1 Customer
- A Residential Mortgage Servicer
2 Business Situation
- In Loss Mitigation: Failure to notify borrowers in writing about the loss mitigation application being complete or incomplete within 5 business days OR
- Failure to provide written notice outlining the servicers’ determination of available loss mitigation options within 30 days of receiving the complete loss mitigation application hence, violating Regulation X requirement
- Impact - Failure to provide the notice in a timely manner prevents the consumer’s privilege to raise any concern or to dispute incorrect/ invalid debt owed on the account
3 Solutioning
- SLK’s compliance audit and QC platfrom, Copasys:
- Audits historical loss mitigation activity with pre-defined logic to validate the accuracy and appropriateness of various loss mitigation activities
- Segregates the list of records where the loss mitigation application was received and automatically allocates a target end date by which the notifications are required to be sent to the consumers, either acknowledging the complete/ incomplete receipt of the application or advising the options approved after the review is complete
4 Execution
- Records are classified as ‘Compliant’ when the required notifications are provided to the consumers on time and ‘Non-compliant’ when notifications are not provided at all or it was provided after the required timeline
5 Value Delivered
Initiating certain loss mitigation testing rules via Copasys coupled with effective remediation activities helps:
- Significantly reduce the consumers risk of property loss due and/ or inadequate loss mitigation activities
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