There’s a lot of good things to say about the redesigned uniform residential loan application (URLA), also known as Fannie Mae Form 1003. Starting January 2018, the new URLA will have a cleaner look with more white space and a defined separation of borrower and lender information. It has also been updated, making it compliant with the new Home Mortgage Disclosure Act (HMDA). However, the new Form 1003 has been specifically designed for electronic forms. This is great if you’ve already switched over, but it can also cause information capture headaches for mortgage originators. That’s where we come in. text
MetaSource Mortgage Blog
The June issue of Servicing Management features the article Best Practices for Mortgage Boarding, Workflow Automation and Document Management written by Ruth Lee, our Sr. Director of Mortgage Services. Below is an excerpt of the article. Let us know if we can help you with any of the topics discussed.
A best practice is a process generally accepted as achieving superior results to alternatives. The key to that sentence is "results," which are subjective depending on your goals. Because the scope of the data and documents relied upon by servicers has blossomed in the last decade into a manually improbable challenge and the margin for error is thin, those goals today are primarily focused on proving compliance. However, business is business, and best practices have to meet the practicality test when weighed against many factors, to include sustainability and cost-effectiveness.text
Join us at the Reston Hyatt from June 8-9 to learn the latest about MERS QA and mortgage QC outsourcing services and technology. You will learn about our full suite of MERS quality assurance (QA) auditing services, the latest in servicing quality control (QC) as well as our new lien release service.text
The 2017 Tech100 Recognizes MetaSource's mintrak2® MERS Quality Assurance Software
For the last four years, Housingwire Magazine has recognized the most innovative technology companies in the industry as part of the HW Tech100. Housingwire covers issues in mortgage finance and real estate, including the technology critical for companies in the housing economy.
For the second year in a row, MetaSource has made the Tech100 for 2017, this time in recognition of our mintrak2 MERS QA Software in the "Lending, Servicing" category. We previously won the HW Tech100 2016 for our QLink mortgage QC software.text
MetaSource Study Finds 12 of Top 15 QC Issues Were TRID-Related
Salt Lake City—Mortgage lenders found the federal "Know Before You Owe" mortgage disclosure rule—formally known as TRID—to be the source of most of their quality control (QC) headaches in 2016, the first full year of the rule's implementation.
TRID accounted for 12 of the top 15 findings of quality control (QC) issues in 2016, according to a review by MetaSource of thousands of post-close QC audits conducted by the Utah-based third party mortgage compliance service provider.text
Recently MERS sent an email to all General Members that are listed as the Servicer on 1,000 or more active MINs. This email notification was sent to inform these companies that beginning with the 2017 MERS® Annual Report, MERSCORP Holdings, Inc. will require that all Third Party Reviewers provide their electronic signature on the eAnnual Report.text
Assignments and Lien Releases Expert Adds Depth to MetaSource's Portfolio of Mortgage Services and Solutions
Salt Lake City, Utah – MetaSource, the leading provider of business process management (BPM), workflow, and compliance solutions, today announces the acquisition of Dallas-based Orion Financial Group. This acquisition further strengthens the MetaSource mortgage portfolio of solutions, specifically by expanding and adding depth to its existing lien release offering.text
MetaSource was recently approached by a leading provider of clean energy financing for residential, multifamily and commercial properties through the PACE program to explore the possibility of leveraging our outsourcing services. They specifically wanted to utilize our pre-fund quality control (QC) service coupled with our revision services so this would no longer be a bottleneck to their explosive growth.
After taking on their pre-fund QC audits, we've moved on to help them streamline other manual, labor-intensive workflows so they can focus on their core business and leave the processing headaches to us.text
MetaSource Mortgage will once again exhibit at MBA's National Mortgage Servicing Conference & Expo 2017.
Come and see us in booth #1012 to learn about the latest in CFPB servicing QC requirements, loan boarding automation, outsourcing lien release, MERS quality assurance, and servicing quality control (QC) audits.text
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.text