Servicing Compliance Review Dissects Processes

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An in-depth quality control audit will provide a useful evaluation of the operations performed by a processing company. The audit will determine whether the company has a clearly defined internal system. The audit will also show what successful processes have been implemented, what procedures need to be improved, and which areas should be eliminated.

Quality Mortgage Services’ servicing quality control audit dissects the servicer’s processes. The auditors perform a regulator level examination of servicing processes of the administrative functions, default management and investor reporting. The scope of the servicing examination audit includes a review of records and documents to report for compliance with the agency guidelines and requirements.

QMS has dissected all federal regulatory and agency guidelines and publications and compiled an extensive series of audit and examination questions. Findings are cited with the respective regulation or law that provides management reports in order to assess servicing defects.

The examination questions are constantly evaluated and updated. QMS regulatory and compliance team analyzes newly published agency bulletin updates, regulatory changes, and court decisions on an ongoing basis. The regulatory and compliance teams integrate changes in order to keep the servicing audits current. QMS staff participates with the Mortgage Bankers Association subcommittees and active working groups in order to be leaders in establishing servicing best practices and to contribute to the response periods of agency policy proposals and new regulatory changes.

The QMS Mortgage Analysis Review Software (MARS) is interactive with the servicing management teams. The management reports are published in MARS. The reports are in an interactive portal where management can respond, monitor, and document the servicing team’s interactive usage to how they correct responses. MARS captures data elements as a result of servicing audits that empowers the servicing teams with trending reports and analysis of the wellness of the servicing portfolio.

At Quality Mortgage Services, we work hard to make sure that your business has the tools and resources necessary for success. We provide a specific set of services for mortgage companies which will enable them to operate successfully. Contact us today with any questions that you may have.