Quality Mortgage Services’ servicing quality control audit dissects the servicer’s processes. The auditors perform a regulator level examination of servicing processes of the administrative functions, default management and investor reporting. The scope of the servicing examination audit includes a review of records and documents to report for compliance with the agency guidelines and requirements.

QMS has dissected all federal regulatory and agency guidelines and publications and compiled an extensive series of audit and examination questions. Findings are cited with the respective regulation or law that provides management reports in order to assess servicing defects.

The examination questions are constantly evaluated and updated. QMS regulatory and compliance team analyzes newly published agency bulletin updates, regulatory changes, and court decisions on an ongoing basis. The regulatory and compliance teams integrate changes in order to keep the servicing audits current. QMS staff participates with the Mortgage Bankers Association subcommittees and active working groups in order to be leaders in establishing servicing best practices and to contribute to the response periods of agency policy proposals and new regulatory changes.

The QMS Mortgage Analysis Review Software (MARS) is interactive with the servicing management teams. The management reports are published in MARS. The reports are in an interactive portal where management can respond, monitor, and document the servicing team’s interactive usage to how they correct responses. MARS captures data elements as a result of servicing audits that empowers the servicing teams with trending reports and analysis of the wellness of the servicing portfolio.

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