Become a Member
Find a Member
California MBA California MBA
  • About
    • About Us
    • Who We Are
    • CAMPAC
    • Contact Us
  • Events
  • Membership
    • About Membership
    • Advocacy
    • Education
      • Connect Podcast
      • Future Leaders Program
    • Committees
      • Conference Committees
      • Diversity, Equity & Inclusion Committee
      • Legal Issues Committee
      • Legislative Committee
      • Membership Committee
      • Mortgage Innovation Committee
      • MQAC Committee
  • Blog
  • Career
  • My Account
Find a Member
Become a Member
California MBA

Top 10 Servicing QC Findings in a Turbulent Year

Home / Residential / Top 10 Servicing QC Findings in a Turbulent Year

Top 10 Servicing QC Findings in a Turbulent Year

inResidential

From the unforeseen effects of the pandemic to an 11-year-mortgage volume high, the past year has been ground-shifting for mortgage servicers.

Servicers faced several challenges, with the impact of the CARES Act being among the most notable. After all, it resulted in forbearance plans that millions of homeowners took advantage of.

In fact, according to the MBA’s May 18, 2020 press release, loans in forbearance made up 8.16% of servicers’ portfolio volume, with 4.1 million homeowners in forbearance plans. Black Knight’s data shows that this number decreased significantly by the end of December, dropping to nearly 3 million homeowners, or about 5.3% of all active mortgages. The MBA’s National Delinquency Survey data shows the 2020 seasonally adjusted delinquency rate dropped from 8.22% in the second quarter to 6.73% in the fourth quarter.

But despite the rapidly changing mortgage servicing landscape this last year, servicers continued to struggle with the same quality control challenges that have plagued them in years past, a MetaSource analysis of servicing QC findings shows.

Among the 10 most common findings from among thousands of servicing QC audits the MetaSource team conducted over the past year were many that reflect an ongoing struggle with missing documents as well as oversights likely exacerbated by a year of unprecedented pressures. Here’s a look at the findings list along with insights into why they occurred – and how to avoid them in 2021.

Read more
complianceqcservicing
  • Top Three Remaining Compliance Issues of 2021
    Previous PostTop Three Remaining Compliance Issues of 2021
  • Next PostHow to Prevent the Dangers of Mortgage Wire Fraud
    Top Three Remaining Compliance Issues of 2021

Related Posts

Top 15 Mortgage QC Findings for 2022

Top 15 Mortgage QC Findings for 2022

Top 10 Servicing QC Findings for 2021

Top 10 Servicing QC Findings for 2021

Constellation Mortgage Solutions Appoints Technology Innovator Kendrew Peacey as CTO

Constellation Mortgage Solutions Appoints Technology Innovator Kendrew Peacey as CTO

2021 MERS QA Findings Report

2021 MERS QA Findings Report

2023 President’s Council

AmeriHome-Mortgage-WAB
Arch-MI-Logo-RGB
Consolidated Analytics, Inc
FundingShield crop
GuildMortgage
InsellerateLogo-UpdatedColor
L-Rocket-CMYK-Vert-P1126591
WA_NewLogo@2x

Learn More

CMBA_white_300x75@2x
(916) 446-7100
info@cmba.com

Office Hours

Mon-Fri

9:00 A.M. – 5:00 P.M.

Sat-Sun

Closed

Corporate Office

3005 Douglas Blvd., Suite 108

Roseville, CA  95661

© 2023 California Mortgage Bankers Association

Privacy Policy | Terms Of Use | CAMPAC Donation

Copy