If you're attending the upcoming National Mortgage Servicing conference, be sure to visit MetaSource at the National Mortgage Servicing Conference & Expo 2018 in booth #618. You will learn about new servicing quality control (QC) requirements, our QC services and a host of other solutions we offer to mortgage servicers.
With 2017 behind us, here is a look back at the top 15 mortgage quality control issues based on tens of thousands of post-close QC audits that we performed over the past year.
In their second full year of adjusting to the Consumer Financial Protection Bureau's (CFPB) enhanced disclosure requirements, lenders managed a better track record of compliance. Only six of the top 15 findings were related to the TILA-RESPA Integrated Disclosures (TRID) rule, down from 12 of 15 in 2016, the first full year of the rule's implementation.
Even so, the results suggest that lenders are still in the learning curve as TRID defects accounted for the top six findings on the list.
Though relatively new, robotic process automation (RPA) is already starting to dramatically streamline the mortgage lending process.
The Best Part: there are now mid-market solutions like Kapow from MetaSource that offers the benefits of RPA for a fraction of the price that the large consulting firms and IT integrators would love to charge you. And, it works as you will see in the video below.
In the spring of 2011, the Office of the Comptroller of the Currency issued consent orders outlining a quality assurance mission for MERSCORP Holdings, Inc. and the nation's largest servicers. The mission was designed to ensure the data accuracy within the MERS® System could effectively support its role in securitization.
As a result, MERS consolidated the Consent Order to reflect new Member requirements. Today, MERS requires an annual scope of review for MERS General Members. It encompasses a review of the 6 conditions listed on the MERS Annual Report. The core objectives of the 6 conditions listed are answering how a Member supports MERS data integrity requirements and operational procedures.
MetaSource performs MERS Annual Report reviews as the Third Party. We perform a thorough review of a Member's data integrity and operational policies and procedures for the production and execution of a MERS Annual Report. Now with more than half of 2017 in the books and servicers are eyeing that end of year deadline for the MERS Annual Report, here's a look back on the top 8 MERS quality assurance (QA) issues based on our client work over the last six years:
This year, MetaSource will be returning to the NCSHA's Annual Conference & Showplace, hosted by the National Council of State Housing Agencies. This event, the main networking event of the year for Housing Finance Agencies, takes place October 14-17 in Denver.
Visit us at Booth #113 to see how MetaSource eliminates mortgage quality control headaches for HFAs with our whole loan purchase review service.
Make sure you join us for the MetaSource Networking Reception at 7pm on Monday, 10/16, at Hyatt Regency Denver's PEAKS Lounge. RVSP HERE TODAY!
When you think about the lien releases you process, we have five questions:
Are you starting to get a feel for what lien releases and rejections are costing you?
MetaSource will once again exhibit at the Risk Management, QA & Fraud Prevention Forum 2017, which is hosted by the Mortgage Bankers Association (MBA) from September 24-26 in Miami.
Stop by booth #7 to see how we eliminate a wide variety of quality control headaches for mortgage lenders and servicers, so that you can concentrate on your core business.
Make sure you join us for the MetaSource Networking Reception at 6:30pm on Monday, 9/25, at InterContinental Miami's Blue Water Cafe. RVSP HERE TODAY!
Starting January 2018, the newly redesigned uniform residential loan application (URLA) – also known as Fannie Mae Form 1003 – will have a cleaner look with more white space and a defined separation of borrower and lender information. It has also been updated so that it is compliant with the new Home Mortgage Disclosure Act (HMDA). However, the new Form 1003 has been specifically designed for electronic forms.
This is great if you've already switched over, but it can also cause information capture headaches for mortgage originators. That's where we come in.
MetaSource Mortgage can ease the information capture pain in two ways:
This will not only make data capture quicker, but it will also assure more accuracy than manual data entry.
"Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you." – Carl Sandburg
We hear about mortgage file quality control (QC) turn times of 60-90 days from other QC outsourcing providers. Why does it take so long? It's usually because they're having trouble keeping up with volume, but it could be any number of reasons.
Long turn times put you in an uncomfortable position of being out of compliance with the agencies. If your vendor post closed review is at 60+ days, you have ZERO flexibility in any internal process and procedures. We've even seen many lenders recently receiving added scrutiny from HUD, as well as investors, due to unacceptable vendor time frames.
What if your mortgage QC turn time was 35 days? What would you do with the extra time and lack of stress?
The June issue of Servicing Management features the article Best Practices for Mortgage Boarding, Workflow Automation and Document Management written by Ruth Lee, our Sr. Director of Mortgage Services. Below is an excerpt of the article. Let us know if we can help you with any of the topics discussed.
A best practice is a process generally accepted as achieving superior results to alternatives. The key to that sentence is "results," which are subjective depending on your goals. Because the scope of the data and documents relied upon by servicers has blossomed in the last decade into a manually improbable challenge and the margin for error is thin, those goals today are primarily focused on proving compliance. However, business is business, and best practices have to meet the practicality test when weighed against many factors, to include sustainability and cost-effectiveness.
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