procedures for the production and execution of a MERS Annual Report. Now with more than half of 2017 in the books and servicers are eyeing that end of year deadline for the MERS Annual Report, here's a look back on the top 8 MERS quality assurance (QA) issues based on our client work over the last six years:

  text

Join MetaSource at the NCSHA 2017 Annual Conference

Monday, September 18, 2017

Join MetaSource at the NCSHA 2017 Annual Conference

This year, MetaSource will be returning to the NCSHA's Annual Conference & Showplace, hosted by the National Council of State Housing Agencies. This event, the main networking event of the year for Housing Finance Agencies, takes place October 14-17 in Denver.

Visit us at Booth #113 to see how MetaSource eliminates mortgage quality control headaches for HFAs with our whole loan purchase review service.

Make sure you join us for the MetaSource Networking Reception at 7pm on Monday, 10/16, at Hyatt Regency Denver's PEAKS Lounge. RVSP HERE TODAY!

  text

Lien Release Whitepaper: 5 Best Practices for Reducing Rejections

Tuesday, August 29, 2017

Lien Release Whitepaper: 5 Best Practices for Reducing Rejections

When you think about the lien releases you process, we have five questions:

  • How many lien releases did your company process last year?
  • How many of them were rejected?
  • How much did each rejection cost you?
  • How much time does it take you to process lien releases?
  • What is the average hourly wage for each person processing them?

Are you starting to get a feel for what lien releases and rejections are costing you?

  text

Join MetaSource at the MBA Risk Management Forum 2017

Wednesday, August 23, 2017

Join MetaSource at the MBA Risk Management Forum 2017 

MetaSource will once again exhibit at the Risk Management, QA & Fraud Prevention Forum 2017, which is hosted by the Mortgage Bankers Association (MBA) from September 24-26 in Miami.

Stop by booth #7 to see how we eliminate a wide variety of quality control headaches for mortgage lenders and servicers, so that you can concentrate on your core business.

Make sure you join us for the MetaSource Networking Reception at 6:30pm on Monday, 9/25, at InterContinental Miami's Blue Water Cafe. RVSP HERE TODAY!

  text

The New Universal Residential Mortgage Application

Monday, August 07, 2017

Are You Ready for the New URLA?

New Universal Residential Mortgage Application

Starting January 2018, the newly redesigned uniform residential loan application (URLA) – also known as Fannie Mae Form 1003 – will have a cleaner look with more white space and a defined separation of borrower and lender information. It has also been updated so that it is compliant with the new Home Mortgage Disclosure Act (HMDA). However, the new Form 1003 has been specifically designed for electronic forms.

This is great if you've already switched over, but it can also cause information capture headaches for mortgage originators. That's where we come in.

Making the Transition Easy

MetaSource Mortgage can ease the information capture pain in two ways:

  1. We'll convert all your paper mortgage applications into electronic form
  2. We'll use document scanning and capture technology to automatically extract the vital information

This will not only make data capture quicker, but it will also assure more accuracy than manual data entry.

Flagging Deficiencies

  text

Request more information here
Contact Sales (888) 556-0796 or Technical Support (877) 741-6867