Whitepaper: Mortgage Servicing QC Requirements
Much like the scrutiny of originations, mortgage servicing is experiencing a level of focus and attention like never before. Investors, regulators and agencies are requiring a very detailed review of every step of the loan servicing process to ensure compliance with all laws, regulations and guidelines.
The CFPB expects mortgage servicers to maintain a robust quality management system (QMS) to help ensure that violations of these rules do not occur – or be fined a hefty amount. But, a QMS combined with an effective quality control plan both allow organizations to offer higher quality customer service and to achieve greater efficiencies in the servicing process.
Given these facts, many mortgage servicers are unaware of what guidelines they need to follow and don’t have the resources to do so.
This whitepaper discusses the following:
- What these mortgage servicing QC requirements are
- Proven methods that will minimize your risk of incurring CFPB fines
- Best practices around implementing a new servicing QC program
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