Ensuring the mortgages you originate and/or service are in compliance with myriad requirements is critical for both operating efficiently and profitably, as well as avoiding major fines from the CFPB. Below are four essentials of creating and ensuring that your mortgage quality control (QC) plan is compliant and effective. Establish Your Credit Culture Mortgage lenders…
If you perform mortgage file quality control (QC) in-house, we have two questions for you: Who’s auditing your auditors? Would you outsource mortgage QC if you could save 12-20% and decrease non-compliance/buy-back risks? In-House vs. Mortgage QC Outsourcing Cost Comparison Based on our experience, one extensively trained auditor with underwriting experience can audit 4 loans…
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…
Now that Thanksgiving is over, few things strike fear into the hearts of the mortgage industry more than the Consumer Financial Protection Bureau (CFPB) and the new TILA-RESPA Integrated Disclosure (TRID) rules that went into effect on October 3, 2015. While the grace period for enforcement may extend into the new year—many expect March 2016,…
Mortgage Compliance Advisors (MCA) announced today that it has incorporated the Fannie Mae Loan Defect Categories into their mortgage quality control audits. To see the full article, click here. Contact us to learn more about Fannie Mae Loan Defect Categories and mortgage quality control audits