Mortgage fulfillment outsource services expert MetaSource Mortgage (formerly Titan Lenders Corp) has been chosen by the Massachusetts Housing Finance Agency (MassHousing) to provide outsourced mortgage purchase review services. MassHousing is an independent, quasi-public housing finance agency (HFA) that provides financing for affordable housing in Massachusetts. MetaSource Mortgage is a US-based domestic mortgage fulfillment outsource operation that offers a “parallel and variable cost alternative solution” to lenders’ maintaining back office and warehouse line management operations.
MetaSource Mortgage was informed in March 2010 that MassHousing selected its proposal from a group of other service providers considered. Technology and overall back office experience were major factors in the selection. MetaSource Mortgage will begin execution of services for Massachusetts Housing Finance Agency in July 2010.
“Over the last several years MassHousing has dramatically increased the number of loans it makes for affordable homeownership,” said Kathy Burns, Director of MassHousing’s Home Ownership Division. “We were looking for a company to help us deal quickly and efficiently with all of the back-office tasks, so that we can continue to operate at peak efficiency, and Titan Lenders Corp demonstrated that they were the best company for the job.”
“We could not be more pleased by MassHousing’s decision, not just because it is an ideal application of Titan’s business model and Cerberyx platform,” said MetaSource Mortgage senior VP and founder of Titan Lenders Corp. Mary Kladde, “but also because of the benefits that will accrue to the programs and households that MassHousing serves.”
Founded in 2007 by 18-year industry veteran, Mary Kladde, MetaSource Mortgage uses its patented proprietary software Cerberyx (CBX) as the web-based architecture to support a full suite of fulfillment services, including: funding, compliance, closing, post-closing, purchase review for correspondents and warehouse lenders, trailing documents, MERs management, FHA insuring, and document management (imaging).
CBX’s flexible rules-based architecture allows MetaSource Mortgage clients to define field level decision trees, priorities, checklists and process management specific to an investor product variance or a cross-investor climate. MetaSource Mortgage a preferred provider for some of the nation’s largest mortgage and warehouse lenders.
About MetaSource Mortgage
MetaSource Mortgage is one of a specialized few providers of mortgage back office fulfillment services, a not-well-understood facet of mortgage lending that includes closing, funding, and post closing services. Community banks, credit unions, mortgage bankers and brokers use outsource providers strategically to minimize compliance risks in a time-sensitive error-averse environment. Fluctuations in mortgage lending volume also lead some lenders outsource their entire back office operation and secure predictable “per transaction” pricing rather than maintaining an inflexible static in house staff.
About MassHousing
MassHousing (the Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $10.4 billion for rental housing and homeownership. For more information, visit the MassHousing website at www.masshousing.com.