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