The top 15 mortgage quality control issues in 2019, as compiled from tens of thousands of post-close QC audits performed by MetaSource over the past year, continue to demonstrate challenges executing the TRID Rule designed to meet the objectives and requirements of Title X of the Dodd-Frank Act. In the fourth full year of the…
Conference of State Bank Supervisors (CSBS) is currently sponsoring an initiative to standardize Lending Examination Formats (LEF) for depository and non-depository institutions for both state and federal supervised entities. What is Lending Examination Format (LEF)? Lending Examination Format (LEF) is the industry data standard for the e-exam process. It was developed by ComplianceEase and adopted…
When you take in hundreds or even thousands of new loans each month from originations, MSR acquisitions, or portfolio transfers, there is no such thing as a “little” discrepancy. Mismatches between mortgage data and the information in the loan file can create delays, add costs and prolong research cycles. Even performing due diligence or QC…
In a recent National Mortgage News survey, the three pain points most often identified by servicing executives as highly challenging include the following: Moving mortgage data from loan origination to servicing systems (21%) Archiving and auditing for compliance and customer contact (20%) On-boarding new loans or acquired portfolios (17%) Whitepaper Highlights Our whitepaper, Mortgage Servicing,…
By now, everyone in the mortgage industry knows about the 10% random, post-close quality control (QC) audit requirements of Fannie Mae, Freddie Mac and the FHA/HUD. See our whitepaper to learn about post-close audit QC best practices. However, many mortgage lenders are not familiar with pre-funding QC, which increases the chances of non-compliance penalties being…
Randomly auditing 10% of your mortgages on a post-close basis is required by Fannie Mae, Freddie Mac and the FHA/HUD. If this is news to you, you need to contact us immediately… What is news to many lenders is how implementing document-related best practices reduce post-close quality control (QC) findings, minimize non-compliance fines, slash operating…