Loan QC Audits for the Energy Industry
MetaSource was recently approached by a leading provider of clean energy financing for residential, multifamily and commercial properties through the PACE program to explore the possibility of leveraging our outsourcing services. They specifically wanted to utilize our pre-fund quality control (QC) service coupled with our revision services so this would no longer be a bottleneck to their explosive growth.
After taking on their pre-fund QC audits, we’ve moved on to help them streamline other manual, labor-intensive workflows so they can focus on their core business and leave the processing headaches to us.
PACE Financing QC
The Property Assessed Clean Energy (PACE) Program and HERO is a federal government initiative to finance energy efficiency upgrades or renewable energy installations for homeowners and business owners that need to spread the payments over a period of time.
This PACE financing provider was conducting post-close quality control QC audits on 10% of the projects they fund. They were also performing pre-fund QC audits on 100% of all projects they fund.
Because of their rapid growth resulting from their expansion into several new states, they needed someone who they could partner with to outsource these post-close and pre-fund QC audits. Because of our extensive experience and reputation in the mortgage industry, the PACE financing provider chose MetaSource. Now they can focus on finding new PACE projects and not on QC.
With their post-close and pre-fund QC needs under control, we’ve starting working with them in two new business process outsourcing (BPO) areas. The first is assisting them in the PACE underwriting process by doing some pre-underwriting work.
As part of the pre-fund QC process, if a project is failed but comes time to fund, we help the PACE funder address the failed items and go through the revisions process to ensure they satisfy findings before funding a project.
Lastly, we’re exploring how we can help them provide paper funding packages with all signatures and forms to their custodian bank, as well as how to record a deed of trust temporarily in Texas and monitor its release.
What Can We Do for You?
From QC audits to BPO, MetaSource Mortgage has the experience and ingenuity to work with any PACE funder, mortgage lender or other organization that needs to outsource or streamline their workflows.