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Opus Capital Markets Consultants LLC, a Wipro Limited company, has announced that is has launched its Servicing Oversight Solutions, which will identify operational and loan level risks present within a residential mortgage servicing operation.
Opus CMC's servicing solutions come at a time when mortgage servicers face regulatory pressures, ever-increasing requirements of GSEs and investors, and much higher operating costs. Opus' Servicing Oversight Solutions are available to banks, servicers and mortgage investors and can be customized to address specific operational or portfolio concerns. The solutions include a one-time operational assessment as well as an ongoing quarterly or monthly loan level review.
"Our expansion in mortgage servicing oversight is a natural progression of our mortgage due diligence business," said Keyur Maniar, vice president and head of Mortgage Solutions for Wipro Limited. "We were able to leverage our management capability and experience in Opus CMC, compliance expertise, knowledgeable staff and product development capabilities to design a robust oversight solution that will allow servicers to operate with confidence."
Opus CMC's servicer operational assessment includes a thorough review of the servicing operation including processes, policies, management, risk controls, systems, reporting and regulatory compliance. Opus CMC's ongoing reviews offer a more detailed look at the portfolio and loan level practices such as quality control, data integrity, loss mitigation activities, timelines, cash management, investor reporting and call monitoring.
Opus CMC's servicing group provides clients with a detailed report on the servicing operations performance across the various areas of interest (AOI). The report also proactively identifies areas of potential concern and provides critical insights that enable the client to make informed business decisions.
"In the current environment, the implications of improper loan servicing practices are far reaching," said Jennifer LaBud, chief operations officer for Opus CMC LLC. "Ensuring top-notch servicing performance means greater operating yields, fewer fines as a result of audits and increased returns for investors. Opus CMC’s servicing oversight solutions are designed to help you identify and remediate servicing defects that could otherwise result in drastic impact on the business."