MetaSource Mortgage Blog

Top 15 Mortgage QC Findings for 2018

Friday, January 18, 2019

Mortgage QC: Top 15 Findings for 2018

The top 15 mortgage quality control issues in 2018, as compiled from tens of thousands of post-close QC audits that we performed over the past year, show lenders still struggling to consistently comply with enhanced disclosure requirements instituted by the Consumer Financial Protection Bureau (CFPB) in 2016.

In the third full year of the new requirements posed by the TILA-RESPA Integrated Disclosures (TRID) rule, our audits show three of them in the top 5 quality control findings, where they have been lodged from the beginning. The number of these regulatory issues remained steady in 2018 even as a decrease in the number of mortgages led to a drop in the volume of audits.

"Despite everyone's understanding of TRID and efforts to correct for it, we're not really seeing the improvement we should be seeing," said Brady Meadows, Strategic Account Manager at MetaSource.

Meadows says the findings suggest that lenders may be juggling too many versions of documents as circumstances change, leading to lost or conflicting records. Some lenders, he said, reissue documents for every small change, creating multiple re-disclosures "when it's not necessarily required." he said.

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Top 15 Mortgage QC Findings for 2017

Thursday, February 01, 2018

With 2017 behind us, here is a look back at the top 15 mortgage quality control issues based on tens of thousands of post-close QC audits that we performed over the past year.

In their second full year of adjusting to the Consumer Financial Protection Bureau's (CFPB) enhanced disclosure requirements, lenders managed a better track record of compliance. Only six of the top 15 findings were related to the TILA-RESPA Integrated Disclosures (TRID) rule, down from 12 of 15 in 2016, the first full year of the rule's implementation.

Even so, the results suggest that lenders are still in the learning curve as TRID defects accounted for the top six findings on the list.

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Top 15 Mortgage QC Findings for 2016

Thursday, January 12, 2017

Mortgage QC: Top 15 Findings for 2016

With 2016 in the books, here is a look back on the top 15 mortgage quality control issues based on thousands of post-close QC audits that we performed over the past year.

All but three are compliance and TRID related. While we did see a slowdown in TRID findings as the year progressed it does illustrate the impact these regulations have had on the industry.

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Fannie Mae announces Day 1 Certainty Program

Wednesday, November 02, 2016

Fannie Mae announces Day 1 Certainty Program  text


Top 10 Mortgage QC TRID Findings for 2016

Tuesday, June 28, 2016

Mortgage Audit Top 20 Defects and Findings in 2015

Now that TRID has been in effect since October 3, 2015 (with the grace period for enforcement having ended in March 2016), we now have over six months of data on findings based on the pre-fund and post-close quality control (QC) audits that we perform.

Overall Findings

Because of the new formatting required by TRID, the industry is having a hard time with capturing and displaying information, such as getting documentation in the file, following up with the title, having the loan origination system (LOS) accurately track dates and timing requirements, making sure information is complete on documents, etc. A lot of our clients don't even know they have problems – they don't review documents because they rely on their LOS and thinking it will catch everything – until they are pointed out by their investors and/or QC vendor after closing. There have also been a lot of hiccups with LOS updates since TRID. LOS vendors are trying to fix things that broke originally and in the process broken new things that previously worked – creating a whole new set of issues for mortgage lenders. Tip: don't rely entirely on your LOS to capture information as it does not automatically result in your being 100% compliant.

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Mortgage Audit Top 20 Defects and Findings in 2015

Wednesday, March 02, 2016

Mortagage Audit Top 20 Defects and Findings in 2015

Having performed tens of thousands of mortgage compliance audits through the years, we get asked about the most common problems in the pre-fund, post-close, servicing, and MERS audits we perform.

With 2015 firmly in the books, the jury is in: here are the Top 20 defects for moderate and significant findings that we identified as part of the tens of thousands of mortgage compliance audits we performed last year.

Drum roll, please...

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Mortgage QC Audit Self-Revisions Now Available with QLink

Monday, September 14, 2015

QLink Software | MCA | MetaSource

Take Control of the QC Revision Process

Mortgage QC Audit Software Self-Revision Lenders are solely responsible for the work of their quality control vendors, so why not have control to update your QC partner's work in accordance with what is best for your company?

Submitting revisions to your mortgage audit quality control findings can be tedious and frustrating on a good day, especially considering the delay between submission and the update of your defect rates and metrics. Mortgage Compliance Advisors (MCA), from MetaSource, feels your pain and has the solution you've been looking for with the new Self-Revision capability of QLink.

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