MetaSource Mortgage Blog

The New Universal Residential Mortgage Application

Monday, August 07, 2017

Are You Ready for the New URLA?

New Universal Residential Mortgage Application

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.

Making the Transition Easy

MetaSource Mortgage can ease the information capture pain in two ways:

  1. We'll convert all your paper mortgage applications into electronic form
  2. We'll use document scanning and capture technology to automatically extract the vital information

This will not only make data capture quicker, but it will also assure more accuracy than manual data entry.

Flagging Deficiencies

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Fannie Mae announces Day 1 Certainty Program

Wednesday, November 02, 2016

Fannie Mae announces Day 1 Certainty Program  text


Who's Auditing Your In-House Mortgage File QC Auditors?

Monday, December 07, 2015

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 mortgage files properly.

Avoiding the Deutsche Bank Scenario

Deutsche Bank and their subsidiary MortgageIT settled federal fraud charges for $202 million as a result of repeated false certifications made to HUD in connection with the residential mortgage origination and sponsorship practices of MortgageIT. At the time of the lawsuit, the FHA had paid insurance claims on more than 3,100 mortgages, totaling $386 million, for mortgages endorsed by MortgageIT.

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How to Ensure Mortgage QC Plan Compliance

Monday, August 03, 2015

Quality Control Plan

Government agencies and investors require that you to have an updated mortgage quality control (QC) plan. What's the state of your plan?

If you don't have one, aren't sure if it meets the necessary requirements (which now change several times each year) or if your QC plan has not been updated in the past 12 months, then read on.

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Fannie Mae Releases Tool to QC your QC Vendor

Tuesday, October 07, 2014

Fannie Mae has released a QC Vendor Management Sample Documents Tool to help lenders be compliant with the Fannie rule that you must audit 10% of your QC vendors audits. It can be found on the Fannie Mae Loan Quality page under Other Key Resources and Quality Control.

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MCA Monthly Compliance Update March 2014

Monday, March 10, 2014

Welcome to the our monthly compliance update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.  text


MCA Monthly Compliance Update February 2014

Tuesday, February 11, 2014

Welcome to our monthly mortgage compliance quality control (QC) update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.  text


MCA Monthly Compliance Update – June 2013

Tuesday, June 04, 2013

Welcome to the monthly compliance update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.  text


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