MetaSource, a provider of mortgage quality control services and technology, has added three new quality control audits for mortgage servicing, including a servicing transfer audit that covers loans transferred from one servicer to another.
This new audit includes a post-transfer review of the loan to verify that data points and amounts are correct, and that the necessary documents have been provided.
MetaSource is also offering a new lender’s placed insurance audit (aka forced placed insurance audit) that was created to ensure that loans with LPIs undergo a thorough review of the need for LPI, as well as the amount billed, the issuance of proper notifications and timely removal/refunds when proof of insurance is provided.
Under the escrow administration audit, the random sampling of loans can leave LPI issues undetected.
The software and services firm is also offering a new hazard insurance claim audits top protect servicers from incorrectly managed hazard insurance claims. Badly managed claims can leave servicers and investors in a difficult spot, with damages that go un-repaired or poorly repaired. This audit will review all details relating to damage, fund disbursements, inspections and agency notifications.
These new audits bring additional depth to the list of specialized QC audits already offered by MetaSource.
“By zeroing in on quality control at precise stages of the process, we are able to offer our clients a targeted and extremely focused level of QC that results in far greater accuracy – and peace of mind,”
“Increased regulatory and agency scrutiny in combination with tightening market conditions have mortgage lenders and servicers watching their Ps and Qs,” says Mary Kladde, Senior Vice President of Mortgage Services for MetaSource, in a release. “By zeroing in on quality control at precise stages of the process, we are able to offer our clients a targeted and extremely focused level of QC that results in far greater accuracy – and peace of mind.”