Servicing QC
QC Verify can simplify your required Servicing Reviews. Our Servicing validation platform helps Servicers attain solutions through technical innovation. Reviews are delivered through the Material Analysis Review Software (MARS) verification system allowing Servicers access to real-time data.
Our Servicing Review process verifies adherence to State, Federal and Investor Servicing Guidelines; defects are captured, trends identified, and corrective actions recommended.
While QC Verify reviews all Servicing events, including but not limited to; Boarding, Escrow Administration, Forced Placed Insurance, Payment Processing, MI/PMI, Loss Mitigation, Communications, Claims, Escrow, Servicing Transfers, Collections, Document Custody, Bankruptcy & Foreclosure, we also determine if a possible financial risk exists, allowing for early intervention to avoid financial loss.
QC Verify offers a variety of Servicing Review types
to provide a high-level overview of the current health and quality of your portfolio.
Boarding Administration Delinquent
Servicer Boarding Review
The Servicing Boarding review is conducted at either the 90 or 120 day mark.
The Boarding Review encompasses:
Verification origination information properly transferred to Servicer system:
Note terms, Escrow, MI/PMI etc. Review of Servicer actions to include, but not limited to: Payment Administration, Borrower Communications and Disclosures.
Ensure adherence to applicable Investor, State and Federal regulatory requirements.
Servicer Administrative Review
Conducted for a 12, 24 or 36 month review period. Servicer actions are reviewed to ensure adherence to applicable Investor, State and Federal regulatory requirements.
- Payment Processing/Payment History
- Borrower Communication
- Escrow Administration: (EA Analysis/Shortages, Delinquent Taxes, Insurance Requirements)
- Lender Placed Insurance
- MI/PMI
- Property Damage and Claims
- Document Custody
- Late Payments/Loss Mitigation Actions
- Payoff Requests
- ARM Adjustments
- Financial Risk Assessment
Delinquent Loan Reviews
Delinquent loan reviews are administered to identify potential servicing issues, prevent loss, liability and verify adherence to State, Federal and Investor requirements.
- Servicer/Borrower Communications & Authorized Third Parties
- Loss Prevention Actions: (Modification, Forbearance, Repayment Plans)
- Third Party Assistance, Partial Claims, Deferments
- Inspections/Property Preservation
- Payment Processing/Payment History/ Partial Payments
- Borrower Communication/Authorized Third Parties
- Escrow Administration: (EA Analysis/Shortages, Delinquent Taxes, Insurance Requirements)
- Lender Placed Insurance
- MI/PMI
- Property Damage and Claims
- Document Custody
- Late Payments/Loss Mitigation Actions
- Payoff Requests
- ARM Adjustments
- Bankruptcy and Foreclosure Actions
- COVID requirements (Investor & CARES ACT)
- Property non-retention: (DIL, Assumptions, Short Sales)
- Property management: (Eviction and REO, property disposal)
- Financial Risk Assessment including but not limited to: Recommended next steps, exit strategy, likelihood of reperformance and ability to pay.