MetaSource Mortgage Blog

Digital Transformation for HFAs: Join MetaSource at NCSHA National Conference

Friday, September 21, 2018

Digital Transformation for HFAs Join MetaSource at NCSHA

The digital transformation of the mortgage industry is poised to have significant impact in the work of the state Housing Finance Agencies.

Greater efficiency, improvements in accuracy and a more streamlined experience for borrowers can go a long way toward the agencies' goals of promoting affordable housing across the country.

At MetaSource, we're proud to be part of the solutions that are transforming the mortgage industry, eliminating headaches for borrowers and lenders alike, and improving quality controls throughout the process.

Next month, we'll be sharing some of those solutions at the annual conference hosted by the National Council of State Housing Agencies, where this year's agenda will include a close look at the digital tools that are changing mortgage practices for the better.

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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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Mortgage QC Timing Update

Monday, February 01, 2016

Mortgage QC Timing Update

There has recently been some ambiguity regarding the timing of mortgage quality control (QC) that needs to be part of any mortgage originator's mortgage QC plan with FHA and Fannie Mae.

FHA QC Timing Response

Previous to the implementation of the new FHA 4000.1 Handbook, FHA's QC timing requirement was to have your initial audit completed in 90 days from the end of the month in which the loan was closed. With the new 4000.1 Handbook, FHA has shortened that time frame to 60 days. Many people do not realize this change has occurred. This new FHA rule is 30 days sooner than what Fannie Mae and Freddie Mac currently require. Many lenders are still following the Fannie timelines, which would make their QC out of compliance with FHA's new timing rules.

We reached out to FHA directly for comment and confirmation and we received a written response. FHA stated that all lenders approved by FHA need to have their QC audits files selected, audit completed and rebuttals completed within 60 days from the end of the month in which the loan was originated.

We have also heard several rumors that Fannie Mae may be changing to this timing next year as well.

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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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FHA Will Collect an Upfront Mortgage Insurance Premium of 2.25%

Thursday, March 04, 2010

The Federal Housing Administration (FHA) has announced that it will now collect an upfront mortgage insurance premium of 2.25%.

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FHA: Required to Use Updated Forms 1013, 1014, 1072

Thursday, March 04, 2010

The FHA now requires mortgage lenders to use the updated forms 1013, 1014, 1072 to be in compliance.

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FHA: Key Changes Are Effective for HOPE for Homeowners (H4H) Program

Thursday, March 04, 2010

FHA: Key changes are effective for HOPE for Homeowners (H4H) Program.

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FHA: Changes to Condominium Approval Process for Single Family Housing Are Effective

Thursday, March 04, 2010

FHA's changes to the condominium approval process for Single Family Housing are now effective.

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