Quality Mortgage Services LLC (QMS) has announced that a top U.S. bank has tapped the company for quality control (QC) risk mitigation support in defense against investor repurchase claims. The institution has been faced with buy back defense challenges that persist even after working with other QC vendors in the space.
“After phased testing of the technical expertise of the QMS quality control risk staff, we made the cut,” said Tommy A. Duncan, president of QMS “QMS will collaborate with the bank’s risk staff as a force multiplier in order to neutralize the investor’s repurchases claims.”
Due to the terms of the agreement, QMS could not release the name of the bank, but said that the firm had been through a number of QC repurchase defense vendors and felt it had been over charged by companies that underperformed.
“I know which vendors the investors are using to comb through these files and I welcome the challenge of going head-to-head with them for the success of the bank,” said Duncan.
Brentwood, Tenn.-based QMS is a mortgage loan QC audit and compliance review company that has been performing repurchase defense and writing responses to indemnification letters for mortgage bankers for 20 years.