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”…
There is a new requirement on the 4506-T Request for Transcript of Tax Return: the new form now includes a checkbox in the signature section that must be completed to generate a tax transcript. Remember to Check the Box! The new forms were required after March 1, 2016, so we want to make sure that…
On Thursday, April 28, the Consumer Financial Protection Bureau (CFPB) issued a letter to mortgage industry trade groups regarding TRID compliance and the “Know Before You Owe” rule as a result of feedback received before and during the recent 2016 Mortgage Bankers Association (MBA) conference. CFPB TRID Comments Here is an excerpt from the CFPB…
Having performed tens of thousands of mortgage compliance audits through the years, we get asked about the most common problems in the pre-fund, post-close, servicing, and MERS audits we perform. With 2015 firmly in the books, the jury is in: here are the Top 20 defects for moderate and significant findings that we identified as…
Randomly auditing 10% of your mortgages on a post-close basis is required by Fannie Mae, Freddie Mac and the FHA/HUD. If this is news to you, you need to contact us immediately… What is news to many lenders is how implementing document-related best practices reduce post-close quality control (QC) findings, minimize non-compliance fines, slash operating…
There has recently been some ambiguity regarding the timing of mortgage quality control (QC) that needs to be part of any mortgage originator’s mortgage QC plan with FHA and Fannie Mae. FHA QC Timing Response Previous to the implementation of the new FHA 4000.1 Handbook, FHA’s QC timing requirement was to have your initial audit…
Learn how outsourcing mortgage compliance audits to MetaSource First Colony’s cost by 15% every year.
If you perform mortgage file quality control (QC) in-house, we have two questions for you: Who’s auditing your auditors? Would you outsource mortgage QC if you could save 12-20% and decrease non-compliance/buy-back risks? In-House vs. Mortgage QC Outsourcing Cost Comparison Based on our experience, one extensively trained auditor with underwriting experience can audit 4 loans…