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Quality Mortgage Services Offers Foreclosure Audits

""Quality Mortgage Services"":http://www.qcmortgage.com (QMS) provides mortgage quality assurance and mortgage compliance solutions nationwide, and the company says it's able to perform foreclosure audits for any servicers that need or what a retrospective review.


In April, federal regulators ""handed down consent orders"":http://dsnews.comarticles/regulators-hand-down-enforcement-actions-to-servicers-and-their-vendors-2011-04-13 to 14 of the nation's largest mortgage servicers outlining procedural reforms for foreclosure processing and mandating a ‘look-back' audit of their foreclosure cases from 2009 and 2010.

Regulators are requiring these reviews to be conducted by independent third-parties. The purpose is to identify homeowners who were financially harmed due to improper foreclosure practices and provide remediation.

More than two million homeowners underwent a foreclosure over that two-year span. While the lion's share were processed by the largest servicers, QMS says all


servicers should be ensuring they are, and have been, fully compliant with proper foreclosure procedures.

The Brentwood, Tennessee-based company says its regulatory and custom foreclosure audit services fulfill the requirements for foreclosure audits as outlined by federal officials.

QMS notes that servicers could save themselves a lot of hassle by taking a proactive role in auditing their cases if regulators decide to issue the mandate industry-wide.

The Office of the Comptroller of the Currency (OCC) ""has already directed all"":http://dsnews.comarticles/occ-mandates-foreclosure-procedure-assessments-for-all-national-banks-2011-06-30 of the servicers it supervises to conduct a self-assessment of their foreclosure management practices by September 30, 2011.

Should regulators go one step further and want reviews of past cases, or should a servicer decide to initiate an evaluation themselves, Tommy Duncan, president of QMS, says the job is ""a perfect fit"" for his company.

""We already have the staff and software support to provide this service to mortgage servicers,"" Duncan said.

QMS offers its compliance and quality control solutions to institutions of any size, from the smallest mortgage operations to the nation's largest lenders.

The company tracks requirement changes and mortgage guidelines from Freddie Mac, Fannie Mae, the Federal Housing Administration (FHA), and U.S. Department of Agriculture rural housing program, as well as state and federal regulators. In addition to compliance and quality control review, QMS provides mortgage due diligence audits.