On November 7th Jim Shankle presented a webinar entitled – Avoiding Surprises in Mortgage Servicing.
As banks face competitive challenges and increased regulatory and investor scrutiny, establishing internal monitoring systems to provide ongoing feedback on critical servicing components should be an integral part of the management structure for all loan servicers. Preventing surprises that can result in significant operational, regulatory, reputational, and financial burdens, if not detected on a timely basis is just as critical. In this webinar, attendees learned about the challenges servicers have had managing and implementing the Consumer Financial Protection Bureau rules, especially related to servicing transfers. While the business reasons for transferring servicing are justified, the responsibility for compliance with servicing rules cannot be delegated if servicing activities are out-sourced to a third party. In addition to implementing the rules, regulatory and investor quality control requirements for the ongoing monitoring of servicing activities were addressed.More Information