Skip to main content

Mortgage TrueView Set to Launch New QC Tool
May 18, 2015

Mortgage TrueView has announced that it is developing the industry’s first independent benchmarking tool for quality control (QC). The new solution, QC View, will allow lenders, investors and regulators to compare the quality of loan pools within an individual lender’s portfolio or with the rest of the mortgage industry. Mortgage TrueView also announced the formation of a QC View Working Group and is inviting mortgage industry participants to assist in the development of standard data definitions and formats behind QC View.

“To be able to accurately assess loan quality is everybody's goal,” said Becky Walzak, executive vice president, director of regulatory compliance with Mortgage TrueView. “Regulators need to know which lenders are meeting requirements, originators want to know how their loan quality compares to competitors, and the secondary market needs better information about the quality of loans they are securitizing. With QC View, everyone will be able to get the answers they need.”

QC View will give lenders the opportunity to make changes that are meaningful to their loan origination and servicing processes, as well as to avoid spending money on issues and reviews that add no value. Mortgage TrueView is planning to launch QC View in July of this year.

Some of the key metrics of the new tool may include:

►A lender’s overall error rate and how the rate compares to specific lenders or industry averages

A comparison of error rates by loan dimensions such as loan type, occupancy type, debt-to-income ratio, loan-to-value ratio, and FICO score

The most frequent errors by lender and across the industry

The defect types that are most frequently associated with unacceptable loans

The QC View Working Group was formed after Mortgage TrueView held two Webinars on how the mortgage industry can better approach quality control.

“QC View is an industry-wide project, and it is open to all mortgage participants who want to help build the data definitions and formats behind it,” said David Moffat, president and CEO of Mortgage TrueView. “So far, we’re seeing wide support for launching a QC benchmarking tool such as QC View.”

May 18, 2015
Government Lending Has A Strong Digital Future

Long gone are the days of 300-page files and mail requests

Regulation and Compliance
Oct 03, 2022
Appraisal Business Fears Modernizing And Newcomers

Appraisers also need to mitigate appraisal bias

Regulation and Compliance
Oct 03, 2022
R.I. Mortgage Broker Pleads Guilty To $6M Ponzi Scheme

Decade-long scheme was used to finance a lavish lifestyle.

Regulation and Compliance
Sep 30, 2022
Fannie Mae Names Almodovar Its New CEO

Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.

Regulation and Compliance
Sep 29, 2022
OCC Fines Sterling Bank & Trust $6M Over Mortgage Fraud

Bank, parent company remain under criminal investigation by Justice Department and SEC.

Regulation and Compliance
Sep 27, 2022
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022