National mortgage servicer works with Sourcepoint to reduce CFPB complaints by 50%

Background

A nation-wide mortgage servicer with legacy files as well as recently acquired performing and non-performing files.

Business challenge

The client faced multiple challenges due to the lack of validation processes to promptly identify deviations from compliance standards. A significant number of consumer complaints were lodged with the Consumer Financial Protection Bureau (CFPB) which ensures that mortgage servicers provide customers with timely and effective service. In addition, CFPB audits of client’s lending processes resulted in several findings. A high staff turnover due to lack of process understanding further complicated the situation.

Sourcepoint solution

Sourcepoint worked with the client to create an employee, customer and CFPB-friendly culture. Our compliance and process consulting experts completed a full CFPB Mock Servicing Audit and provided a comprehensive remediation workbook with priorities. The solution also included development of a communication plan and consumer complaint tracking system to monitor and identify consumer trends, enabling proactive mitigation. Lastly, we helped the client develop reporting for various compliance milestones and created system alerts for management for rapid resolution of issues.

Business impact

  • Reduced CFPB consumer complaints by 50%
  • Received favorable rating from CFPB Servicing Audit

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