Collingwood is the partner of choice for clients requiring ongoing loan-level monthly servicing quality control reviews in compliance with investor and insurer guidelines. The firm performs on-site sub-servicer audits in which subservicers’ systems are evaluated at the process level in support of internal audit or vendor management. Collingwood then provides subservicer reports reflecting the results of reviews.
The servicing guides of each investor and insurer are the primary source of quality tests. Loans are selected from various populations to ensure the most value/highest impact for the review relative to sample size. Clients are involved in the test population selection and sample selections early on to ensure agreement with the approach and focus based on risks identified.
For more in-depth overview, Collingwood offers annual sub-servicer audits. The objective of annual sub-servicer audits is to complete a review of the mortgage servicing risks faced after vendors have performed their sub-servicing. In order to evaluate these mortgage servicing risks, Collingwood will determine the perceived level of inherent (before applying management controls) and residual (after applying management controls) business risks faced by clients that could impair the execution of the clients’ mortgage financing business strategies.
Servicing Oversight Services
- Servicing Quality Assurance/Quality Control: Conduct ongoing servicing QA/QC as required by respective agencies and to a limited degree state-level regulations. Services include collection, loss mitigation, bankruptcy, foreclosure, claims, etc.
- Operational Readiness Assessment: Review and assess originations and servicing processes to identify compliance and risk management deficiencies, and recommend constructive ways to correct them
- Tests utilized:
– Paid in Full Quality Control Test Index
– Quality Control Collections Index
– Control Escrow Review
– Control Loss Mitigation Review
– Control Index Foreclosure
– Control New Loan Index
– Control Test Index Bankruptcy Review
– FHA Part A Claims QC Testing Attributes
– FHA Part B Claims QC Testing Attributes