- Customer Type
- Title Insurance & Settlement Solutions
- Mortgage Services
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- Stewart Companies
The Consumer Financial Protection Bureau (CFPB) is taking an aggressive stand on servicer compliance – examining servicers’ compliance with existing federal consumer financial laws and in preparation for the new servicing-related rules that are effective January 10, 2014. With the CFPB implementation deadline looming, there is skepticism in the industry that servicers are prepared for a CFPB examination.
In response to these concerns, Stewart Lender Services® (SLS) has developed a comprehensive CFPB Readiness Assessment to determine if mortgage servicers are in compliance with existing regulations and adequately prepared for the new CFPB rules. The CFPB Readiness Assessment will also assist servicers who need to remediate compliance deficiencies before the January 2014 deadline.
Having the assessment performed by an independent team of compliance experts demonstrates to regulators that the servicers are proactively working to ensure compliance. The assessment can also help servicers reduce risk to their reputation from undetected compliance issues.CFPB examiners will focus on nine specific modules within mortgage servicing:
Stewart Lender Services offers several types of CFPB Readiness Assessments: policy and procedure review, compliance management system evaluation, loan-level review, and servicer performance management. These assessments can be performed independently or in conjunction with one another. The servicer can determine the depth and breadth of the assessment in order to satisfy the organization’s risk tolerance and budget constraints.
You can have complete confidence in Stewart Lender Services’ experience in mortgage servicing and our understanding of the CFPB requirements. For more information, contact us today at firstname.lastname@example.org or (303) 305-4025.