(MENAFN– EIN Presswire)
SALT LAKE CITY, UT, October 17, 2024 /EINPresswire/ — MetaSource, LLC has released its annual report on mortgage quality control (QC) findings for 2023. The report highlights the top 10 issues faced by servicers, ongoing documentation struggles, and predictions for 2024. Key findings indicate that financial issues among borrowers and servicers worsened QC challenges.
Borrower Financial Instability & Bankruptcy Increases
After the end of the CARES Act mortgage forbearance, bankruptcy filings rose significantly in 2023, causing a rise in bankruptcy-related QC findings. Servicers struggled with documentation and missing billing statements, according to QC Manager John Morales.
Servicer Financial Pressures & Staffing Cuts
To manage financial strain, many servicers reduced their staff in 2023. Although this provided some cost savings, it led to new challenges in areas like escrow timeliness and customer communication. Morales noted that communication defects became a new trend on their findings list.
For more insights and a comprehensive list of findings, download the complete report from MetaSource.
About MetaSource, LLC
MetaSource is an AI-powered provider of Business Process Outsourcing (BPO) services, particularly in the mortgage industry. Their offerings include quality control audits, lien release services, and more, aiming to help clients enhance efficiency and manage risks.
Contact: Colin Graf, MetaSource, LLC, +1 (888) 634-7684
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