Interthinx and Decision Ready have announced an alliance to offer comprehensive quality control (QC) and quality assurance programs to the servicing industry. With mortgage servicers facing increasing scrutiny of their default management procedures and the upcoming Consumer Financial Protection Bureau (CFPB) enforcement, servicers will need to increase their diligence in assessing and monitoring policy and regulatory compliance.
Interthinx and Decision Ready Solutions have joined forces to bring a comprehensive quality control and forensic loan review program to the market. The collaboration will offer a compliance oversight program framework that will help servicers monitor process execution and compliance along the complete end-to-end default timeline.
“Prior to Decision Ready, the emphasis in default servicing had been on document and timeline-based compliance. There was no systematic way of ensuring that servicing associates had followed the right procedures and policies,” said Claudia Sanchez, chief information officer for Decision Ready.
This latest addition to the Interthinx product suite addresses the need for more stringent default servicing and foreclosure process governance, a weakness cited by federal regulators in the Interagency Review of Foreclosure Policies and Practices, the multistate settlement, and the upcoming CFPB enforcement.
“Today’s mortgage servicers are required to conduct ongoing evaluations of internal processes using objective process review and quantify results via score cards. The newly launched Servicing QC offering allows servicers to review operational activity and objectively score the process on accuracy and policy conformance,” said Kevin Coop, president of Interthinx. “It also helps servicers make process adjustments based on real findings rather than relying on a subjective process. Our ongoing commitment to finding the right experts to assemble the best solution is reflected in our decision to work closely with Decision Ready Solutions.”
