Indecomm Global Services is launching a new Foreclosure Assignment Services Solution. This new end-to-end solution encompasses the creation, execution, recording, and tracking of foreclosure assignments as well as the verification of the title on the property. The solution enables lenders and servicers to adhere to timelines contained in the new Consumer Financial Protection Bureau (CFPB) guidelines for foreclosures. These CFPB guidelines, announced on January 17, 2013, reinforce the requirements put in place by the Federal Housing Finance Agency (FHFA) in September of 2011 on all GSE loans going into default.
“The CFPB fundamentally altered the lender/borrower relationship and created a new set of rigid rules for lenders to follow,” said Pat Taylor, vice president, Servicing Solutions Group, Indecomm Global Services.
As of October 1, 2011, servicers were required to refer the loans for foreclosure by the 120th day of delinquency as long as any applicable notice and waiting period under state law was met and all loan modification options had been exhausted.
“Weak controls and difficult decisions by servicers including robo-signing of mortgage documents have created a heightened awareness of the importance of proper documentation,” said Latha Parameswaran, vice president, Document Management Group, Indecomm Global Services. “Our new Foreclosure Assignment Services Solution provides lenders and servicers with a way to manage an increasingly critical process. It allows them to follow required foreclosure timelines while adjusting to a fluctuating volume. Having the right controls in place, especially those related to signers and notaries, is a significant business advantage for lenders and servicers in this highly regulated mortgage environment.”
Indecomm has a long record in assignments and recording. It records over a million documents annually across 3,600 jurisdictions and has prepared over a half a million assignments to date working with the top lenders and servicers. Indecomm utilizes MERS-certified officers to support in-house execution for MERS loans. Signers are part of the internal corporate resolution and are trained to perform signing and notarial services.
Indecomm provides remote print capability for non-MERS loans, executed by the lender or servicer. Indecomm also adheres to notary best practices and guidelines as well as offering continuous training for its officers and notaries.
The assignment solution workflow begins with the loan referral file and continues to the assignment creation and recording stage. The title search functions are performed by licensed providers who are Indecomm partners in the process. Indecomm creates the assignment and performs rigorous quality control. Finally it executes, records, and returns the document to the servicer with 97 percent accuracy.
“Indecomm provides rapid scalability and applies a real time database of county rules and fees as well as reports for customers for mortgage recording,” Parameswaran said. “With this new solution we offer our customers tracking and reporting of foreclosure documents.”
Indecomm’s proprietary platform InteleDoc Direct allows the submission and retrieval of documents to counties that offer eRecording. Indecomm’s recording website enables users to track, perform error management, and access reports for documents being recorded. Indecomm’s technology-driven platforms offer a real-time view into the critical stages of mortgage processing.