The second in our newsletter series, this edition focuses on the standards related to error notices and information requests.
The new standards for error notices and information requests are expected to have a substantial impact on all mortgage servicers. Implementing the changes will require careful review and possibly significant updates to processes, systems, roles and responsibilities to achieve the desired level of certainty as to compliance.
Supporting quality control functions will also need to be modified to incorporate changes made to address those new requirements, including changes to testing methodologies and focus. These procedural standards are just one area of focus, so implementation efforts should, of course, also continue to address the broader spectrum of new requirements related to the business of mortgage servicing.