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How Granular Are Your QC Audit Practices? QMS Is Preparing To Help You Dive Deep With MARS

Updated: Feb 8, 2022

As the mortgage industry continues to move towards a digital environment, there is a growing need to improve upon the granularity of available data. Driving for improvement in credit risk, evolving data standardization and defect taxonomy, logically leads industry participants to a need for more granular information. Although the past few years may cause one to initially think otherwise, as origination solutions have simplified data access for consumers with quick applications and mobile access apps designed to attract millennials. However, on the backend the scales are tipped, as more and more data is sought in order to minimize consumer input and credit risk simultaneously.

The logical next step is to seek out additional data in your quality control and audit processes. Accessing additional information on a more frequent basis will significantly minimize risk as well as help identify exceptions and issues earlier in the lending or servicing process. To break this need down further, it’s important to consider the wide swath of risk that QC is designed to mitigate. In addition to credit risk, there’s operational risk, regulatory risk, interest rate risk, liquidity risk, cyber security and technology risk, and most importantly, reputational risk. Having a greater ability to analyze risk exposure and enhance QC efforts with data will help insulate your institution from incurring financial loss, costly errors, regulatory infractions and more.The ability to identify when defects occur, prioritize mitigation efforts, and strategically align resources will also improve through access and analysis of richer, more granular data.

Having access to more data in turn creates a greater reliance on key business partners that share an understanding of this important industry effort. Expanded data needs to be properly assimilated into systems, appropriately leveraged and protected in order create real value. Incorporating granular data into existing QC and audit practices likewise produces a need for sophisticated reporting in order to effectively realize the benefits. These reporting needs vary based upon financial institution expectations, size, regulating entities, and structure, such as regional, non-bank, bank-owned, credit union, finance housing agency, or other.

Quality Mortgage Services (QMS) understands these nuances and the importance of flexibility in delivering solutions of value. Based on shifting needs for data granularity, QMS is committed to expand data use in their Mortgage Analyst Review Software (MARS) platform. QMS is focused on capabilities to consume, analyze and report from a more robust dataset on a greater frequency. Helping users realize the benefits of data granularity in their QC efforts, not simply at time of origination.

Financial institutions with access to the platform through QMS are already able to view the status of audits in process, and thus readily identify exceptions, determine delays in file or document delivery, as well as distinguish less productive departments based on speed and accuracy of corrective actions. Audit functionality is more readily accomplished through simple access paths, providing shortcuts to audit creation.Lenders can create and track multiple audits for all business channels. Additionally, users can migrate from one audit to another, as well as easily navigate webpages. Most importantly, the MARS platform offers the unique opportunity to further automate existing processes, without reinventing them in a manner that is only partially effective and compliant.

As a long-standing industry provider of boutique due diligence solutions, QMS is uniquely positioned to provide your institution with a customized approach to quality control and audit that’s in line with your proprietary business strategies. QMS has been serving the financial services arena for over two decades.In addition to the sophisticated MARS platform, our product suite includes specialized post-closing audit and quality control solutions, that also support pre-funding QC, MERS® reconciliation, HMDA and AML audits. QMS services satisfy investor and agency funding requirements, meeting VA, FHA, USDA, Fannie Mae and Freddie Mac guidelines.

Take this great opportunity to re-evaluate how your institution manages quality control, audit and access to data. Visit us at to see how innovation can empower your internal processes.

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