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Selecting the Right Servicing QC Partner for Risky Times

While overcoming quality control challenges is always critical for mortgage servicers, it’s especially crucial now. After all, regulators have promised to keep a close watch on servicers.

In December 2021, the Consumer Financial Protection Bureau (CFPB) listed a number of red flags and violations it had uncovered during the pandemic. “Due to the increase of homeowners needing assistance this year, we’ve prioritized supervision of mortgage servicers,” the agency reported. And according to the recent Mortgage Servicing Efforts in Response to the COVID-19 Pandemic Report that it recently released, the CFPB will continue to closely monitor servicers through 2022.

Fortunately, a servicing QC partner can help you ensure compliance during this time of heightened pressure.

Why Finding a Trusted Servicing QC Partner Is So Important

Noncompliance consequences are no joke. When mortgage servicers fail to meet requirements, they’re often hit with hefty fines.

In December, the Office of the Comptroller of the Currency (OCC) issued a consent order requiring one bank to pay $3.6 million in civil fines. These fines stemmed from various violations caused by the bank’s internal controls, training, and inadequate third-party risk management program for its loan servicing.

With the right mortgage servicing QC partner, you can ensure that you maintain an adequate risk management program and avoid such hefty fines. And that’s not all a trusted partner can provide you with. In addition to a hedge against potential fines, the right QC partner adds a level of confidence and efficiency across all business processes.

What to Look for in a Servicing QC Partner

Now that you know why finding the right servicing QC partner is so important, you need to know how to find them.

Firstly, you should be looking for a partner that has experience helping other mortgage servicers ensure compliance. The ideal partner will be known for their knowledgeable staff and excellent customer service as well. They should be well-established in the industry and have a good reputation among your peers.

They should also have an impressive list of servicing QC audits that includes everything from foreclosure audits to Fair Debt Collection Processing Act (FDCPA) audits to loss mitigation audits. Top partners are continuously adding to their list of audits as well, so make sure to inquire about the last time they’ve added to their offerings.

The best partners put the cherry on top of the cake by maintaining a web-based quality control reporting platform that allows you to view and sort findings seamlessly.

If you look for a mortgage servicing quality control partner that checks all of these boxes, you can ensure compliance and avoid fines – even as regulators continue to closely monitor servicers.

Learn More at the MBA’s Servicing Solutions Conference & Expo

Interested in finding the right servicing QC partner this month? Then, you’re in luck!

MetaSource will be attending the annual MBA Servicing Solutions Conference & Expo February 22-25 in Orlando, and we’d love to meet up to discuss all things quality control!

As a partner with unmatched experience, a devoted team of industry experts, an ever-growing list of servicing QC audits, and a state-of-the-art reporting platform, we can provide you with the services you need to ensure compliance. And QC services aren’t all we offer! We also provide a holistic array of other servicing solutions, including:

While changing conditions can transform the way you look at risk, the right partner and the right digital tools can transform the entire process to help minimize time-consuming and profit-shrinking errors so you can do more than avoid fines – you can meet challenges with confidence and grow your business.

Join us in booth #619 at the MBA’s Servicing Solutions Conference to meet with one of our mortgage experts or contact us to learn more about how we can help you succeed in 2022.

We hope to see you there.

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