MENAFN– EIN Presswire
SALT LAKE CITY, UT, October 17, 2024 /EINPresswire/ — MetaSource, LLC released its annual mortgage quality control (QC) findings report, revealing the top 10 issues in 2023 and ongoing documentation challenges in servicing. The report emphasizes that financial struggles among borrowers and servicers have worsened QC issues.
Key Findings:
Bankruptcy Increase: After the CARES Act forbearance ended, bankruptcy filings rose sharply in 2023, leading to an increase in related QC findings.
John Morales, MetaSource QC Manager, noted, “Servicers struggled with documenting notices and missing billing statement information.”
Financial Pressures on Servicers: Many servicers downsized to reduce costs, which, while effective in saving money, created new problems in areas like escrow, loss mitigation, and customer service. Morales stated customer communication issues emerged for the first time in their top 10 findings after the layoffs.
To delve deeper into these issues and predictions for the upcoming year, download the full findings report.
About MetaSource, LLC
MetaSource is a provider of AI-powered business solutions, specializing in business process outsourcing and management. They support the mortgage industry by offering various services, including quality control audits and lien release services. More information is available on their website.
Contact: Colin Graf, MetaSource, LLC, +1 (888) 634-7684
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