Tag Archives: Compliance

Bethsesda, Maryland-based IT and logistical support provider Information Systems & Network (ISN) Corporation has been awarded the contract to serve as Mortgagee Compliance Manager (MCM) for the U.S. Department of Housing and Urban Development (HUD).

Cordray responded to the lawmakers' letter on June 3, stating the Bureau's desire for a smooth transition and that since the rule was published in November 2013, the CFPB has made it a point to "engage directly and intensively with financial institutions and vendors through a formal regulatory implementation project."

In a report filed with the U.S. District Court for the District of Columbia on Thursday, NMS Monitor Joseph A. Smith, Jr., reported the results of the retesting for Q1 2014 and also outlined several actions Ocwen has taken to improve its internal review group (IRG), which Smith has been investigating since May 2014.

Ensuring a well-trained workforce could mean the difference between sinking or swimming in today’s strictly regulated environment. This select feature originally appeared in the May 2015 issue of DS News.

Matthews, North Carolina-based default servicing and real estate closing law firm Brady & Kosofsky, P.A., announced that the firm has successfully completed a Service Organization Control 2 (SOC 2) Type 1 certification under AT Section 101.

Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Jeff Weisserman, Managing Partner and General Counsel with Trott Law, P.C.

Carrollton, Texas-based real estate solutions provider VRM Mortgage Services has announced that Tiffany Fletcher has been named SVP of compliance to manage risk mitigation, compliance, internal audits, quality assurance, and vendor management initiatives.

Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process." The investigation included interviews with nine company executives and employees and a review of thousands of documents, he said. The monitor also said that he has taken steps to strengthen the review process of all servicers' review groups, including adding employee interviews, additional reviews at various steps in the testing process, and the establishment of an ethics hotline so that whistleblowers can easily and anonymously report concerns.

Virginia Beach-based LenderSecure has increased its total of best-in-class solutions providers to nine with the recent addition of four new partners.

According to an announcement, CoreLogic created the solution as a faster, cheaper, configurable way for servicers to check a number of factors related to a loan's status and viability, including lien status, current equity position, and the borrower's updated credit profile. The end result is a platform intended to allow firms to easily render modification and forbearance decisions in a compliant way.