Trending...
- Warrant Activity, AVERSA™ Progress and a Potentially Transformative Fall Take Center Stage: Nutriband Inc. (N A S D A Q: NTRB)
- Santa Your Way Announces Official 2026 Q4 Holiday Tour: Booking Open For Santa, The 5-star Grinch, And Dual Character Experiences Nationwide
- Gary Bernstein Expands Media Leadership Role With Senior Strategic Advisor Appointment To Blacksun Private Equity
MetaSource Analysis Reflects Pressures of Record Volume and Pandemic-Driven Forbearance Claims in a Turbulent Year
SALT LAKE CITY - ncarol.com -- Missing documents are to blame for many of the most frequent QC findings that plague mortgage servicers, a MetaSource analysis of audit results shows.
Bret Cline, Servicing QC Manager at MetaSource, a leading provider of workflow automation and compliance solutions for the mortgage industry, said many of the defects found were really cases of missing documentation, not failures to complete underlying tasks. For example, a missing flood insurance finding may have occurred due to missing flood insurance documentation rather than a missing policy.
While missing documentation was the culprit for many findings, it wasn't the only one. Due to last year's pressures of record loan volumes and pandemic-driven forbearance requests, many servicers were left scrambling to keep up. And, in turn, they struggled with loan set-up details and oversights.
More on ncarol.com
Among the most common set-up deficiencies were missing details and due dates for the payment of taxes and insurance. This is a problem that can lead to double payments and shortfalls, not to mention, damaged servicer-borrower relations.
The End of CARES Act Forbearance and Foreclosure Moratorium Could Extend Servicers' Obstacles
While the pandemic created some unprecedented obstacles, Cline cautions that servicers' difficulties are not over. When the CARES Act forbearance window ends, there could be "tens of millions of loans in foreclosure," he said. Servicers who do not improve their processes are likely to see their amount of missing documentation increase, which will further compound their obstacles to overcome.
The following are the top 3 findings identified in MetaSource's analysis, which was drawn from thousands of servicing QC audits conducted over the past year:
More on ncarol.com
About MetaSource, LLC
MetaSource is a Digital Transformation Solutions provider, focused on Business Process Outsourcing (BPO) / Business Process Management (BPM) services integrated with Enterprise Content Management (ECM), workflow solutions, compliance services and customer experience processes. With offices in eight U.S. states and over 800 employees, MetaSource helps its clients manage risk, improve quality, increase efficiency and realize their most important goals – with special expertise serving the mortgage industry. MetaSource's mortgage services include quality control (QC) audits (pre-fund, post-close, servicing, MERS), lien release, whole loan purchase reviews, and cutting-edge technology. MetaSource solutions enable its clients to focus on their core business while MetaSource does the rest. More: https://mortgage.metasource.com
Bret Cline, Servicing QC Manager at MetaSource, a leading provider of workflow automation and compliance solutions for the mortgage industry, said many of the defects found were really cases of missing documentation, not failures to complete underlying tasks. For example, a missing flood insurance finding may have occurred due to missing flood insurance documentation rather than a missing policy.
While missing documentation was the culprit for many findings, it wasn't the only one. Due to last year's pressures of record loan volumes and pandemic-driven forbearance requests, many servicers were left scrambling to keep up. And, in turn, they struggled with loan set-up details and oversights.
More on ncarol.com
- PropAccount.com Launches Marketing Hub Within PropGenie, Giving Prop Firm Operators an Automated Marketing Team
- Save 15 Percent Off Florida Keys Accommodations with KeysCaribbean's Advance Purchase Rate Discount
- Woodside Rehab & Nursing Enters a New Era of Clinical Excellence and Growth
- Thar Process Partners with French Leader ExtrateX to Bring Prep to Process-Scale SFC to Europe
- Nurses Honored at NCNA Annual Convention
Among the most common set-up deficiencies were missing details and due dates for the payment of taxes and insurance. This is a problem that can lead to double payments and shortfalls, not to mention, damaged servicer-borrower relations.
The End of CARES Act Forbearance and Foreclosure Moratorium Could Extend Servicers' Obstacles
While the pandemic created some unprecedented obstacles, Cline cautions that servicers' difficulties are not over. When the CARES Act forbearance window ends, there could be "tens of millions of loans in foreclosure," he said. Servicers who do not improve their processes are likely to see their amount of missing documentation increase, which will further compound their obstacles to overcome.
The following are the top 3 findings identified in MetaSource's analysis, which was drawn from thousands of servicing QC audits conducted over the past year:
- Incorrect set-up and timely premium payment of taxes, insurance and mortgage insurance
- Missing or incomplete lien release documentation in accordance with applicable state and county guidelines
- Failure to post mortgage payment within 24 hours of receipt
More on ncarol.com
- Inlow Upholstery Encourages Boat Owners to Book Upholstery Projects During the Off-Season
- Port St. Lucie REALTOR® Irene Pernice Earns SFR® Certification
- AMR and UAS Take the Stage at WorldSkills Shanghai 2026
- KayeDinero Named a Song After RetroArch. Gamers Already Know Why
- Drake Says He'll Tour in 2027. KayeDinero Has One Question: Asheville?
About MetaSource, LLC
MetaSource is a Digital Transformation Solutions provider, focused on Business Process Outsourcing (BPO) / Business Process Management (BPM) services integrated with Enterprise Content Management (ECM), workflow solutions, compliance services and customer experience processes. With offices in eight U.S. states and over 800 employees, MetaSource helps its clients manage risk, improve quality, increase efficiency and realize their most important goals – with special expertise serving the mortgage industry. MetaSource's mortgage services include quality control (QC) audits (pre-fund, post-close, servicing, MERS), lien release, whole loan purchase reviews, and cutting-edge technology. MetaSource solutions enable its clients to focus on their core business while MetaSource does the rest. More: https://mortgage.metasource.com
Source: MetaSource, LLC
0 Comments
Latest on ncarol.com
- Lunai Bioworks (N A S D A Q: LNAI) Takes Parkinson's Discovery to the Next Level With Exclusive Tanaist Agreement
- Revenue Optics Names Prat Patibandla Director of Growth Marketing
- VMACS Offers Battery-Powered Heat & AC Systems for RVs and Vans
- Independent Autopsies Are Changing Civil Cases: Kansas City Forensic Explains Why Families Are Seeking Second Opinions
- JEGS Launches Transformed Digital Commerce Platform Powered by PhaseZero
- Subject matter experts: Present your ideas at IISE Annual Conference 2027 in Louisville
- Cummings Graduate Institute Celebrates New Doctor of Behavioral Health Graduates
- Data Tiles Challenges the Data Product Status Quo Following Antwerp Summit
- Visit London Appoints The SEO Works for AI-First Search Strategy
- Inglewood Associates and Gordon Brothers Provide Update on Sale Process for 925 Euclid Avenue in Cleveland
- Century Fasteners Corp. Exhibiting at the 2026 International Fastener Expo
- Las Vegas Attorney Thomas Boley Publishes Free Plain-English Guide to 100 Nevada Criminal Laws, in English and Spanish
- Bank Statement Loans Up to $30 Million: Lendmire Announces High-Net-Worth Financing
- NYC Big Book Award Celebrates 10th Anniversary with Announcement of 2026 Winners
- Regional Magazines Shine at IRMA Awards
- Nearly Two Years After Helene, KayeDinero Films Asheville's French Broad From Above
- Asheville Producer KayeDinero Says "Human Error" Is the Point in the AI Music Era
- Matt Zavala of Zavala Law, PC Selected to the 2027 Super Lawyers List
- KayeDinero's "Glizzy Glock" Isn't What You Think — It Started With Late-Night Hot Dogs
- Sawgrass Ford President Attributes Dealerships Success to Long-Term Employees
