Why HFAs Outsource Whole Loan Purchase Reviews
If you’re a housing finance agency (HFA) that finances or services loans, are you satisfied with how efficiently mortgages are processed?
Many HFAs struggle to keep up with existing loan volumes especially if they are increasing because they don’t have the budget to add staff. This is why many consider outsourcing whole loan purchase reviews and a variety of related document management, compliance quality control (QC) and back-office processes to MetaSource Mortgage. Here’s why.
A Service that Pays for Itself
We currently provide whole loan purchase reviews and related services for about 7 housing finance agencies (HFAs) across the country. We have helped major HFAs grow their volume and their product with our mortgage expertise and understanding of the HFA’s unique business model.
Whether a full service solution or overflow service, our whole loan purchase review service provides a cost-effective solution to scan and index documents, review product eligibility or compliance and provide a technology platform for submissions. Your employees are most often re-purposed to resolve other, higher level processing bottlenecks in the agency, improving your service and product offering.
Depth of Service
Our whole loan purchase review service includes the following:
- Document Management: scanning and indexing of loan files into one or more production packages for purchase review, servicing boarding, and/or quality control – can also include long-term document retention
- Whole Loan Purchase Review: we can work within our system or yours to provide a full purchase review, to include compliance, loan eligibility, collateral review, conditions, and trailing documents
- Compliance: as a component of our review, we can perform compliance testing on your loans using the ComplianceEase testing engine for TILA/TRID, HOEPA, ATR/QM, LO Comp, state consumer credit and investor overlays; MetaSource can also work with your team to customize a solution maximizing your internal team’s productivity while outsourcing components of your process to a team with mortgage and customer service expertise
The business of MetaSource Mortgage was built on processing high volumes
of documents quickly and effectively drawing on our decades of mortgage document, workflow and compliance experience. This is why we’re the secret weapon for directors of home ownership and others in charge of single family lending/originations.
Contact us today to see how we an relieve your housing finance agency’s whole loan purchase review, document and QC issues today, and we can tell you more about our success with other HFAs.