SALT LAKE CITY - TelAve -- 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 TelAve News

• Multi-Signature Cold Storage: Keyanb Introduces Institutional-Grade Asset Protection for Chilean Crypto Traders
• NKSCX Introduces Zero-Knowledge Proof of Solvency for U.S. Traders Amid $6.5 Billion Fraud Crisis
• New Oasis International Foundation Announces Strategic Partnership Network Across 15 Countries to Advance Community-Led Economic Development
• A Gift for You: Music, Story, and Hope for America: Free Download of The Human Renaissance Album
• New You Smile Dental Implant Center Expands Office

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:

1. Incorrect set-up and timely premium payment of taxes, insurance and mortgage insurance
2. Missing or incomplete lien release documentation in accordance with applicable state and county guidelines
3. Failure to post mortgage payment within 24 hours of receipt

The complete list of top servicing QC findings can be found here.

More on TelAve News

• $8 Billion High-Margin National Gentlemen's Club Market Targeted by Acquisition Strategy Incorporating the Successful Peppermint Hippo™ Brand: $TRWD
• Why Indian Game Development Companies Are Shaping the Future of Global Gaming
• Cold Storage and Proof-of-Reserves: BTXSGG Launches Institutional-Grade Asset Protection for Filipino Traders
• Redesigning the Digital World Around People, Not Algorithms: Netverse Verified, App-less Technologies, Platform and Hardware is Coming From Phinge
• Why FIRE Enthusiasts Are Buying Businesses Instead of Just Saving Their Way to Freedom

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