Timely and Efficient Default Servicing: Best Practices for Successful Foreclosure

Size: px
Start display at page:

Download "Timely and Efficient Default Servicing: Best Practices for Successful Foreclosure"

Transcription

1 A Point of View Timely and Efficient Default Servicing: Best Practices for Successful Foreclosure Abstract The mortgage industry underwent significant changes due to widespread bankruptcy and foreclosures following the 2008 crisis. It left lenders and servicers grappling with a huge backlog of non-performing loans and exposed a gaping hole in the overall foreclosure process. As the housing market enters the rehabilitation phase, lenders and servicers must remain vigilant and ensure that they can handle another mortgage meltdown, should it arise. This is important considering that foreclosures can be an extremely complex process involving multiple teams in a constantly changing regulatory environment designed to protect borrower interests. Timely submissions, communication, and regulatory compliance with federal and investor guidelines are a must in order to ensure smooth and efficient foreclosures. This paper takes a look at the key challenges faced by lenders in the foreclosure process that impact both the overall process efficiency and the final sale of the mortgaged property. It also discusses strategies and best practices to help servicers reduce delays in foreclosure proceedings and liquidate the defaulted loans within the standard durations defined by the investors. Servicers and lenders can extract the best results from their default inventory by implementing these best practices.

2 The importance of accelerated foreclosure Foreclosure is a legal process in which the lender attempts to recover the loan balance from the borrower who has stopped making payments by selling the asset used as collateral for the loan. Usually, a mortgage lender (mortgagee), or lienholder, obtains a termination of a mortgage borrower's (mortgagor) equitable right of redemption, either by court order or an operation of law. The foreclosure process is extremely complex and time-bound, and requires a structured approach to managing loan default. While the foreclosure process and timelines vary between states, the process usually starts with preparing, initiating, and managing foreclosure, and goes on to scheduling and conducting the foreclosure sale and postforeclosure sale responsibilities. These processes must work seamlessly in a stringent regulatory environment, which impacts the way servicers interact and communicate with borrowers. Typically, the delinquency period starts when a borrower fails to pay the mortgage payments by the due date. According to the Consumer Financial Protection Bureau (CFPB), foreclosure efforts can begin only when the delinquency period exceeds 120 days. Consider a scenario where a mortgage payment is due on January 1, but includes a 15-day grace period before a late fee is charged. If the servicer does not receive the payment by January 1, then the 120-day waiting period can commence under the new rule. However, the servicer may fail to file a complaint for foreclosure within 120 days and delay it by, say, another 10 days. If, the borrower makes a regular payment of principal and interest during this 10-day period, then the loan is only 100 days delinquent, which would prevent the servicer from initiating foreclosure as per CFPB. In order to avoid such delays, servicers must send letters of default as soon as it occurs to accelerate principal payment of the loan. Roadblocks on the path to sale: Top challenges faced by lenders In case of a loan default, servicers are expected to use highly knowledgeable resources and more sophisticated processes to enable foreclosure of a property. However, lenders and mortgage servicers face various challenges in this process, some of which are outlined below. Changing state and federal regulatory requirements There are several regulatory bodies in the US such as the CFPB, National Mortgage Settlement, Office of the Comptroller of the Currency (OCC), as well as investors such as the Housing and Urban Development (HUD) department. They change compliance requirements on a regular basis to ensure fair lending practices, which also impact foreclosure proceedings. For example, the New York state law³ requires a demand notice to be sent to all borrowers who have signed both the mortgage document and the promissory note to repay the amount borrowed. This notice [1] The Consumer Financial Protection Bureau, CFPB Proposes Expanded Foreclosure Protections, November 20, 2014, accessed March 2015, [2] The Consumer Financial Protection Bureau, Foreclosure Avoidance, December, 2013, accessed March 2015, [3] The New York State Department of Financial Services, Laws of New York, 2009 Chapter 507, December, 2009, accessed March 2015, 2

3 needs to be sent to the mailing and subject property address through certified as well as regular mail. If any of the above steps are missed, then the entire process becomes invalid and must be repeated. Since it takes close to a year to complete the first legal action in the state, such errors can prove to be extremely costly. Without timely and proactive modifications to documents, letters, and the overall approach, lenders risk delaying the foreclosure process, thereby attracting severe penalties from investors. Delays in executing legal documents Legal documents are an integral part of the foreclosure proceedings. At each stage, the attorney firms prepare legal documents that are sent to the lenders for execution. The executed documents are submitted to the court by the attorney firm for scheduling important dates, such as hearing and sale dates, to move the foreclosure process forward. Delays in document execution result in multiple followups by the legal firms. In some cases, rejection due to partial submission of documents will require the firms to rework documents, thereby taking up additional time. Usually, critical dates are provided by the court only once a month. Any delay or error in executing such legal documents can reduce the probability of securing the preferred dates in specific counties or states, thereby extending the foreclosure proceedings and increasing default inventory. Servicers may also incur costs related to their dealings with attorney firms, property maintenance, and penalties, if any, from the investors for delays in completing critical tasks. Disconnected support teams The foreclosure process involves a lot of interdependent activities that require smooth coordination among teams to take the property to sale in a timely manner. These include document execution, fee approval, loss mitigation, litigation, and property preservation teams as well as those that provide payoff quotes and monitor funds. Inefficiencies within such teams adversely impact the overall foreclosure process. For example, delays in fee approval impact documentation by the attorney firm, which could extend the sale date. Demand notices sent to borrowers vary from state to state, and any discrepancies will make the foreclosure invalid. Delays from attorney teams in requesting fee approvals or insufficient communication from the documents team for rejecting documents submitted by the attorney could also create roadblocks in the foreclosure process. Such gaps in process, as a result of disconnected teams, may result in lenders incurring penalties from investors. Inefficient management of attorney firms Attorney firms play a vital role in the foreclosure process. They are responsible for all the legal proceedings such as preparing affidavits and other legal documents, filing complaints with courts, and litigating on servicers' behalf with respect to foreclosure and related bankruptcy proceedings. Delays in follow-up and responses to the attorney firm's queries will extend the foreclosure sale date. Careful evaluation of attorney firms is also a must as it helps ensure process adherence in a timely manner. Without a structured performance evaluation mechanism, it is difficult to manage referrals for attorney firms within each state. 3

4 Cancellations of foreclosure sales Last minute sales cancellations can prove expensive in terms of time and resources. Some states such as Texas⁴ and Georgia⁵ in the US allow foreclosure sales only on a single day every month, making it challenging to reschedule the sales date. Restarting the foreclosure process once the sale is cancelled is also time consuming. Best practices for accelerated and efficient foreclosure It is evident that servicers and lenders need to identify foreclosure procedural gaps to balance speed and cost efficiency with quality and accuracy. Some strategies to improve efficiencies across the foreclosure process are recommended below. Timely execution of legal documents Legal documents such as complaint verification, affidavits, substitution of trustee, and assignment of mortgage are an integral part of the foreclosure proceedings. Streamlining the document execution process ensures timely completion of critical tasks and yields better results for lenders and services. The document execution team should be well trained and adequately staffed in order to handle the large number of requests that come its way. It is also essential to manage robo-signing a major issue faced during default servicing. Robo-signing results in improper reviews that lead to the submission of inaccurate affidavits to the court. For borrowers, this is an opportunity to challenge their foreclosures in court or negotiate with lenders to avoid foreclosure. A robust quality control process will ensure greater accuracy. The team should also maintain a status report, and communicate with the attorney firms regarding the status of documents within 24 hours of submission. Back office support to strengthen collaboration Lenders and mortgage servicers should establish a strong back office that works closely with attorney firms and ensures timely completion of foreclosures. This team should be well trained and equipped with process knowledge, regulatory nuances and updates within each state, and investor guidelines. It must also communicate changes in legal templates and state-investor matrices, document rejection due to incorrect usage of language or templates, upcoming sale, and mediation or hearing dates. Back office support also drives coordination across internal teams to ensure smoother foreclosure processes. Proper communication with the support teams helps obtain timely fee approvals, original documents, and responses to attorney queries pertaining to litigation or loss mitigation status. Alignment with state, regulatory, and investor guideline changes Staying abreast of the industry changes, state guidelines, regulatory updates, and investor requirements is essential to avoid non-compliance, and the resulting penalties. Lenders must have a strong legal [4] United States Foreclosure Laws, Texas Foreclosure Law Summary, accessed March 2015, [5] United States Foreclosure Laws, Georgia Foreclosure Law Summary, accessed March 2015, 4

5 research team to monitor, interpret, and communicate updates to all intended recipients. A robust change management system can ensure effective implementation of relevant changes in the foreclosure process within the stipulated timeframe. Streamlined loss mitigation to avoid sales cancellations Servicers must offer borrowers appropriate loss mitigation options. They must streamline loss mitigation practices and coordinate with attorney firms in order to comply with relevant regulatory or statutory requirements and avoid last minute cancellations. The loss mitigation team should work with the borrower and obtain documents to underwrite and determine eligibility. If the borrower is eligible for a loan modification option, the lender must put the borrower on a trial payment plan for three months. Once approved, the lender can send a communication to the attorney to put foreclosure proceedings on hold. This would avoid the costs incurred in setting up a sale and cancelling it. In case the borrower is not eligible, then an immediate communication has to be sent to the attorney to proceed with the foreclosure. Additional checks should ensure that all the necessary requirements such as decline and welcome letters are sent to the borrowers. Efficient loss mitigation practices reduce the foreclosure timeline, costs associated with cancellations, and penalties for not adhering to the standard durations set forth by investors. Attorney scorecard for improved referral management Formal policies and procedures governing the selection, management, and termination of attorney firms are essential to offer greater clarity regarding roles and responsibilities. Lenders should also maintain a strong evaluation mechanism for effective management of attorney firms. This could be in the form of a scorecard to measure performance, track progress, and provide feedback for improvement. The attorney scorecard weighs performance against multiple parameters such as timely responses, document submission and reporting of sales results, effective communication, knowledge of regulatory updates, and the ability to carry out tasks with minimal errors. With the help of the scorecard, lenders can rank the firms based on performance and manage loan referrals. Robust controls to ensure compliance with investor and regulatory requirements The right controls ensure timely completion of critical activities and prevent breakdowns in the foreclosure process. This could be sale finalization and reporting and completion of the first legal action before the HUD first action date on all Federal Housing Administration (FHA) loans. Robust controls could also be used for timely transfer of sold loans to the Real Estate Owned (REO) claims department for filling claims with the investors. Controls can be in the form of exception reports that run through various systems and provide data prior to the stated deadlines. A maker-checker process, where one person initiates a process and the other completes it, reduces errors in critical tasks such as sales reporting and improves accuracy. Lenders can also implement pre-sale review checks five or 10 days prior to the sale. This helps validate the availability of accurate bidding instructions and keeps a check on loss mitigation processes. System 5

6 triggers for fast approaching deadlines enable lenders to complete procedures on time, and ensure that they have all the necessary information and documentation in place prior to the sale. For example, the system can send out a trigger stating that the sale date on a particular loan is approaching in the next three days. The lender can then check if all loss mitigation options have been exhausted, no funds have been received recently from the borrower against the loan, and bidding instructions have been sent to the attorney. Prevention of fraudulent activities Lenders should track and report fraudulent activities to maintain trust and remain compliant with changing regulations. Such techniques prevent leakage of confidential borrower and business information. s sent and received by the employees should be monitored for keywords related to borrower information, and filtered and reviewed to check for fraudulent activity. In addition, secure access must be provided to all third party vendors, and only senior management of the lending organizations should be allowed to approve transactions. Regular awareness sessions on avoiding, detecting, and reporting fraudulent activities can also be conducted for employees. Periodic internal and external audits through spot checks improve adherence to standard practices and information security requirements. These will help identify possible risks and ensure that controls are in place to monitor, track, and report red flags. All violations must be dealt with seriously. Stepping up foreclosure practices in an uncertain environment Deficiencies in foreclosure processing have widespread implications for the housing market and the borrower. Mortgage servicers came under heavy scrutiny after the real estate crisis, and new regulations called for greater accountability and transparency. In addition to improving servicing standards, these regulations have been put in place to protect homeowners from unlawful foreclosures. This places immense pressure on servicers to develop sound policies and procedures to manage and control mortgage-servicing and foreclosure processes. It would mean strengthening governance standards to minimize losses, accelerate foreclosure, and opportunity for homeowners to retain their homes. About the Author Sriram Nachiappan Sriram Nachiappan is a delivery manager in Tata Consultancy Services' Business Process Services' mortgage services team. He has over 14 years of experience in the mortgage industry with specializations in foreclosure, loss mitigation, and claims. He has successfully handled multiple mortgage processes ranging from origination underwriting to default servicing. 6

7 About TCS' Business Process Services Unit Enterprises seek to drive business growth and agility through innovation in an increasingly regulated, competitive, and global market. TCS helps clients achieve these goals by managing and executing their business operations effectively and efficiently. TCS' Business Process Services (BPS) include core industry-specific processes, analytics and insights, and enterprise services such as finance and accounting, HR, and supply chain management. TCS creates value through its FORETM simplification and transformation methodology, backed by its deep domain expertise, extensive technology experience, and TRAPEZETM governance enablers and solutions. TCS complements its experience and expertise with innovative delivery models such as using robotic automation and providing Business Processes as a Service (BPaaS). TCS' BPS unit has been positioned in the leaders' quadrant for various service lines by many leading analyst firms. With over four decades of global experience and a delivery footprint spanning six continents, TCS is one of the largest BPS providers today. Contact For more information about TCS Business Process Services Unit, visit: ( bps.connect@tcs.com About Tata Consultancy Services Ltd (TCS) Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery ModelTM, recognized as the benchmark of excellence in software development. A part of the Tata Group, India s largest industrial conglomerate, TCS has a global footprint and is listed on the National Stock Exchange and Bombay Stock Exchange in India. IT Services Business Solutions Consulting All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. Copyright 2015 Tata Consultancy Services Limited TCS Design Services I M I 04 I 15 For more information, visit us at

Business Process Services. White Paper. Improving Regulatory Compliance in the Mortgage Industry

Business Process Services. White Paper. Improving Regulatory Compliance in the Mortgage Industry Business Process Services White Paper Improving Regulatory Compliance in the Mortgage Industry About the Author Lovette Patrick D'Souza Lovette Patrick D'Souza has over 10 years of experience in Banking

More information

Business Process Services. White Paper. Effective Credit Risk Assessment Strengthening the Financial Spreading with Technology Enablers

Business Process Services. White Paper. Effective Credit Risk Assessment Strengthening the Financial Spreading with Technology Enablers Business Process Services White Paper Effective Credit Risk Assessment Strengthening the Financial Spreading with Technology Enablers About the Author Vijay Muppavarapu Vijay is a subject matter expert

More information

Business Process Services. White Paper. Mitigating Trade Fraud: The Case for Detecting Group Level Fraudulent Activity

Business Process Services. White Paper. Mitigating Trade Fraud: The Case for Detecting Group Level Fraudulent Activity Business Process Services White Paper Mitigating Trade Fraud: The Case for Detecting Group Level Fraudulent Activity About the Author Narasimha Murty M V Narasimha Murty holds a Master's degree in Mathematics

More information

Linking Transformational Initiatives to Desired Business Outcomes: Leveraging a Business-Metrics Driven Framework

Linking Transformational Initiatives to Desired Business Outcomes: Leveraging a Business-Metrics Driven Framework Business Process Services White Paper Linking Transformational Initiatives to Desired Business Outcomes: Leveraging a Business-Metrics Driven Framework About the Author Venkatesh Kuppuswamy Venkatesh Kuppuswamy

More information

Robotic Process Automation: Reenergizing the Directory Publishing Industry

Robotic Process Automation: Reenergizing the Directory Publishing Industry A Point of View Robotic Process Automation: Reenergizing the Directory Publishing Industry Abstract Evolving digital marketing avenues including video, SEM/SEO, mobile, and social media are fast replacing

More information

Business Process Services. White Paper. Transforming the Mortgage Lending Process through Social Media

Business Process Services. White Paper. Transforming the Mortgage Lending Process through Social Media Business Process Services White Paper Transforming the Mortgage Lending Process through Social Media About the Author Ramani Balakrishnan Ramani Balakrishnan is a domain consultant in the Transformation

More information

Business Process Services. White Paper. Leveraging the Internet of Things and Analytics for Smart Energy Management

Business Process Services. White Paper. Leveraging the Internet of Things and Analytics for Smart Energy Management Business Process Services White Paper Leveraging the Internet of Things and Analytics for Smart Energy Management About the Author Akhil Bhardwaj Akhil Bhardwaj is a Senior Manager in the Analytics and

More information

Next Generation Electric Utilities Gear up Using Cloud Based Services

Next Generation Electric Utilities Gear up Using Cloud Based Services A Point of View Next Generation Electric Utilities Gear up Using Cloud Based Services Abstract Globally, liberalization of the electricity sector has driven a paradigm shift in the ownership structure,

More information

Business Process Services. White Paper. Social Media Influence: Looking Beyond Activities and Followers

Business Process Services. White Paper. Social Media Influence: Looking Beyond Activities and Followers Business Process Services White Paper Social Media Influence: Looking Beyond Activities and Followers About the Author Vandita Bansal Vandita Bansal is a subject matter expert in Analytics and Insights

More information

Business Process Services. White Paper. Optimizing Extended Warranty Processes by Embracing Analytics

Business Process Services. White Paper. Optimizing Extended Warranty Processes by Embracing Analytics Business Process Services White Paper Optimizing Extended Warranty Processes by Embracing Analytics About the Author Dr. Anuj Prakash Anuj Prakash is a part of the TCS Analytics and Insights Practice,

More information

Business Process Services. White Paper. Configurable, Automated Workflows: Transforming Process Effectiveness for Business Excellence

Business Process Services. White Paper. Configurable, Automated Workflows: Transforming Process Effectiveness for Business Excellence Business Process Services White Paper Configurable, Automated Workflows: Transforming Process Effectiveness for Business Excellence About the Authors Ohm Kumar Ohm Kumar is a Business Analyst with the

More information

Business Process Services. White Paper. Automating Email Management: Managing Workflow Effectively

Business Process Services. White Paper. Automating Email Management: Managing Workflow Effectively Business Process Services White Paper Automating Email Management: Managing Workflow Effectively About the Authors Deva Latha S. Assistant Consultant Deva Latha has over nine years of experience in Business

More information

Business Process Services. White Paper. Improving Efficiency in Business Process Services through User Interface Re-engineering

Business Process Services. White Paper. Improving Efficiency in Business Process Services through User Interface Re-engineering Business Process Services White Paper Improving Efficiency in Business Process Services through User Interface Re-engineering About the Authors Mahesh Kshirsagar Mahesh has a vast experience of about 24

More information

Business Process Services. White Paper. Improving Agility in Accounts Receivables with Statistical Prediction and Modeling

Business Process Services. White Paper. Improving Agility in Accounts Receivables with Statistical Prediction and Modeling Business Process Services White Paper Improving Agility in Accounts Receivables with Statistical Prediction and Modeling About the Authors R Rengesh Siva Rengesh Siva has over 14 years of experience in

More information

Transportation Solutions Built on Oracle Transportation Management. Enterprise Solutions

Transportation Solutions Built on Oracle Transportation Management. Enterprise Solutions Transportation Solutions Built on Oracle Transportation Management Enterprise Solutions Optimizing transportation operations and ensuring improved customer service Today s complex and challenging business

More information

BPM Perspectives Positioning and Fitment drivers

BPM Perspectives Positioning and Fitment drivers BPM Perspectives Positioning and Fitment drivers BPM is a commonly used and much hyped acronym. It popularly stands for Business Process Management but now it achieves much more than just that. Especially

More information

Business Process Services. White Paper. Predictive Analytics in HR: A Primer

Business Process Services. White Paper. Predictive Analytics in HR: A Primer Business Process Services White Paper Predictive Analytics in HR: A Primer About the Authors Tuhin Subhra Dey Tuhin is a member of the Analytics and Insights team at Tata Consultancy Services (TCS), where

More information

Are You Ready for the New Foreclosure Processing Regulations?

Are You Ready for the New Foreclosure Processing Regulations? Are You Ready for the New Foreclosure Processing Regulations? New regulator guidance provides banks servicing residential mortgages with expectations in effectively assessing foreclosure processing. The

More information

Business Process Services. White Paper. Personalizing E-Commerce: Improving Interactivity to Increase Revenues

Business Process Services. White Paper. Personalizing E-Commerce: Improving Interactivity to Increase Revenues Business Process Services White Paper Personalizing E-Commerce: Improving Interactivity to Increase Revenues About the Author Subramaniam MV Subramaniam is a Delivery Manager at Tata Consultancy Services

More information

Business Process Services. White Paper. Effective Vendor Management: Improving Supply Chain Efficiencies, Reducing Risk

Business Process Services. White Paper. Effective Vendor Management: Improving Supply Chain Efficiencies, Reducing Risk Business Process Services White Paper Effective Vendor Management: Improving Supply Chain Efficiencies, Reducing Risk About the Author Devaraj Chithur Devaraj Chithur is a subject matter expert on supply

More information

Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY

Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY Joint Federal-State Mortgage Servicing Settlement EXECUTIVE SUMMARY The settlement between the state attorneys general and the five leading bank mortgage servicers will result in approximately $25 billion

More information

Servicing Issues Update

Servicing Issues Update September 2014 Servicing Issues Update Regulatory Developments 1. Future Rulemaking. CFPB has indicated that it is reviewing its mortgage servicing regulations and may issue additional amendments and clarifications.

More information

Business Process Transformation A Pulse Check

Business Process Transformation A Pulse Check White Paper Business Process Transformation A Pulse Check Over the last decade or two, two trends have been noticeable across all businesses. The move towards consolidation of office-based operations,

More information

New Regulations and Mortgage Document Management: What it Means for Mortgage Servicers

New Regulations and Mortgage Document Management: What it Means for Mortgage Servicers New Regulations and Mortgage Document Management: What it Means for Mortgage Servicers CT Representation Services New Regulations and Mortgage Document Management: What it Means for Mortgage Servicers

More information

Guide for Agents* *Please note that agent refers to anyone authorized by the homeowner to represent them during the short sale process

Guide for Agents* *Please note that agent refers to anyone authorized by the homeowner to represent them during the short sale process Equator for Short Sales: Guide for Agents* A self guided tour of our Equator system with tips on optimal use and a view into the Homeowners portal, positioning you to confidently assist your clients through

More information

Seven Strategic Imperatives for Transitioning to a Shared Services Model

Seven Strategic Imperatives for Transitioning to a Shared Services Model A Point of View Seven Strategic Imperatives for Transitioning to a Shared Services Model Abstract Given today s tough business climate, organizations are adopting a shared services model to realize cost

More information

ion Customer Relationship Management (CRM) Solution

ion Customer Relationship Management (CRM) Solution ion Customer Relationship Management (CRM) Solution How do you command the loyalty of your customers in a competitive market? How do you achieve an increase in sales? To help you answer these questions,

More information

Bridging the Gap: Emerging Client Reporting Trends in the Asset Management Industry

Bridging the Gap: Emerging Client Reporting Trends in the Asset Management Industry A Point of View Bridging the Gap: Emerging Client Reporting Trends in the Asset Management Industry Abstract Asset managers worldwide have stepped up efforts to retain and grow existing accounts, as customer

More information

Summary of Mortgage Servicing Rules

Summary of Mortgage Servicing Rules February 12, 2013 Summary of Mortgage Servicing Rules The Consumer Financial Protection Bureau (CFPB) released its final rules on mortgage loan servicing on January 17, 2013. These new national standards

More information

Business Process Services. White Paper. Business Intelligence in Finance & Accounting: Foundation for an Agile Enterprise

Business Process Services. White Paper. Business Intelligence in Finance & Accounting: Foundation for an Agile Enterprise Business Process Services White Paper Business Intelligence in Finance & Accounting: Foundation for an Agile Enterprise About the Author Balaji Venkat Chellam Iyer Balaji has over 18 years of experience

More information

Digital Enterprise. White Paper. Multi-Channel Strategies that Deliver Results with the Right Marketing Attribution Model

Digital Enterprise. White Paper. Multi-Channel Strategies that Deliver Results with the Right Marketing Attribution Model Digital Enterprise White Paper Multi-Channel Strategies that Deliver Results with the Right Marketing Model About the Authors Vishal Machewad Head Marketing Services Practice Vishal Machewad has over 13

More information

Powering Cutting Edge Research in Life Sciences with High Performance Computing

Powering Cutting Edge Research in Life Sciences with High Performance Computing A Point of View Powering Cutting Edge Research in Life Sciences with High Performance Computing High performance computing (HPC) is the foundation of pioneering research in life sciences. HPC plays a vital

More information

Omni-Channel Banking Customer Experience: Forget What You Thought You Knew about Channels

Omni-Channel Banking Customer Experience: Forget What You Thought You Knew about Channels A Point of View Omni-Channel Banking Customer Experience: Forget What You Thought You Knew about Channels In social media, customers discuss their experience across ALL your interaction channels, which

More information

FHFA Oversight of Fannie Mae s Reimbursement Process for Pre-Foreclosure Property Inspections

FHFA Oversight of Fannie Mae s Reimbursement Process for Pre-Foreclosure Property Inspections Federal Housing Finance Agency Office of Inspector General FHFA Oversight of Fannie Mae s Reimbursement Process for Pre-Foreclosure Property Inspections Audit Report AUD-2014-005 January 15, 2014 January

More information

Business Process Services. White Paper. Five Principles to Consider when Consolidating your Finance and Accounting Function

Business Process Services. White Paper. Five Principles to Consider when Consolidating your Finance and Accounting Function Business Process Services White Paper Five Principles to Consider when Consolidating your Finance and Accounting Function About the Authors Vikas Golchha, Associate Vice President, TCS Vikas is part of

More information

Business Process Services. White Paper. Price Elasticity using Distributed Computing for Big Data

Business Process Services. White Paper. Price Elasticity using Distributed Computing for Big Data Business Process Services White Paper Price Elasticity using Distributed Computing for Big Data About the Authors Rajesh Kavadiki Rajesh is part of the Analytics and Insights team at Tata Consultancy Services

More information

Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G

Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 2 of 10 STATE RELEASE I. Covered Conduct For purposes of this Release,

More information

Digital Enterprise Unit. White Paper. Reimagining the Future of Field Service Management with Digital Technologies

Digital Enterprise Unit. White Paper. Reimagining the Future of Field Service Management with Digital Technologies Digital Enterprise Unit White Paper Reimagining the Future of Field Service Management with Digital Technologies About the Author Rahul Trisal Rahul is a senior Digital Strategy Consultant with TCS' Digital

More information

Retail. White Paper. Driving Strategic Sourcing Effectively with Supply Market Intelligence

Retail. White Paper. Driving Strategic Sourcing Effectively with Supply Market Intelligence Retail White Paper Driving Strategic Sourcing Effectively with Supply Market Intelligence About the Author Devaraj Chithur Devaraj is part of the Supply Chain group within Tata Consultancy Services (TCS)

More information

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order.

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order. FORECLOSURE GLOSSARY NOTICE: This glossary of legal words and phrases related to foreclosure is provided to you by the Clermont County Common Pleas Court to help you better understand your legal problem

More information

Lead the Retail Revolution.

Lead the Retail Revolution. Lead the Retail Revolution. The retail industry is at the center of a dramatic shift in the way consumers shop and interact with their retailers. After hundreds of years of customers going to the store,

More information

White paper. Impact of New IRDA Regulations. Impact of New IRDA Regulations

White paper. Impact of New IRDA Regulations. Impact of New IRDA Regulations White paper Impact of New IRDA Regulations 1 Impact of New IRDA Regulations Confidentiality Statement Confidentiality and Non-Disclosure Notice The information contained in this document is confidential

More information

Retail Banking Insights

Retail Banking Insights Retail Banking Insights Number 4 August 2014 Creating a Robust Risk-and-Control Framework in Mortgage Lending and Servicing Lenders and servicers in today s U.S. mortgage industry face intense regulatory

More information

Business Process Services. White Paper. Providing Customer Service the Social Way

Business Process Services. White Paper. Providing Customer Service the Social Way Business Process Services White Paper Providing Customer Service the Social Way About the Author Awani Sarogi Awani is a subject matter expert in digital media, developing digital media solutions and offerings

More information

Business Process Services. White Paper. Four Effective Ways to Optimize the Credit Card Dispute Resolution Process

Business Process Services. White Paper. Four Effective Ways to Optimize the Credit Card Dispute Resolution Process Business Process Services White Paper Four Effective Ways to Optimize the Credit Card Dispute Resolution Process About the Author Balamurugan Soundararajan Balamurugan Soundararajan is a domain consultant

More information

North Carolina Power of Sale Foreclosure Procedure

North Carolina Power of Sale Foreclosure Procedure North Carolina Power of Sale Foreclosure Procedure Pre-Foreclosure Notice G.S. 45-102 and G.S. 53-244.111 require that the servicer/noteholder mail a preforeclosure notice to the borrower s last known

More information

A pay-as-you-use model About TCS ion Integrated solutions Personalized solutions www.tcsion.com Automatic upgrades Increased agility

A pay-as-you-use model About TCS ion Integrated solutions Personalized solutions www.tcsion.com Automatic upgrades Increased agility ion Payroll Solution As organizations strive to improve employee morale, job satisfaction, and productivity, it becomes imperative to regularize the payroll cycles, in order to keep employees motivated.

More information

2014 STAR Best Practices

2014 STAR Best Practices 2014 STAR Best Practices 1 2014 STAR Best Practices General Servicing Best Practices... 3 Investor Reporting and Accounting... 3 Optimize personnel... 3 Quality and management oversight is key... 3 Reporting,

More information

Business Process Services. White Paper. Improving Operational Efficiencies through Pattern-Based Analysis

Business Process Services. White Paper. Improving Operational Efficiencies through Pattern-Based Analysis Business Process Services White Paper Improving Operational Efficiencies through Pattern-Based Analysis About the Author Mahesh Kshirsagar Mahesh has more than 24 years of experience in various technologies

More information

Claim and Foreclosure Bidding Servicing Guide

Claim and Foreclosure Bidding Servicing Guide Claims I Mortgage Insurance Claim and Foreclosure Bidding Servicing Guide October 1, 2014 Let s help someone buy a house today. 8783606.0814 GENWORTH MORTGAGE INSURANCE CORPORATION CLAIM AND FORECLOSURE

More information

FHA Servicing Compliance The Collingwood Group Conference Call Summary April 12, 2012

FHA Servicing Compliance The Collingwood Group Conference Call Summary April 12, 2012 FHA Servicing Compliance The Collingwood Group Conference Call Summary April 12, 2012 Below is a summary of the April 12, 2012 mortgage industry call sponsored by The Collingwood Group. Questions may be

More information

SONYMA The Mortgage Insurance Fund

SONYMA The Mortgage Insurance Fund SONYMA The Mortgage Insurance Fund Single Family - Changes to the Revised Servicing Guide 1. Paragraphs, captions, sentences, and phrases were added to broaden and clarify the various topics of the manual

More information

Dodd Frank Act and the Consumer Affect on Banks

Dodd Frank Act and the Consumer Affect on Banks A Point of View Dodd Frank Act: Partner your way to Compliance With the passage of the Dodd Frank Act, banks and financial institutions are grappling with a highly restrictive environment and burgeoning

More information

2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623

2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623 2007 NC H.B. 2623 NORTH CAROLINA GENERAL ASSEMBLY OF NORTH CAROLINA - SESSION OF 2008 HOUSE BILL 2623 VERSION: Enrolled VERSION-DATE: July 17, 2008 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2007 HOUSE

More information

TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST

TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical. Any

More information

CALIFORNIA ALTERNATIVE ENERGY AND ADVANCED TRANSPORTATION FINANCING AUTHORITY Meeting Date: February 18, 2014

CALIFORNIA ALTERNATIVE ENERGY AND ADVANCED TRANSPORTATION FINANCING AUTHORITY Meeting Date: February 18, 2014 CALIFORNIA ALTERNATIVE ENERGY AND ADVANCED TRANSPORTATION FINANCING AUTHORITY Meeting Date: February 18, 2014 Request to Consider and Approve Emergency Regulations for the Property Assessed Clean Energy

More information

MPF Xtra PFI Advisory

MPF Xtra PFI Advisory MPF Xtra PFI Advisory June 23, 2014 Special Attention: PFI MPF Program Management and Servicing Management If you need assistance or guidance on a particular MPF Xtra mortgage affected by the circumstances

More information

Barbara W. Griest Trident Land Transfer Company

Barbara W. Griest Trident Land Transfer Company Barbara W. Griest Trident Land Transfer Company 1 Why learn about Short Sales & Foreclosures? Excellent opportunity to grow your real estate business! Changes in the Real Estate Market Declining Markets

More information

Implement Business Process Management to realize Cost Savings and High Return on Investments

Implement Business Process Management to realize Cost Savings and High Return on Investments Implement Business Process Management to realize Cost Savings and High Return on Investments Business Process Management (BPM) was unheard of just a few years ago, but it has burst onto the global scene

More information

Business Process Services. White Paper. Holistic Enterprise Compliance: Adapting to Evolving Regulations in the Mortgage Industry

Business Process Services. White Paper. Holistic Enterprise Compliance: Adapting to Evolving Regulations in the Mortgage Industry Business Process Services White Paper Holistic Enterprise Compliance: Adapting to Evolving Regulations in the Mortgage Industry About the Author Ramani Balakrishnan Ramani Balakrishnan is a Domain Consultant

More information

Servicing s Pain Points

Servicing s Pain Points C o v e r R e p o r t : Te c h n o l o g y Servicing s Pain Points BY J O H N G U Z Z O Historic changes are occurring in the servicing business. Not least among the many changes that have occurred in

More information

Regulatory Practice Letter September 2012 RPL 12-17

Regulatory Practice Letter September 2012 RPL 12-17 Regulatory Practice Letter September 2012 RPL 12-17 Mortgage Servicing Standards - CFPB Proposed Rule Executive Summary The Bureau of Consumer Financial Protection ( CFBP or Bureau ) released two proposed

More information

The 5 Fastest. Foreclosure in

The 5 Fastest. Foreclosure in The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical.

More information

New CFPB mortgage servicing rules present significant challenges for mortgage servicers

New CFPB mortgage servicing rules present significant challenges for mortgage servicers New CFPB mortgage servicing rules present significant challenges for mortgage servicers Prepared by: Jose Vivar, Director, McGladrey LLP 312-634-4394, jose.vivar@mcgladrey.com Michael Sher, Partner, McGladrey

More information

HiTech. White Paper. A Next Generation Search System for Today's Digital Enterprises

HiTech. White Paper. A Next Generation Search System for Today's Digital Enterprises HiTech White Paper A Next Generation Search System for Today's Digital Enterprises About the Author Ajay Parashar Ajay Parashar is a Solution Architect with the HiTech business unit at Tata Consultancy

More information

Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 1 of 11 EXHIBIT F

Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 1 of 11 EXHIBIT F Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 1 of 11 EXHIBIT F Case 1:13-cv-02025-RMC Document 12-6 Filed 02/26/14 Page 2 of 11 State Release I. Covered Conduct For purposes of this Release,

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410 Written Testimony of Carol Galante Assistant Secretary for Housing/Federal Housing Administration Commissioner U.S. Department of Housing

More information

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT House Bill 338 By: Representative Bryant of the 160 th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 To amend Title 44 of the Official Code of Georgia Annotated, relating to property,

More information

Ocwen Loan Servicing, LLC HELPING HOMEOWNERS IS WHAT WE DO! WWW.OCWEN.COM

Ocwen Loan Servicing, LLC HELPING HOMEOWNERS IS WHAT WE DO! WWW.OCWEN.COM 12/20/11 Paula Bachaman (203) 548-9046 paula@propertychoicesllc.com Property Address: 1024 Lindley Street, Bridgeport, CT 06606 Borrower Name: Jacqueline Muniz Antonio Muniz RE: Short Sale Request Package

More information

Bridging the IT Business Gap The Role of an Enterprise Architect

Bridging the IT Business Gap The Role of an Enterprise Architect Whitepaper Bridging the IT Business Gap The Role of an Enterprise Architect Today s enterprises understand the value that Information Technology (IT) can bring to their business. IT supports day-to-day

More information

Default Management Servicing and Reporting Guide

Default Management Servicing and Reporting Guide Homeowner Assistance Program I Mortgage Insurance Default Management Servicing and Reporting Guide April 1, 2015 Let s help someone buy a house today. 7566293.0315 GENWORTH MORTGAGE INSURANCE CORPORATION

More information

Test Data Management. A Process Framework

Test Data Management. A Process Framework Test Data Management A Process Framework Test Data Management, a service that caters to the various data needs for development/enhancement/maintenance and testing of applications, plays a vital role in

More information

SUBJECT: SERVICING UPDATES

SUBJECT: SERVICING UPDATES TO: Freddie Mac Servicers September 15, 2014 2014-16 SUBJECT: SERVICING UPDATES This Single-Family Seller/Servicer Guide ( Guide ) Bulletin announces: Foreclosure The combination and re-organization of

More information

Broker Quality Control Policy Manual Table of Contents. Table of Contents. [Sample Client]

Broker Quality Control Policy Manual Table of Contents. Table of Contents. [Sample Client] TABLE OF CONTENTS... 1 CHAPTER 1 INTRODUCTION... 3 1.1 GOALS AND OBJECTIVES... 3 1.2 REQUIRED REVIEW... 3 1.3 APPLICABILITY... 3 CHAPTER 2 ACCOUNTABILITY AND MONITORING... 4 2.1 INTERNAL CONTROLS... 4

More information

ion Human Capital Management Solution

ion Human Capital Management Solution ion Human Capital Solution For organizations spread across multiple sites, Human Resource processes such as recruitment, deputation, and employee appraisal are complex. HR departments are increasingly

More information

Business Partner of. Hardware + Network + Software + Services

Business Partner of. Hardware + Network + Software + Services Business Partner of Hardware + Network + Software + Services About RDS Business Services RDS Business Services do services like Web Services, Software Services, Software Testing, Contract Staffing, Placement

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

Q. Under what circumstances wil my loan be cal ed due and payable? Q. What happens if one of the above occurs and my loan is cal ed due and payable?

Q. Under what circumstances wil my loan be cal ed due and payable? Q. What happens if one of the above occurs and my loan is cal ed due and payable? Financial Freedom, as servicer for your Home Equity Conversion Mortgage ( HECM or loan ), is required by the U.S. Department of Housing and Urban Development ( HUD ) to perform certain actions depending

More information

CFPB Mortgage Servicing Standards

CFPB Mortgage Servicing Standards PwC s CFPB Mortgage Servicing Standards Perspectives Issue 5/October 2013 CFPB Mortgage Servicing Standards Understanding periodic statement rules Introduction This represents the fifth in a series of

More information

Updated March 2013 WHY SHOULD A BORROWER CONSIDER A HAFA SHORT SALE? ELIGIBILITY REQUIREMENTS

Updated March 2013 WHY SHOULD A BORROWER CONSIDER A HAFA SHORT SALE? ELIGIBILITY REQUIREMENTS CCO Mortgage, a Division of RBS Citizens NA Home Affordable Foreclosure Alternative (HAFA) Matrix All servicers that signed agreements with the U.S. Department of the Treasury (Treasury) to participate

More information

Changing the Playing Field for Loan Servicing, Loss Mitigation and Default Administration

Changing the Playing Field for Loan Servicing, Loss Mitigation and Default Administration Background The loan servicing business is undergoing major scrutiny with operating, profitability including a run-away cost to service and regulatory compliance pressures. With the Dodd Frank legislation,

More information

Redefining Agile to Realize Continuous Business Value

Redefining Agile to Realize Continuous Business Value A Point of View Redefining Agile to Realize Continuous Business Value Abstract As enterprises look to move the needle on their business in an intensely competitive market, they expect superior performance

More information

An Overview of Foreclosure

An Overview of Foreclosure An Overview of Foreclosure While the rising number of foreclosures is an alarming national trend, the real hardship is for any individual or family who knows the threat of foreclosure firsthand. Unfortunately,

More information

Financial Institutions Industry Insights

Financial Institutions Industry Insights February 2011 Address the heightened risks of your mortgage lending and servicing activities with enhanced internal controls The continuing stress within the housing and mortgage finance industries has

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments 90-DAY PRE-FORECLOSURE NOTICE Lender sends notices, bills, letters to borrower stating that he/she is

More information

Business Process Services. White Paper. Automating Complex Processes with a Business Rules Engine

Business Process Services. White Paper. Automating Complex Processes with a Business Rules Engine Business Process Services White Paper Automating Complex Processes with a Business Rules Engine About the Author Dipti Fondekar Dipti is a Consultant within the Transformation team at Tata Consultancy

More information

Supplemental Directive 10 06 June 29, 2010

Supplemental Directive 10 06 June 29, 2010 Supplemental Directive 10 06 June 29, 2010 Home Affordable Modification Program Guidance on Annual Servicer Certification Required by the Servicer Participation Agreement Background In Supplemental Directive

More information

Effective Foreclosure Time Line Management Reference Guide

Effective Foreclosure Time Line Management Reference Guide Effective Foreclosure Time Line Management Reference Guide A foreclosure time line is the number of days it takes to process a foreclosure, from the due date of the last paid installment (DDLPI) to the

More information

ISU name. Enterprise Security and Risk Management. White Paper. The Cost of Pen Testing a Web Application

ISU name. Enterprise Security and Risk Management. White Paper. The Cost of Pen Testing a Web Application ISU name Enterprise Security and Risk Management White Paper The Cost of Pen Testing a Web Application About the Author Srimant Acharya Srimant Acharya heads the Center of Excellence (CoE) for Enterprise

More information

I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS

I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS A. Put an end to robosigning - signing affidavits filed with the court without personal knowledge. Affidavits/sworn statements utilized

More information

Home Affordable Foreclosure Alternatives (HAFA)

Home Affordable Foreclosure Alternatives (HAFA) Home Affordable Foreclosure Alternatives (HAFA) Training for Trusted Advisors Agenda 1 2 3 4 5 6 7 Overview HAFA Eligibility Criteria HAFA Policy HAFA Documentation Protections Against Unnecessary Foreclosure

More information

Compliance & Foreclosure

Compliance & Foreclosure Compliance & Foreclosure June 19th, 2015 Hilton Hotel, Dedham, MA Erika J. Hoover, Esq. Compliance Counsel Life of a foreclosure default to post sale Pre-foreclosure compliance issues Obsolete mortgages

More information

Simplify your admission process - The ion Way

Simplify your admission process - The ion Way Simplify your admission process - The ion Way Coordination from TCS employees has helped us lot in implementation of all modules of the ERP. It was helpful to have a person that managed to implement our

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

REAL ESTATE OWNED (REO) SALE

REAL ESTATE OWNED (REO) SALE Montana Board of Housing Foreclosure Process and Servicer Reimbursement Procedures August 31, 2010 Introduction: It has been a long time since MBOH and its servicers have had to deal with this many foreclosures.

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments if S/P or N/T 90-DAY PRE-FORECLOSURE NOTICE* for all subprime and non-traditional loans (as defined by

More information

October 28, 2013 MORTGAGEE LETTER 2013-39. All Approved Mortgagees, Single Family Servicing Managers. Methods of Communication with Borrowers

October 28, 2013 MORTGAGEE LETTER 2013-39. All Approved Mortgagees, Single Family Servicing Managers. Methods of Communication with Borrowers U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER October 28, 2013 MORTGAGEE LETTER 2013-39 To All Approved Mortgagees,

More information

Enterprise-wide Anti-money Laundering and KYC Initiatives A point of view

Enterprise-wide Anti-money Laundering and KYC Initiatives A point of view Enterprise-wide Anti-money Laundering and KYC Initiatives A point of view Introduction Every financial institution is charged with the responsibility of developing policies and procedures to combat money

More information

KYCS - Integrating KYC with Social Identity: The Future-Ready Marketing Approach

KYCS - Integrating KYC with Social Identity: The Future-Ready Marketing Approach A Point of View KYCS - Integrating KYC with Identity: The Future-Ready Marketing Approach Abstract media has empowered us to voice and share our opinion on things that impact our lives. It has reshaped

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information