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Do you have a Quality Control plan? Does your servicer? At Main Street, our Servicing Quality Plan insures the following areas of our loan servicing/loan administration efforts are reviewed on a regular basis. Analyzing the items below assists Main Street in reaching our goal of protecting our investors and their investments, as well as providing quality customer service to each and every borrower.
Without proper procedures in place, you may be putting yourself at risk from the multitude of government entities that regulate the mortgage lending and servicing industry. These risks include fines that accumulate per violation and may even lead to jail time. PHH Mortgage was fined 28 million dollars last year because they failed to provide accurate statements to their borrowers. Additionally, they were not adequately monitoring the operations of their outside vendors who were contracted to perform mortgage servicing related tasks, including foreclosure attorneys whose actions on behalf of the company had a direct impact on borrowers already in financial distress.
Main Street’s Quality Control Plan Includes:
• Delinquent Account Procedures
• Loss Mitigation Efforts
• Foreclosure Processing
• Deficiency Judgments
• Claims, Including Claims Without Conveyance of Title
• New loans, Servicing Transfers, Acquisitions
• Customer Service
• Fees and Charges
• Escrow Administration
• ARM Adjustments and Disclosures
• Handling of Prepayments
• Paid-In-Full Mortgages
• Maintenance of Records
• RESPA Compliance
• Vendor Management
We take Quality Control seriously at Main Street. Our employees are continually trained in all aspects of mortgage servicing, including field collection activities, so as to be able to service mortgages in accordance with HUD, VA, USDA FNMA, FHLMC and other regulatory agency requirements.
Regulators will typically side with the borrower, so make sure you have a strong Quality Control Plan to protect you and your investments.