With the regulatory agencies heighten focus on mortgage servicing, it is critical to determine if your servicing operations are compliant with these new regulations. CrossCheck Compliance has the expert mortgage servicing experience to review your servicing operations to determine if your procedures are addressing effectively these new requirements.
The CFPB has issued final mortgage servicing rules that amend and add new provisions to the Truth in Lending Act and the Real Estate Settlement Procedures Act. The OCC has issued new rules governing the procedures relating to the foreclosure processes. Among the most significant changes are requirements for loss mitigation and subsequent limitations on the foreclosure process. Servicers are required to follow specified loss mitigation procedures for a mortgage loan secured by a borrower’s principal residence. Adherence to these regulations applies substantially to all financial services organizations that are involved in servicing mortgages.
CrossCheck Compliance has the extensive experience in performing on-going servicing quality control reviews as well as targeted reviews for those specific servicing functions that may require an additional focus. Our mortgage servicing reviews provide an assessment of the servicers’ policies, procedures and practices. Areas that may be included in this review are: