Recently MERS sent an email to all General Members that are listed as the Servicer on 1,000 or more active MINs. This email notification was sent to inform these companies that beginning with the 2017 MERS® Annual Report, MERSCORP Holdings, Inc. will require that all Third Party Reviewers provide their electronic signature on the eAnnual…
With 2016 in the books, here is a look back on the top 15 mortgage quality control issues based on thousands of post-close QC audits that we performed over the past year. All but three are compliance and TRID related. While we did see a slowdown in TRID findings as the year progressed it does…
The Consumer Financial Protection Bureau (CFPB) recently issued a final rule for mortgage servicers. The intention is to protect struggling borrowers, surviving family members and borrowers in bankruptcy from the threat of a swift foreclosure. The new rule also protects homeowners when their mortgage is transferred to another servicer. The following is an overview of…
If you’re a housing finance agency (HFA) that finances or services loans, are you satisfied with how efficiently mortgages are processed? Many HFAs struggle to keep up with existing loan volumes especially if they are increasing because they don’t have the budget to add staff. This is why many consider outsourcing whole loan purchase reviews…
It’s that time of year again: time to complete your annual MERS audit, which has to be complete by December 31. We know that its a low priority for loan servicers throughout the year but, if you want to avoid completing your MERS audit over the holidays, we recommend that you get started now. And…
If you choose to perform a portion or all of your pre-fund mortgage quality control (QC) audits in house, QReview is a powerful new tool to use for completing them rapidly, especially if you are using spreadsheets or home grown software to track pre-fund data today. What Is QReview? QReview is web-based audit software that…
In a recent National Mortgage News survey, the three pain points most often identified by servicing executives as highly challenging include the following: Moving mortgage data from loan origination to servicing systems (21%) Archiving and auditing for compliance and customer contact (20%) On-boarding new loans or acquired portfolios (17%) Whitepaper Highlights Our whitepaper, Mortgage Servicing,…
Now that TRID has been in effect since October 3, 2015 (with the grace period for enforcement having ended in March 2016), we now have over six months of data on findings based on the pre-fund and post-close quality control (QC) audits that we perform. Overall Findings Because of the new formatting required by TRID,…
Thanks to Quicken Loan’s relentless advertising, including a Super Bowl ad, everyone seems to have heard of the “emortgage” and demand is rising as a result. Ironically, the emortgage has been around for 15 years but has been slow to be adopted in this paper-intensive industry. However, just as how Microsoft’s promotion of “The Cloud”…