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5 Signs You Need to Upgrade Your Mortgage QC Process  

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 create “defects” that are really false findings. Rather than lenders completely missing steps, lenders are actually failing to document the steps that have been taken. According to Fannie Mae’s data, up to 60% of repurchase requests stem from missing documentation

And for further proof of this major systemic problem, our annual analysis of QC issues shows this is a common source of closing disclosure tolerance violations, our number one finding in four of the last five years.

So, if you’re overwhelmed with inefficient, error-prone document management, and dealing with false findings as a result, it’s time to revamp your mortgage QC processes. With the right partner and document management solution, you can overcome several challenges and avoid the top quality control finding. 

You’re Failing to Meet Agency Timing Requirements

Finding yourself repeatedly late in completing or delivering your QC audits is a sign that your processes are in need of an upgrade. After all, the primary goal of any mortgage quality control process is ensuring compliance. And that includes meeting all deadlines. 

Does meeting timing requirements seem incredibly daunting right now, as the pandemic continues to take a toll on the industry? 

That’s what an experienced partner is for. With a trusted partner that maintains a highly skilled team of mortgage professionals and guarantees fast turn times, you can expedite your QC processes and meet deadlines.

You’re Completing Too Many Manual Processes

Are you spending more time than you should pulling data from different sources to create the reports you need? Do you have employees dedicated to managing the sampling process? Is your team building reports and compiling question sets in Excel or PowerPoint? 

If so, you’re not alone. Too many lenders are so overwhelmed with tedious, manual tasks that they don’t have the time they need to complete more valuable functions that can drive growth. Fortunately, a mortgage QC process upgrade can take these manual tasks off your plate – and the human errors that accompany them. 

According to a Deloitte article, it currently takes nearly two months to process a loan, and inefficient, manual tasks are to blame. For this reason alone, it’s critical that you upgrade your mortgage QC processes and reduce manual labor. 

You’re Using QC Software that Doesn’t Make Your Job Easier

The purpose of QC software is to make compliance easier – not to keep your IT department busy or solve some problems only to create new ones. If you’re struggling with software that leaves you with error-prone automation gaps, cookie-cutter data fields that can’t be customized, or provides little insight, you’ve got the wrong software. 

By updating your QC processes with proven audit software from a trusted partner, you can gain easy access to key quality control metrics and reports, and ensure compliance seamlessly. Top partners even offer LOS integrations that simplify and expedite the loan document delivery process.

 Upgrade Your Processes with MetaSource

Recognize any of these warning signs? Don’t worry! MetaSource has you covered.

Our solution includes mortgage industry professionals at the top of their field in addition to state-of-the-art technology and services built with your success in mind.

We offer pre-fundpost-close, and servicing QC services as well as platforms for streamlining your processes to enhance reporting, compliance and efficiency.  At MetaSource, we have been partnering with mortgage lenders for decades to bring them the solutions that let them grow their businesses and manage their compliance requirements with confidence. In addition to software platforms and integrations that provide time-saving automation, lenders across the country rely on our QC audits to ensure that their loan packages are accurate and compliant.

Give us a call or click on the link below to learn more about what we can do to eliminate your obstacles, optimize your mortgage QC processes, and help you move your business forward.

You can also download our whitepaper to learn more about best practices for ensuring post-close compliance.

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