MetaSource Adding 3 New Categories of Mortgage Servicing QC Audits
SALT LAKE CITY, Utah, Sept. 27, 2018 – MetaSource, a leading provider of mortgage quality control services and technology, has announced the addition of three new quality control audits offered through its Servicing QC department. The new audits bring additional depth to the already impressive list of specialized QC audits offered by MetaSource.
MetaSource Senior Vice President of Mortgage Services, Mary Kladde said the new audit categories are the result of market demand. “Increased regulatory and agency scrutiny in combination with tightening market conditions have mortgage lenders and servicers watching their P’s and Q’s, ” Kladde said.
“By zeroing in on quality control at precise stages of the process, we are able to offer our clients a targeted and extremely focused level of QC that results in far greater accuracy – and peace of mind.”
The new audit categories will cover three troublesome areas for servicing QC:
- Servicing Transfer Audits: The servicing transfer audit will cover loans transferred from their current servicer to a new servicer and includes a post-transfer review of the loan to verify that data points and amounts are correct, and that the necessary documents have been provided.
- Lender’s Placed Insurance Audits: (a.k.a Forced Placed Insurance Audits): The targeted LPI Audit was created to ensure that loans with LPIs undergo a thorough review of the need for LPI, as well as the amount billed, the issuance of proper notifications and timely removal/refunds when proof of insurance is provided. Under the Escrow Administration Audit, the random sampling of loans can leave LPI issues undetected.
- Hazard Insurance Claim Audits: Incorrectly managed hazard insurance claims can leave servicers and investors in a difficult spot, with damages that go unrepaired or poorly repaired. This audit will review all details relating to damage, fund disbursements, inspections and agency notifications.
Targeted Audits Resolve Issues and Reduce Worry
These additions to the MetaSource menu of QC audits and services will provide clients with additional security around processes that can pose significant risk. By surfacing and mitigating problems that can cause issues with compliance, salability or legal liability, MetaSource enables clients to focus on their business without the worry.
MetaSource Solutions Let You Focus on Your Core Business
MetaSource is a Digital Transformation Solutions provider, focused on Business
Process Outsourcing (BPO) / Business Process Management (BPM) services integrated with Enterprise Content Management (ECM), workflow solutions, compliance services and customer experience processes. MetaSource helps its clients manage risk, improve quality, increase efficiency and realize their most important goals – with special expertise serving the mortgage industry. MetaSource’s mortgage services include quality control (QC) audits (pre-fund, post-close, servicing, MERS), lien release, whole loan purchase reviews, and cutting-edge technology. MetaSource solutions enable its clients to focus on their core business while MetaSource does the rest.