Mortgage QC Case Study: First Colony Mortgage
Learn how outsourcing mortgage compliance audits to MetaSource First Colony’s cost by 15% every year.
The Business Case for Outsourcing Mortgage QC Audits
If you perform mortgage file quality control (QC) in-house, we have two questions for you: Who’s auditing your auditors? Would you outsource mortgage QC if you could save 12-20% and decrease non-compliance/buy-back risks? In-House vs. Mortgage QC Outsourcing Cost Comparison Based on our experience, one extensively trained auditor with underwriting experience can audit 4 loans…
Who’s Auditing Your In-House Mortgage File QC Auditors?
Many mortgage originators and servicers conduct their own mortgage file QC audits. Who’s auditing these auditors? With continuously changing post-close, pre-fund, servicing, and MERS changes from Fannie Mae, Freddie Mac, FHA, HUD, and the CFPB, it’s increasingly important to ensure your audit team is up to speed on all mortgage QC requirements and self-auditing your…
Why A Secure Compliance Partner Is Essential
With all the cyber-attacks and security breaches in companies, in the US government, even in cars, security should be the top priority for all companies and their mortgage quality control compliance partners. In today’s world it is not enough to just depend on SFTP for secure mortgage document submissions. The only defense you have from…
New MERS Penalties for Mortgage Registration & Transfers
While many mortgage loan originators are focused on upcoming TRID rules that go into effect in October 2015, many are unaware of important changes to the Mortgage Electronic Registration System (MERS) rules of membership that include penalties for not adhering to their mortgage registration and transfer requirements. Registration & Transfer Requirements As has been the…
What You Need to Know about TILA-RESPA Integrated Disclosure (TRID) Rules
New TILA-RESPA integrated disclosure rules (TRID) are tricky to condense because the rule runs almost 2,000 pages. However, that is why you turn to MCA. In this blog post, we will explain what TRID replaces in a loan file and what you should do about it. Loan Types Affected TRID is pursuant to the Dodd–Frank…
MetaSource Acquires Mortgage Compliance Advisors
MetaSource announced today that it has acquired Mortgage Compliance Advisors (MCA) to further expand its compliance and workflow automation services for the mortgage industry.
MERS QC Audit Review
What Is Included in a MERS QC Audit? Our MERS QC Audit includes a loan-level review based on a random sampling of loans from client’s total YTD production volume (# of units) and also looks at the company’s compliance of six main items: Client has in place procedures designed to provide reasonable assurance that is…
Prefunding QC Audits: It’s All About the Data
About The following content is intended to emphasize Prefunding QC as a proactive QC process vital to improve loan and credit quality. This White Paper is purposed to define the importance of verifying loan data quality before the loan is delivered to the investor, and to convey Prefunding QC as paramount in actively reducing loan…