*A New Take On Servicing QC*
**By Tony Garritano**
***Let’s face it, servicers are under the microscope. They need to be very careful. Quality control isn’t just a function of originating a loan anymore. To this end Interthinx and DecisionReady have formed an alliance to offer comprehensive quality control and quality assurance programs to the servicing industry. Here’s how it all works:
****With mortgage servicers facing increasing scrutiny of their default management procedures and the upcoming Consumer Financial Protection Bureau (CFPB) enforcement, servicers will need to increase their diligence in assessing and monitoring policy and regulatory compliance.
****Interthinx and Decision Ready Solutions have joined forces to bring a comprehensive quality control and forensic loan review program to the market. The collaboration will offer a compliance oversight program framework that will help servicers monitor process execution and compliance along the complete end-to-end default timeline.
****This latest addition to the Interthinx product suite addresses the need for more stringent default servicing and foreclosure process governance, a weakness cited by federal regulators in the Interagency Review of Foreclosure Policies and Practices, the multistate settlement, and the upcoming CFPB enforcement.
****“Prior to Decision Ready, the emphasis in default servicing had been on document and timeline-based compliance. There was no systematic way of ensuring that servicing associates had followed the right procedures and policies,” says Claudia Sanchez, chief information officer for Decision Ready. Ravi Ramanathan, chief executive officer for Decision Ready, adds, “Our focus on assisting servicers over the past couple of years to better manage enterprise risk aligns well with the Interthinx vision and track record in creating innovative risk management solutions by leveraging their data, analytics, and seasoned review team.”
****“Today’s mortgage servicers are required to conduct ongoing evaluations of internal processes using objective process review and quantify results via score cards. The newly launched Servicing QC offering allows servicers to review operational activity and objectively score the process on accuracy and policy conformance,” says Kevin Coop, president of Interthinx. “It also helps servicers make process adjustments based on real findings rather than relying on a subjective process.”
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.