MetaSource Mortgage Blog

HousingWire Names MetaSource to the Tech100

Thursday, March 31, 2016

HousingWire Names MetaSource to the Tech100

The 2016 Tech100 Recognizes MetaSource's QLink Software

Housingwire Magazine covers issues in mortgage finance and real estate, including the technology critical for companies in the housing economy. For the third year in a row, Housingwire has recognized the most innovative technology companies in the industry as part of the HW Tech100.

MetaSource has made the Tech100 for 2016 in recognition of our QLink mortgage QC software in the "Lending, Servicing" category.

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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 Case Study: First Colony Mortgage

Tuesday, January 05, 2016

Mortgage QC Case Study: First Colony Mortgage

For the past seven years, MetaSource has provided First Colony Mortgage with mortgage file quality control (QC) and audit services.

First Colony Mortgage is a full service mortgage company founded in 1984 by John Aldrich and Scott Shelley. Most mortgages are processed, underwritten and closed in house. Since inception, First Colony Mortgage has funded over 25,000 loans and over $3.5 Billion in dollar volume. First Colony Mortgage provides fast, efficient service and is ready to help you get started on the home buying process.

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4 Essentials of a Compliant Mortgage QC Plan

Monday, December 21, 2015

4 Essentials of a Compliant Mortgage QC Plan

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.

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The Business Case for Outsourcing Mortgage QC Audits

Monday, December 14, 2015

If you perform mortgage file quality control (QC) in-house, we have two questions for you:

In-House vs. Mortgage QC Outsourcing Cost Comparison

Based on our experience, one extensively trained auditor with underwriting experience can audit 4 loans a day. If you fund 4,000 mortgages per month and audit just 10% on a post-close basis, you will need 4 auditors plus two support staff to track down trailing documents and perform verifications, one mortgage QC manager, and someone to audit the auditors.

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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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Mortgage Servicers: Are You Ready for TRID?

Tuesday, December 01, 2015

CFPB Logo

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, which is six months following the October 2015 deadline—mortgage servicers have been trying to address TRID since it was first announced a year ago.

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Mortgage Compliance Advisors Announces the Incorporation of Fannie Mae Loan Defect Categories

Tuesday, February 03, 2015

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.

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