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There is an increasing volume of Transfers of Servicing mortgages between Servicers. There are also heightened regulatory expectations governing such transfers. It is imperative in the face of increased volume and regulatory expectations that borrowers are not negatively impacted and its mortgage loans are properly serviced. Therefore it is important to ensure a transparent and effective Transfer of Servicing processes
• Identifying and managing risk during the transfer of servicing.
• Ensuring Transferor Servicer’s off-boarding processes and procedures are sound.
• Ensuring operational readiness and capacity of the Transferee Servicer, including sound on-boarding processes and procedures.
• Confirming appropriate and proactive coordination and communication occurs between all parties before, during, and after the Transfer of Servicing.
• Ensuring a smooth and timely borrower experience.