As the mortgage industry shifts from last year’s frenzy to a period of declining demand, good strategies for risk management, quality assurance, and fraud prevention are likely to play a bigger role in keeping business on an even keel.
As reported by The Wall Street Journal, spiking home prices, inflation, and record-high mortgage rates have cooled demand in a market that not so long ago was the source of “Zoomtowns”, where remote workers flooded in and houses couldn’t be built fast enough.
“Sales of existing U.S. homes have declined for five straight months,” the newspaper reported. “Consumers are nervous that mortgage rates will keep rising, and buyer budgets are crimped by inflation and stock-market declines.”
Against that backdrop, mortgage industry professionals will gather September 11-13 in Nashville for the Mortgage Bankers Association’s (MBA) Risk Management, QA and Fraud Prevention Forum. Attendees will have the opportunity to share tips and insights for safeguarding against fraud, keeping up with agency and investor requirements, and ensuring mortgage compliance throughout bumpy market conditions.
Navigate the Ups and Downs of a Bumpy Market with Outsourced QC Services
With mortgage applications down, the risks of business being outpaced by costs will rise. That’s where outsourced mortgage quality control services and a variable cost model can help. Outsourcing to a reliable partner leaves you with the flexibility you need to reduce costs when volumes are low without being caught short when volumes rise.
Outsourcing quality control can also ensure that nothing is missed at a time when regulators have pledged increased scrutiny to ensure that borrowers exiting pandemic-related forbearance programs are not at risk of foreclosure and to prevent unfair lending practices.
Keep Up with Changing Requirements
Reliable support can also be an edge in meeting agency and investor requirements and keeping up with critical changes that can impact underwriting and mortgage QC practices. In fact, during this year’s Risk Management, QA and Fraud Prevention Forum, MBA Chief Economist Mike Fratantoni will be hosting a special GSE update session that will focus on these critical changes.
While staying in compliance with GSE requirements is a perennial challenge in the mortgage industry, rising interest rates and a contracting market have brought job cuts that could make the task of keeping up even more difficult. Ongoing efforts to “rightsize” staffing could leave gaps in lenders’ in-house QC efforts and make it difficult to keep up with changing requirements.
Outsourced QC Services & Software from Industry Experts
MetaSource, a sponsor of the MBA Risk Management, QA and Fraud Prevention Forum, is a leading provider of technology and outsourcing solutions designed to help mortgage originators and servicers manage the demands of keeping up no matter what market and regulatory conditions may come.
We provide a full array of QC support and software that can streamline your compliance processes, including outsourced pre-fund, post-close and servicing QC audits.
Visit our mortgage QC experts at Table #14 and ask about solutions for overcoming your mortgage compliance challenges. You can schedule a time to chat at the event using the link below.
You can also download our guide to finding the right mortgage QC partner to learn what questions to ask when vetting prospective candidates.
Hope to see you in Nashville!