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ISGN Announces Its Quality Assurance and Review Service Offering for Servicers

NationalMortgageProfessional.com
Oct 25, 2010

ISGN, a provider of end-to-end technology solutions and services to the U.S. mortgage industry, has announced its Quality Assurance and Review services for servicers, mortgage insurance (MI) companies and Investors. This product line, which covers all activities ranging from loan audits, underwriting review, loan modification review to foreclosure documentation, helps servicers prevent buy-backs, reduce future legal expense and ensure integrity throughout their processes. Demand for ISGN's third-party quality assurance for servicing processes has recently spiked as an increasing number of lenders and servicers are being asked to review their internal processes by various agencies, regulators and investors. "This foreclosure crisis will have a huge impact on the housing industry," said Chetan Patel, executive vice president for ISGN. "If there is even a limited foreclosure moratorium and loan ownership is being challenged, the REO market is going to see a major slowdown. Naturally, buyers and investors will be hesitant to purchase a property whose title is in question. The ripple effect and implications are massive." ISGN's Quality Assurance and Review services are highly standardized for consistency of process, and are carried out by trained and experienced professionals. ISGN has been providing loan origination and due diligence services for more than 10 years and clearly understands both GSE requirements and appropriate underwriting rigor needed to create a conforming loan. Services include file-level and workflow audits in addition to predictive analytics and portfolio surveillance. Servicers can choose to implement the service or services that best fit their objectives. The Quality Assurance and Review services can be implemented as an on or off-site outsourced solution. "With distressed market dynamics, servicers are in dire need for third-party, independent quality assurance services-particularly with the fluctuations in volume, regulatory changes and market unpredictability," said Patel. "The range of activities-such as modifications, short sales and foreclosures-are now central components of servicer operations, and the sheer volume of these activities can put a servicer at high risk of error and oversight. We're seeing that a lot in the industry right now, and without a definitive quality control program for servicers, we can expect to see a lot more. Our QA and Review service helps lenders and servicers achieve quality throughout their processes and help the housing industry and the overall economy get closer to recovery." For more information, visit www.ISGN.com.
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