Mortgage Servicing Ecosystem Assessment

Example Assessment Status

Activity Deliverable(s) 4 Week Duration
Project Kickoff & Planning          
Documentation Gathering Document Review & Validation        
Current State Process Assessment Manager and Staff Interviews        
Document Analysis Validate Compliance with CFPB and Capacity for Future Growth        
Recommendations Recommendations Report        
Final Deliverables & Executive Summary Executive Summary Project Workpapers        

Prior Week

CLSD – Escrow – Week 1

1 – A compliance finding revealed that flood coverage was inadequate on one loan and it should be calculated on the 1st and 2nd lien even though the 1st lien was not held by client bank. The finding suggested that a credit report would contain the information, but pulling a credit report may adversely affect the borrower’s credit. Industry standard uses RCV in this instance and it was recommended to push back on this issue with Internal Compliance.

2 – It was noted that Client is contemplating a blanket insurance policy for condos. It was brought to the attention of management that the Fannie Mae Servicing Guide states: “The servicer must verify property insurance, including coverage at the project level as part of its review of a project and ensure each condo association is covered by an individual policy.” A Blanket policy would be acceptable for the HOA but not the HO6 requirement. This information has been sent back to insurance compliance vendor for their interpretation.

Accomplishments & Outlook

Current State Process Assessment Week 2

Manager / Staff Reviews Status
• Foreclosure Review Complete
• Bankruptcy Review Complete
• General Servicing Complete
• Interim Servicing Complete
• Claims  
• Escrow  
• Investor Reporting  

Current State Process Assessment Week 3

Manager / Staff Reviews
• Default – Side-by-Side
• Claims – Side-by-Side
• Escrow – Side-by-Side
• Investor Reporting
• PMI – Manager
Sample Mortgage Servicing

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