Medallion Analytics [1] announced it is rolling out Medallion Vendor Scorecard, a reporting tool that provides a loan-level analysis of errors made throughout the post-closing process. The scorecard gives lenders an overall picture of their settlement services vendors' performances.
"The Consumer Financial Protection Bureau's (CFPB) new rules elevate the industry's need for unprecedented levels of quality control. To be in compliance in this environment, lenders must have a strong quality control program and The Scorecard lays the foundation for building a robust program," said John Ralston, VP of Product Development for Medallion Analytics.
Using the data collected through Medallion's Pre-Funding and Post-Close Audit Tools, the Vendor Scorecard identifies critical and non-critical errors found in each loan, giving lenders specific information as to where they need to make improvements in their post-closing process.
Ralston noted, "Medallion Vendor Scorecard has been developed to help lenders better understand where they are underperforming in the closing process so they can take steps to make adjustments. Lenders will be able to tell if the error was made by their own staff, the settlement services provider, or the borrower as well as the type of the document in which the error was found."