While very little about 2020 was predictable, it was a year in which mortgage quality control issues fell into a familiar pattern. This findings report includes MetaSource’s top 15 findings along with a deep dive into our #1 finding and best practices for avoiding it.

Top QC Findings for 2020

Here is the complete list of our top findings for 2020, including all loan types and both regulatory and agency findings:

Rank       Finding
1.            Closing Disclosure – Tolerance Violation
2.            Closing Disclosure – Calculation Cash to Close
3.            Closing Disclosure – Defective
4.            Closing Disclosure Timing Violation
5.            Other Application/Processing Documentation – Intent to Proceed
6.            Income not Documented
7.            Other Application/ Processing Documentation – Loan Estimate – Timing Violation
8.           Product Parameter Points and Fees
9.           Insufficient Assets to Close
10.         Income Documentation – Aged
11.         DU or AUS Findings Report – Missing or Defective
12.         Incorrect Income Calculation
13.         Security Instrument – Missing or Defective
14.         Closing/Title Documentation – Closing Disclosure – Defective
15.         Note – Missing or Defective

#1 Finding: A Continuous Trend

Closing disclosure defects remain lodged firmly in the top five of our annual QC findings, where they have put down roots every year since TRID Rules took effect more than five years ago.