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 |
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