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.”

About the author
May 18, 2015
Building A Digital Bridge Between Separate Revenue Streams

Menu cloud-based technology capitalizes on the entire borrowing cycle

Economists Less Confident Rates Will Drop Following Fed Decision

After sixth consecutive month with no change, the likelihood of cuts in 2024 feels "more out of reach."

FHFA Final Rule Released

Rule codifies equitable housing programs, GSE Plans

FDIC Announces Closure Of Republic First Bank

The Philadelphia-based lender's 32 branches will now be served by Fulton Bank

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.