Quality Assurance Audit
While mortgage lenders continue to face swelling credit losses due to defaults, the teams servicing such transactions must conform to fair-lending practices while treating borrowers and follow appropriate foreclosure management standards. This is a key requirement for all mortgage lenders under the supervision of OCC (Office of the Comptroller of Currency) and led to increased scrutiny of quality audits for default servicing activities handled by Service Quality Assurance (QA) and Quality Control (QC) teams. Lenders must also set appropriate oversight to monitor quality of third party vendors and link quality to vendor compensation models.Download Solution Brief
MetricStream Quality Audit Software Solution
With most banks failing to maintain a common record for audit failures and QA programs differing by the type of default service, QA teams struggle to timely complete program audits. QA audit records largely maintained manually impede regular updating and impair sharing with other stakeholders for risk remediation planning.
MetricStream Quality Management solution for banks provides a strong process framework to conduct quality assurance and quality control audits for origination, servicing and default related processes. The solution enables quality control for multiple QA/QC programs associated with separate BUs. The solution can be aligned to multiple functions and metrics in order to improve company’s performance, compliance and growth requirements.
- Manage audit workload and segregation for multiple users and audit categories
- Customize checklist templates, productivity reports and facilitate trend analysis
- Achieve dynamic control and shared collaboration for QA/QC programs
We have engaged [on the MetricStream Community] throughout the implementation and found the interactions and materials quite useful.