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MetaSource provides lenders with independent third-party compliance reviews of their loan pipeline to provide feedback on potential issues that may cause issues related to salability in post-closing or be uncovered during a regulatory audit. In particular, when conducting compliance checks during the pre-funding QC process, this review offers lenders significant risk mitigation benefits by addressing loan quality issues prior to funding.
“The MetaSource-ComplianceEase partnership is a natural fit, as we have had a long standing relationship with ComplianceEase and its ComplianceAnalyzer platform,” said Mary Kladde, senior vice president of Mortgage Services at MetaSource. “Coupled with our team’s expertise in loan production, this partnership will ensure that MetaSource is able to deliver accurate, actionable results to help lenders improve their overall loan quality when delivering loans for purchase and preparing for potential regulatory audits.”
ComplianceEase provides technology solutions to manage operational risk and regulatory compliance. The company’s flagship product ComplianceAnalyzer provides automated, loan-level auditing covering all levels of regulation from federal, state, and municipal high-cost and anti-predatory laws to usury, consumer credit regulation, prepayment penalties, and more.
“Lenders can’t rely on the ‘stare and compare’ approach to test for compliance with TRID. Automation allows the auditing of all documents for delivery timing sequencing, fee names, tolerances, changed circumstances, and reasons for re-disclosures so they can review exceptions,” said Dan Smith, SVP of Sales for ComplianceEase. “We’re pleased to be selected by a third-party reviewer like MetaSource to deliver thorough loan auditing akin to what the secondary market investors and examiners will see so that lenders can originate confidently and efficiently.”