Mortgage Compliance Advisors Blog

MetaSource Mortgage at the MBA's Risk Management, QA & Fraud Prevention Forum

Friday, August 05, 2016

MetaSource Mortgage at the MBA's Risk Management, QA & Fraud Prevention Forum

MetaSource Mortgage will exhibit at the Risk Management, QA & Fraud Prevention Forum 2016 that is hosted by the Mortgage Bankers Association (MBA) from September 28-30 in Los Angeles.

Stop by booth #18 to see how MetaSource Mortgage can ensure the accuracy, completeness and compliance of your loans, so that you can concentrate on the core of your business. Specifically, you can learn more about our primary services listed below.

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New Whitepaper: Mortgage Servicing Workflow Best Practices

Friday, July 22, 2016

New Whitepaper: Post-Close Mortgage QC Best Practices

In a recent National Mortgage News survey, the three pain points most often identified by servicing executives as highly challenging include the following:

  1. Moving mortgage data from loan origination to servicing systems (21%)
  2. Archiving and auditing for compliance and customer contact (20%)
  3. On-boarding new loans or acquired portfolios (17%)

Whitepaper Highlights

Our whitepaper, Mortgage Servicing, Boarding, Workflow & Document Management Best Practices, discusses a series of best practices that resolve the three issues above. They include:

  • Mortgage boarding automation, including automated document classification, OCR, the business case for automation, and the processes required
  • Smart mortgage document management, covering instant searchability, workflow automation, automated retention scheduling, auditor self-service, the cloud, and using the system to automation back-office process like AP and HR
  • Mortgage quality control (QC), including pre-purchase reviews and servicing QC audits
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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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New Whitepaper: Mortgage Compliance Education Best Practices

Thursday, June 23, 2016

New Whitepaper: Post-Close Mortgage QC Best Practices

Both the Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corporation (FDIC) require that you train your employees on mortgage compliance issues and that you document this training. This training should cover fraud prevention, fair lending, suspicious activities reports (SARs), anti-money laundering, and more.

Mortgage compliance is more complicated and challenging than ever. In the past, training your licensed and unlicensed employees – and keeping them up to date – has been time consuming and frustrating but it doesn't have to be.

This whitepaper covers a best practice approach for mortgage originators needing to be in full compliance the education and documentation requirements from all federal, state and agency requirements – as easily and cost-effectively as possible. And reading our whitepaper is better than having to read the CFPB's 924-page Supervision and Examination Manual!

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emortgage QC Audit Implications

Tuesday, June 07, 2016

Thanks to Quicken Loan's relentless advertising, including a Super Bowl ad, everyone seems to have heard of the "emortgage" and demand is rising as a result.

Ironically, the emortgage has been around for 15 years but has been slow to be adopted in this paper-intensive industry. However, just as how Microsoft's promotion of "The Cloud" in TV ads dramatically increased usage of the term and demand for this type of software, after many years of being referred to as software as a service (SaaS), the repeated promotion of the emortgage appears to have increased demand.

Is your organization ready to offer emortgages as well as to handle both pre-fund and post-close quality control (QC) requirements?

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4506-T Income Verification Form Update: Important

Monday, May 09, 2016

4506-T Income Verification Form Update: Important

There is a new requirement on the 4506-T Request for Transcript of Tax Return: the new form now includes a checkbox in the signature section that must be completed to generate a tax transcript.

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Important TRID Update: Rules Revisit Coming

Sunday, May 01, 2016

CFPB Logo

On Thursday, April 28, the Consumer Financial Protection Bureau (CFPB) issued a letter to mortgage industry trade groups regarding TRID compliance and the "Know Before You Owe" rule as a result of feedback received before and during the recent 2016 Mortgage Bankers Association (MBA) conference.

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Titan Lenders Corp. Joins MetaSource

Monday, March 21, 2016

MERS® QA, Trade & Servicing Transaction Management Expert Adds Depth to MetaSource's Portfolio of Mortgage QC Solutions

Titan Lenders Corp Joins MetaSource Mortgage

Salt Lake City, Utah – MetaSource, the leading provider of mortgage quality control (QC) compliance advisory and workflow automation solutions, today announces the acquisition of Denver-based Titan Lenders Corp. This acquisition further strengthens the MetaSource mortgage portfolio of services, specifically by adding depth to its existing MERS and whole loan purchase review audit team and expanding into trade and servicing transaction management services.

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MetaSource at the Regional Conference of Mortgage Bankers Association

Tuesday, March 08, 2016

The 33rd Annual Regional Conference of MBA

MetaSource will once again be at the Annual Regional Conference of Mortgage Bankers Association at Harrah's Waterfront Conference Center in Atlantic City, NJ from March 13-17. Stop by booth #704 to see how MetaSource can ensure the accuracy, completeness and compliance of loans, so you can concentrate on the core of your business.

  • Quicker Boarding and Loan Transfers with immediate document deficiency identification and reporting 
  • More Accurate Doc Typing, Indexing and Data Extraction using a combination of technology, process and people 
  • Enterprise Content Management software and workflow solutions for mortgage with LoanStor, powered by EMC and with 3,000 installations, both premise and cloud based 
  • Reduced Manual Tasks through integration with leading mortgage servicing platform 
  • Increased Compliance through our Mortgage Compliance Advisors solutions, which provides servicing, post-close, pre-fund audits and more

Can't Make the Show?

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New Whitepaper: Pre-Fund Mortgage QC Best Practices

Monday, March 07, 2016

New Whitepaper: Post-Close Mortgage QC Best Practices

By now, everyone in the mortgage industry knows about the 10% random, post-close quality control (QC) audit requirements of Fannie Mae, Freddie Mac and the FHA/HUD. See our whitepaper here to learn about post-close audit QC best practices.

However, many mortgage lenders are not familiar with pre-funding QC, which increases the chances of non-compliance penalties being levied upon your organization.

This whitepaper answers the following questions:

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