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ACES News

July 27, 2023

With Volumes Down, Turn Your Attention to QC Operations

While credit unions have been slow to adopt technology in the QC and auditing space, the current market conditions necessitate a strategic approach to quality control and compliance without sacrificing compliance.

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July 25, 2023

RESPRO features discussion on fair servicing, lending trends

The executive vice president of compliance at ACES Quality Management and the practice leader of Ballard Spahr’s Mortgage Banking Group spoke to attendees at RESPRO’s spring session about what trends they are seeing in fair servicing and lending enforcement.

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June 23, 2023

Critical Defect Rate Falls to Under 2%

ACES Quality Management, a provider of enterprise quality management and control software services for the financial services industry, has released it’s 2022 year-end Mortgage QC Industry Trends Report which found overall that the critical defect rate at the end of the fourth quarter of 2022 declined 25.5% over the third quarter of 2022, ending the year at 1.84%.

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June 16, 2023

Mortgage production defect rates declined in 4Q

Improvements in mortgage loan production processes resulted in fewer manufacturing errors in the fourth quarter of 2022 versus the previous three-month period, according to Aces Quality Management.

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June 14, 2023

Rate of Critical Defects in Mortgage Loans Fell in Q4 – Along With Volume

The rate of defects in mortgage loans post-closing fell in the fourth quarter of 2022 as mortgage origination volume slowed to a trickle, according to ACES Quality Management’s latest Quality Control Trends Report.

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May 17, 2023

Originations with High-Quality Compliance Testing

If the year thus far could be summed up in one word, it would be “volatility.”

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April 10, 2023

Spring Your QC Forward or Fall Behind Fannie Mae’s New Requirements this September

Originally known as “war time,” Daylight Savings Time was first instituted during World War I as a fuel saving measure and, as of 2005, officially occurs on the second Saturday in March. This spring, Fannie Mae announced changes to its selling guide that, once instituted, will spring lenders’ quality control (QC) and compliance departments forward. While the changes were announced on March 1, 2023, they aren’t slated to take effect until September 1 of this year, meaning lenders have nearly six months to update their compliance operations.

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March 28, 2023

Scratch-and-dent volume appears to be on the rise

After two years of record mortgage volumes, the government-sponsored enterprises are finally checking the loans they purchased during this time frame to see if they comply with the guidelines.

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March 27, 2023

ACES: Mortgage Loan Defect Rate Jumped 20.5 Percent During Q2 2022

The rate of critical defects in mortgage loans post-closing increased 20.5% during the second quarter of 2022, rising to a rate of 2.47% of all loans by the start of the third quarter 2022...

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March 27, 2023

Mortgage loan defects hit new high in 3Q

Critical defects on mortgage applications reached a new high in the third quarter last year, in a period when originations declined steeply and competition heightened, according to a new report from Aces Quality Management.

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