While the residential real estate market is a mixed bag of indicators from too few houses for sale to a record share of purchases by investors and uncertainty over interest rates, industry professionals know that effective strategies for fraud prevention and quality control are a good investment in every economy.
The Mortgage Banker Association’s annual Risk Management, QA and Fraud Prevention Forum helps mortgage industry professionals keep up with the latest threats and risk management strategies. The Sept. 15-17 event in Chicago will include sessions on risk management and analytics, underwriting and quality assurance and fraud prevention. Attendees will hear from economists, fraud investigators and GSE representatives on topics ranging from measuring and tracking loan defect rates to the trends in wire and cyberfraud, among other forms of mortgage fraud that experts say are still growing.
The conference will also spotlight the technology and analytics that can help expose fraud, identify risks and potential compliance trouble and guide better decision making.
At MetaSource, those are the kind of solutions we’ve been providing to the mortgage industry for decades, with tools for streamlining processes, minimizing risk and establishing effective quality control practices.
Mortgage Quality Control: A Full Suite of Audit Services
MetaSource clients have access to industry-leading solutions for every aspect of the mortgage business, including a complete array of QC services and a constantly evolving suite of technology for doing more with less. A wide range of audits and QC services helps position our clients for business growth and worry-free compliance practices, no matter the market conditions:
- Pre-Fund Mortgage File Quality Control: Required by Fannie Mae, Freddie Mac, FHA and many investors, pre-funding QC ensures the accuracy of mortgage data and prevents mortgages from reaching the closing stage with inaccurate data, insufficient documentation or even fraudulent information.
- Post-Close Quality Control File Audits: Freddie Mac and the FHA/HUD require a random post-close audit of 10% of mortgages to ensure adherence to agency guidelines.
At MetaSource, our quality control services are more than compliance tools; they’re tools for reducing risk, lowering operating costs and creating a competitive advantage in mortgage origination.
A Growing Arsenal of Solutions from MetaSource
Last year we added three new quality-control audits to help our clients navigate increased regulatory scrutiny and tightening market conditions:
- Lenders Placed Insurance Audits: Undergo a thorough review of the need for LPI and be sure the proper notifications are issued and that funds are removed in a timely manner once proof of insurance is provided.
- Hazardous Insurance Claim Audits: Insurance claims that are incorrectly managed can leave servicers and investors in a difficult situation with damages that are not repaired or are poorly fixed. This audit reviews all details in relation to the damage, fund distribution, inspections and agency notifications.
- Servicing Transfer Audits: This includes a post-transfer review of loans to verify that data points and amounts are correct, and that the necessary documents have been provided when a loan is transferred to a new servicer.
To learn more about MetaSource solutions for risk management, fraud prevention and quality control, stop by Table #17 at the conference. We hope to see you there!