MetaSource, a mortgage quality control services and technology provider, has been accepted to the Standard & Poors’ (S&P) list of reviewed firms that conduct third-party due diligence for U.S. residential mortgage-backed securities. MetaSource is one of only a small group of firms that met the assessment factors that are part of S&P’s increasingly strict criteria for the list.
“The rating is considered to be one of the ‘gold standards’ of the industry, and the fact that MetaSource has achieved it should give investors tremendous confidence in our abilities as we move further into this marketplace,” said Adam Osthed, President and CEO at MetaSource.
In reviewing firms to create the list, which is updated every 18 months, the S&P employs rigorous criteria, scrutinizing such factors as loan data quality, compliance with required underwriting guidelines, property valuation, supporting technology and regulatory compliance.
As part of the process, the S&P reviewed MetaSource’s proprietary web-based platform that allows for complete transparency among buyers and sellers as it completes third-party securitization-related due diligence.
Through MetaSource’s interactive platform, both buyers and sellers can see work happening in real-time as it is being completed, including the audit results. “We’re very unique in how we’re able to interact with our customers and sellers through the process. We can set the level of transparency a client wants based on their requirements,” said Mary Kladde, SVP of mortgage services at MetaSource.
In addition, the platform utilizes such technologies as Robotic Process Automation and Optical Character Recognition to speed up turnaround times. “Some firms still rely on using Excel spreadsheets and manual processes to enter and validate data. We’ve automated many traditionally manual processes and as a result, we’re shortening transaction times and improving accuracy,” Kladde said.
“With the S&P acceptance and our ability to provide complete transparency and faster transaction turnarounds, MetaSource is working to revolutionize the mortgage due diligence marketplace and setting new standards for speed, quality and accuracy,” she added.
Utah-based MetaSource is focused on business process outsourcing, and business process management services integrated with enterprise content management, workflow solutions, compliance services and customer experience processes. MetaSource’s mortgage services include quality control audits (pre-fund, post-close, servicing, MERS), lien release, whole loan purchase reviews, and technology services.