Quality Mortgage Services, LLC


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1646 Westgate Circle, Suite #106
Brentwood, TN 37027

www.qcmortgage.com | www.MARSaudits.com

Market view

In 2015 the industry will see quality control departments begin to settle in with many of the new quality control procedures being pushed by the GSEs. The new procedures being implemented in quality control will add to the workload of QC managers, and include:

  • QC managers fulfilling the SEL 2013-05, audit of the QC vendor
  • Defect reports, defect rate reports, taxonomy analytics
  • Simplified and more interactive management response automation
  • Curing of loans from manufactured defects for QC prior to QC reports being issued in order to reach zero defects
  • Management Action Plan (MAP)

As the QC workload continues to increase, it’s even more crucial to make QC managers more efficient with innovative technology and streamlined processes if companies hope to grow in the coming year. Quality Mortgage Services addresses each of the above pain points with its Mortgage Analysis Review Software (MARS) QC platform, carving time off what is otherwise a lengthy and costly process.

“QMS came up with these solutions based on understanding the QC processes and challenges that QC managers are working through, and by being involved with clients and engaging in dialogue to understand where the industry is going and what has to be done to get them there,” said Tommy Duncan,  CEO of QMS .

A streamlined approach

For example, for sellers to meet the requirement to audit the QC vendor, the seller must have access to a lot of the QC vendor’s data and dedicate time to maintaining spreadsheets.

With MARS, the seller can compare data, validate that the audit methodology was maintained, pull analytics for re-verification of post-closing QC success, and score the QC vendor. Using the MARS platform could save QC managers an estimated eight hours of work in this process.

“Every QC manager is striving for zero defects and the MARS QC platform enables the mortgage bank to cure minor defects prior to the QC audit beginning in order to reduce rates and scores,” Duncan said.

QC managers spend valuable time navigating defect and taxonomy analytical reports, and want their agency reports ready to print without having to spend time creating another analytical report in a QC platform, or creating another spreadsheet.

The MARS QC platform already has the required agency reporting built in and ready to go as QC audits are completed.

The MARS platform also saves managers from an extra spreadsheet step as they implement the GSE-required Management Action Plan. 

Using MARS, QC managers can address, recommend, test and validate changes to things like training, personnel, processes and procedures, and technology.

Many QC managers don’t realize how much time they are spending in tracking and managing responses to QC reports. As volumes increase and with the deadline to complete responses to defects in the QC report, the MARS QC platform fully automates the assignments of responses as well as tracking defects that are assigned out to various individuals.

As an end user of the MARS system themselves, Quality Mortgage Services developed the MARS QC platform to make it easy to implement and test new technology, processes and workflows that it can then offer the broader industry.

“QMS founded QMiS Systems as a force multiplier in order to expedite back-office solutions and technology,” Duncan said. 

“QMS is the only QC company that offers its MARS QC platform to mortgage bankers and other QC companies for lease or purchase, is an end user and provides back office solutions and technology development.”

By the first quarter of 2015, QMS also expects to have new technology available for the servicing market by offering MAS (MERS Audit Software) as a solution to provide reconciliation, document reviews and other types of MERS audits.

“In the next two years we expect QMS to grow exponentially as the result of MARS gaining new market share and more companies learning about our QC audit services,” Duncan said.

“QMiS Systems continues to gain global financial sector markets.”